Friday, April 18, 2014

Samarion execs indicted in two states

The U.S. Attorney for the Southern District of Mississippi issued this press release:


JACKSON, MS—Mark E. Rodgers, 51, of Houston, Texas, the former chief executive officer of Samarion Solutions Inc., and Samer N’ser, 52, of Ridgeland, Mississippi, the former chief technology officer of Samarion Inc., have been charged with one count of conspiracy to defraud investors in the sale of securities and eight counts of securities fraud, announced U.S. Attorney Gregory K. Davis and FBI Special Agent in Charge Daniel McMullen.

The indictment in this case alleges that from approximately 2006 through 2009, Rodgers and N’Ser conspired to intentionally mislead Samarion Inc. investors in Mississippi and Alabama. 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, prevent abuse and/or neglect by staff, and improve the over-all care of nursing home patients.

According to the indictment, Rodgers and N’Ser 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. The indictment alleges that 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 the money for their own personal benefit. Rodgers and N’Ser are also facing state criminal charges in the state of Alabama.

Alabama Securities Commission Director, Joseph Borg said, “The willingness of the United States Attorney’s Office for the Southern District of Mississippi and the FBI to work jointly with state securities regulatory agencies is a vital part of protecting the public from financial fraud and exploitation. We are proud of the collaborative efforts of the federal and state law enforcement agents and prosecutors in this case.”

The case has been set for trial on May 19, 2014, before U.S. District Judge Daniel P. Jordan, III. The maximum penalty for conspiracy is five years in prison and a $250,000 fine. The maximum penalty for securities fraud is five years in prison and a $10,000 fine.

The public is reminded that an indictment is a formal charge that a defendant has committed a violation of the federal criminal laws. All defendants are presumed innocent unless and until proven guilty.

Kingfish notes from the arraignment today:

*Mr. Rodgers had to post a $15,000 bond.  Mr. N'Ser posted one for $10,000.
*The Alabama Securities Commission obtained indictments against the defendants last week.  U.S. Marshals are currently holding Mr. Rodgers on a detainer until he is extradited to Alabama unless his attorney works out other arrangements.
*Luke Duff represents Mr. Rodgers.  A public defender represented Mr. N'Ser.






5 comments:

Charlie Ali said...

Exhibit A on why government regulation is necessary and why in a free market the white collar law enforcement is as necessary as that of mundane policing. It should be funded properly as to be effective. Jail time and serious punishment must be a law enforcement objective for white collar law enforcement if we are to remain a just society and have the rule of law.

Anonymous said...

I didn't need any government regulation. These two approached my business for "investment" and had a third wheel, whose name escapes me that was to slimy to imagine. No way was I recommending investment with them to my company. We avoided the problem with proper vetting.

Anonymous said...

Wow - that's interesting. So, Mark Rodgers was an exec at SkyTel back in the day, then SmartSync and Air2LAN. Anyone familiar with those businesses will note a certain chronological significance relative to the success (or lack thereof) of those enterprises. For its time, SkyTel was an innovative company. Sad to see how far this guy has fallen to be defrauding investors to buy a Land Rover.

Anonymous said...

Kingfish, who is the Luke Duff you say is representing Rodgers? I don't see any attorney by that name listed in the bar directory.

Kingfish said...

Dove. Sorry. He was hard to understand.

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