Publicly available records provided by the Securities and Exchange Commission (SEC) and accessed on August 14, 2018 indicate that the SEC has obtained an emergency asset freeze, a temporary restraining order, and a preliminary injunction to halt an “ongoing offering fraud” carried out by three entities: Marianne Sandor; Edward Porazzo; her husband; and Moddha Interactive, their company. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments in Moddha Interactive.
According to the SEC, Ms. Sandor and Mr. Porrazzoo represented to investors that their company, Moddha Interactive, possessed a “valuable portfolio of patents for a supposed 3-D technology that can be used with tablet devices.” However, according to the SEC’s complaint, this representation was false: the company’s patents “had expired and were worthless,” and either the technologies they were promoting did not exist or had been developed by other companies. The SEC also alleges that they “lied about a share dividend-buyback program” to promote the investment, and they also allegedly lied about how they would use investors’ monies. According to the SEC, the individuals “misappropriated hundreds of thousands of dollars in investor funds” and used these for their own personal benefit; the SEC alleges also that the company, Moddha Interactive, paid more than $200,000 in commissions to a co-defendant Spar Street, who allegedly acted as an unregistered broker by selling Moddha Interactive’s shares.
The SEC’s complaint, which was filed on July 9, 2018, charged Ms. Sandor, Mr. Porrazzo and Moddha Interactive with violations of the Securities Act of 1933 and the Securities Exchange Act of 1934; it also charged Md. Street with “acting as an unregistered broker-dealer” in violation of the Exchange Act. The SEC also obtained an asset freeze and temporary restraining order against the defendants. On July 25, 2018, they obtained a preliminary injunction and a continued asset freeze against the defendants. The charges remain pending.
If you or someone you know has lost money investing with Moddha Interactive, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.