Saturday, February 27, 2016

Bad Samarions going to jail

U.S. Attorney Greg Davis issued the following press release.


FORMER CORPORATE EXECUTIVES OF SAMARION, INC.,
SENTENCED FOR CONSPIRACY TO DEFRAUD INVESTORS

Jackson, Miss – Mark E. Rodgers, 53, currently from Houston, Texas, the former Chief Executive Officer and President of Samarion Solutions, Inc., in Ridgeland, Mississippi, was sentenced today by U.S. District Judge Daniel P. Jordan III to 60 months in federal prison followed by three years of supervised release for his participation in a securities fraud conspiracy, announced U.S. Attorney Gregory K. Davis, FBI Special Agent in Charge Don Alway, and Joseph Borg, Director of the Alabama Securities Commission. A forfeiture of $312,063.70 in the form of a money judgment was also ordered.

Samer N’Ser, 54, of Ridgeland, the former Chief Technology Officer of Samarion Solutions, Inc., was also sentenced today by U.S. District Judge Daniel P. Jordan III. N’Ser was ordered to serve 37 months in federal prison followed by three years of supervised release for his participation in the conspiracy. A forfeiture of $100,000 in the form of a money judgement was ordered.

Rodgers and N’Ser were ordered to pay $14,884,389.35, jointly and severally, in restitution to defrauded investors.

Beginning in 2006 and continuing until approximately October, 2009, Rodgers and N’Ser conspired to intentionally mislead Samarion, Inc., investors in Mississippi, Alabama and elsewhere. During that time, Samarion, Inc., formerly known as Valence Broadband, Inc., was a corporation operating out of Madison County, Mississippi. The business plan of the company was to produce a viable monitoring system, commonly referred to as the “Samarion Solution”, for installation in nursing homes, and elsewhere, that could predict when a patient might fall, and prevent abuse and/or neglect by staff, and improve the over-all care of nursing home patients. Rodgers and N’Ser engaged in a course of business which operated as a fraud and deceit upon the purchasers of the stock, using wire communications and the U.S. Mail to further that activity.

Both Rodgers and N’Ser were involved in the offer and sale of stock to investors and conspired to fraudulently misrepresent to potential investors material facts that would affect their decision to invest, including the financial strength of the company and the true functionality and capacity of the product, among other things. Rodgers and N’Ser sold stock to investors representing that the investment funds would be used solely for the business purposes of the company, and instead used some of the money for their own personal benefit, including personal loans to each, an unauthorized bonus for Rodgers, and the purchase of a 2007 Land Rover SUV titled in Rodgers name. N’Ser and Rodgers fraudulently used Samarion investor funds to loan approximately $500,000 to C First Class Corporation, a company that was unrelated to Samarion or its business purpose, but for which Rodgers also served as a board member. Rodgers fraudulently concealed his personal interest in that company from the Samarion Board of Directors.

“Rodgers and N’Ser convinced approximately 300 clients to invest millions of dollars in their company through fraud and deceit,” said U.S. Attorney Gregory K. Davis. “The United States Attorney’s Office will continue to work with federal, state and local investigative agencies to pursue and prosecute those who seek to defraud investors and damage the marketplace.” U.S. Attorney Davis praised the work of the FBI, the Alabama Securities Commission, Madison County, Alabama, District Attorney’s Office, and the Madison County, Alabama, Sheriff’s Department.

“Those who illegally use their insider position for personal financial gain threaten the stability and confidence of our financial systems here in Mississippi and throughout the United States,” said Don Alway, Special Agent in Charge of the FBI in Mississippi. “Unfortunately, there are likely many more of these kinds of cases out there. Rest assured, the FBI in Mississippi will aggressively investigate these violations.”

Joseph Borg, Director of the Alabama Securities Commission said, “I want to thank the Office of Greg Davis, United States Attorney for the Southern District of Mississippi; the Federal Bureau of Investigation; the Office of Robert L. Broussard, Madison County, Alabama District Attorney; the Madison County, Alabama Sheriff’s Department and the Alabama Securities Commission staff for working together to ensure this conviction and to see that justice was served for the victims. The successful prosecution demonstrates the outstanding results that are achieved when federal, state and local law enforcement work together.”

This case was prosecuted by Assistant United States Attorney Carla J. Clark, Chief of the Criminal Division. It was investigated by the FBI with assistance from the Alabama Attorney General’s Office and the Alabama Securities Commission.

Kingfish note: Clowns?  Read some excerpts from a complaint filed by the trustee in Samarion's bankruptcy case:

 "Samer and Rodgers were both grossly incompetent and unqualified for the task at hand and were of dubious character."

 "Trustee's review of bank records reveals that $500000 was loaned to a start up airline company in which Rodgers was an investor, $91,060 went to Bluff City Jaguar to buy a Range Rover, for which Rodgers titled in his own name, and the vast majority of the remaining funds comprising the 2006 losses went to Rodgers and N'Ser." 

"Samarion's Board recklessly retained untrustworthy incompetent people to run Samarion."

"Neither Rodgers or N'Ser had the technical background or expertise to develop the idea of the Samarion Solution into a working product or to oversee such development.  Rodgers and N'Ser did not have experience in managing people or finances in the numbers and magnitude required at Samarion.  It is notable that N'Ser is currently working in a liquor store, and Rodgers has recently applied to be licensed as a securities broker. Their current positions are consistent with their actual skill sets."  Double ouch.

 "Most importantly, Rodgers did not have integrity and had been fired from his previous job for stealing from his employer. " (p.6).  That is not an ouch. That is an amputation.
 There is more, much more in this complaint.  Worth reading.  Gambling losses. Trips to spas.  Luxury airline wannabes. Swiss bank accounts.  Phony labs.  Phony exhibits and fake demonstrations at trade shows.  Just read the complaint.  First pour a drink. The bankruptcy was finally discharged on February 28, 2014.  Read the comments as well.


3 comments:

Anonymous said...

not sure how anybody bough in to this scheme. I heard their pitch. they didn't have anything that actually worked and came across as slimy

Anonymous said...

Where are the mugshots of these fraudsters?

Anonymous said...

Mugshots

Mark: http://stockpromoters.com/images/news/mark-rodgers.jpg

Samer: http://media.al.com/breaking/photo/samer-nser-cropjpg-923da6c0239228d2.jpg

While working there it was amazing to see Mark's and Samer's grandiose sense of self-importance and the amount of money they wasted. In fact, the entire management's competence was in question. It was obvious they used deception to get money from investor's but also their employees! Long imprisonment is
an appropriate punishment for those two embezzlers.



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