vhgi holdings inc (VHGI) Key Developments
Michael E. Fasci Resigns as CFO of VHGI Holdings, Inc
Feb 20 14
Effective February 20, 2014, Mr. Michael E. Fasci, Sr. resigned as CFO of VHGI Holdings, Inc.
Securities and Exchange Commission Announces Charges against Florida-Based Penny Stock Schemes
Aug 14 13
The Securities and Exchange Commission announced the latest charges in a joint law enforcement crackdown on penny stock schemes with ties to the Florida region. The SEC charged two microcap companies, their CEOs, and one penny stock promoter for spearheading illegal kickback schemes. The SEC also charged two other microcap companies, their CEOs, and four other promoters with arranging the payment of bribes to hype the companies in which they had a stake in order to create a false sense of market activity and illegally generate stock sales. The SEC has worked closely with the U.S. Attorneys Office for the Southern District of Florida and the Federal Bureau of Investigations Miami Division to uncover the penny stock schemes. Parallel criminal charges were announced against the same nine individuals facing SEC charges. The SEC has now charged 40 individuals and 24 companies in this series of penny stock investigations. The first actions were announced in October 2010. The SECs complaints filed in U.S. District Court for the Southern District of Florida charged the following penny stock companies and officers: Health Sciences Group (HESG) formerly based in Indian Harbour, Fla., and now based in Newport Beach, Calif. President and CEO Thomas Gaffney of Satellite Beach, Fla. Nationwide Pharmassist Corp. based in Boca Raton, Fla. CEO and Chairman Stephen F. Molinari of Boca Raton, Fla. Redfin Network (RFNN) based in Fort Lauderdale, Fla. President and CEO Jeffrey L. Schultz of Fort Lauderdale, Fla. VHGI Holdings (VHGI) based in Fort Worth, Texas. CEO Douglas P. Martin of Wellington, Fla. The SECs complaints charge the penny stock promoters: Mark Balbirer of Pompano Beach, Fla.; Jack Freedman of Fort Lauderdale, Fla.; Richard P. Greene of Davie, Fla.; Peter Santamaria of Coconut Creek, Fla.; Sheldon R. Simon of Palm Beach Gardens, Fla. According to the SECs complaints, one of the schemes (Health Sciences Group/Gaffney) involved an arrangement to pay an undisclosed kickback to a pension fund manager in exchange for the funds purchase of restricted shares of stock in the company. Two other schemes (Nationwide PharmAssist/Molinari and Balbirer) involved agreements to pay undisclosed kickbacks to hedge fund principals in return for their funds purchase of restricted shares.
VHGI Holdings, Inc. Announces Second Shipment of Coal to Local Utility
Apr 22 13
VHGI Holdings, Inc. announced that it has successfully delivered 4,836 tons of coal from the Landree Mine to a previously announced local utility. The shipment represents the second delivery of coal to this local utility under a multi-year agreement. For 2013, VHGI has shipped approximately 10,500 tons under the contract. The next shipment is scheduled for early May 2013.
VHGI Holdings, Inc. announced delayed annual 10-K filing
Mar 28 13
On 03/28/2013, VHGI Holdings, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC.
VHGI Holdings, Inc. Announces Update for the Lily Group Inc. Landree Mine Phase 1 Project
Mar 6 13
VHGI Holdings, Inc. announced the following update for the Lily Group Inc. Landree Mine Phase 1 Project. Work at the Landree Mine located in Greene County, Indiana, is primarily focused on the continuous underground development toward the first panel. Improvements and upgrades are being made to the underground equipment that will increase the mechanical availability and improve production rates. Surface upgrades and improvements to the plant, load out and overland belts will increase plant throughput, increase plant yield and automate some functions that were typically labor intensive.