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SECvUsee

SECvUsee

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Published by: The Dallas Morning News on May 01, 2012
Copyright:Attribution Non-commercial

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05/07/2012

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UNITED STATES DISTRICT COURTNORTHERN DISTRICT OF TEXASDALLAS DIVISION§SECURITIES AND EXCHANGE COMMISSION, §§Plaintiff, §v. § Case No. 3:12-CV-01325§USEE, INC., §TERRY E. WIESE, and §SCOTT A. WIESE §§Defendants, §§and §§NFY FINANCIAL CONSULTING PLLC, §NAIL YALDO a/k/a NEIL YALDO, and §JACK SKRELJA a/k/a DJEKA SKRELJA §§Relief Defendants. §§COMPLAINT
Plaintiff Securities and Exchange Commission (“Commission”) alleges:
SUMMARY OF THE ACTION
1.
 
Between December 2009 and September 2010, brothers Scott and Terry Wieseraised almost $6 million from nearly 80 investors through fraudulent, unregistered offerings of stock and short-term, high-yield promissory notes issued by their company, Usee, Inc.2.
 
Focusing their securities offerings on evangelical Christians, the Wieses describedUsee as a “lifestyle tele-media company” that purportedly provided voice-over-internet-protocol(“VoIP”) video services around the world.
Case 3:12-cv-01325-M Document 1 Filed 04/30/12 Page 1 of 14 PageID 1
 
SEC v. Usee, Inc., et al.
Page 2 of 14Complaint
3.
 
The Wieses promised investors large investment returns. Claiming to havesecured multi-million dollar equity sales agreements and multi-billion dollar financingarrangements, the Wieses represented that investors who purchased Usee stock would receive atleast ten times return in one year, while investors who purchased promissory notes would realizeas much as 80% to 100% in 60 to 90 days. These claims were false.4.
 
In fact, all but two investors lost the money they invested with Usee. The twoinvestors who did receive partial payments were paid with money raised from other investors.The Wieses otherwise spent investor funds on payments to entities located in and outside of theUnited States, including to NFY Financial Consulting PLLC, a Michigan based company thatagreed to provide financing to Usee and to conduct platform trading on its behalf. Investorswere not told about the diversion of their funds.5.
 
Even after spending the near $6 million they raised and leaving Usee deeply indebt, the Wieses continued to mislead both existing investors and potential new investors,claiming that Usee was in the final stages of closing funding transactions from which thecompany “expects to raise in excess of $4B in the next 18 to 24 months.” Once again, this wasuntrue.
JURISDICTION AND VENUE
6.
 
The Commission brings this action under the authority conferred upon it bySection 21(d) of the Exchange Act [15 U.S.C. § 78u(d)]. The Commission seeks the impositionof civil penalties pursuant to Section 21A of the Exchange Act [15 U.S.C. § 78u-1].7.
 
This Court has jurisdiction over this action under Section 27 of the SecuritiesExchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78aa]. Defendants have, directly and
Case 3:12-cv-01325-M Document 1 Filed 04/30/12 Page 2 of 14 PageID 2
 
SEC v. Usee, Inc., et al.
Page 3 of 14Complaint
indirectly, made use of the means or instrumentalities of interstate commerce and/or the mails inconnection with the transactions described in this Complaint.8.
 
Venue is proper under Section 27 of the Exchange Act [15 U.S.C. § 78aa],because transactions, acts, practices and courses of business described below occurred within theNorthern District of Texas.
PARTIESA. Defendants
9.
 
Usee, Inc. (“Usee”) was formed in 2008 and is a Texas corporation with aprinciple place of business in Little Elm, Texas.10.
 
Terry E. Wiese (“Terry”), age 64, resides in Little Elm, Texas. He formed Useewith his brother, Scott A. Wiese, in 2008 and serves as its Executive Vice President. Terrypersonally solicited new investors, sold securities on behalf of Usee, and made materialmisrepresentations about Usee’s fundraising and business prospects.11.
 
Scott A. Wiese, (“Wiese”) age 48, resides in Temecula, California and serves asUsee’s President and Chief Executive Officer. Scott personally solicited new investors, soldsecurities on behalf of Usee, and made material misrepresentations about Usee’s fundraising andbusiness prospects.
B. Relief Defendants
 12.
 
NFY Financial Consulting PLLC (“NFY”) was formed by Nail Yaldo a/k/a NeilYaldo in 2007 and is a Michigan corporation with its principal place of business in WestBloomfield, Michigan. It can be served through its registered agent for service of process, Mr.Nail Yaldo, 4273 McNay Ct., West Bloomfield, Michigan, 48323.
Case 3:12-cv-01325-M Document 1 Filed 04/30/12 Page 3 of 14 PageID 3

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fixxer1963 added this note
As those named in this document have not confirmed or denied, this is still second hand information. The Wiese's did not in any way target "Christians" or anyone with malicious intent. The truth is, in most cases, completely opposite to what is mentioned here. Hopefully in the near future they will be cleared of these allegations. It's tough to see people with righteous intentions be dragged down.

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