&The Case Against Joseph Shereshevsky, Steven Byers &...
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Joseph Shereshevsky and Steven Byers are accused by the Securities And Exchange Commission of knowingly or recklessly making false and material misrepresentations to investors about various investment offerings, the uses of investment monies and diversions to pay investors in prior offerings and to pay the operating expenses of the various Wextrust Entities.
Records from Defendant Wextrust Securities reveal that the Defendants transferred more than $100 million between entities. A combined balance sheet circulated by email on May 3,2008, from Wextrust's comptroller to Byers, shows "liabilities" of Wextrust as of year end 2007. The balance sheet lists 45 "loans", totaling more than $74 million that were made by LLC entities that had recently raised money in private placements to other LLC entities that were in need of cash.
Shereshevsky, Byers and Defendant Wextrust Entities conducted at. least 60 securities offerings and raised at least $255 million from at least 1,196 investors. Most of these offerings occurred between 2005 and 2008, although at least four offerings occurred as early as 2002.
Now the government's complaint is available in the softcover book, "The Case Against Joseph Shereshevsky, Steven Byers & Wextrust". ISBN 1-4404-1537-4. Prepared by backgroundnow.com [backgroundnow.com] Staff, it presents Federal Case 1:08-cv-07104-DC Securities and Exchange Commission v. Byers et al, plus, the criminal docket for case 1:94-cr-00248-CSH-1, Case title: USA v. Shereshevsky.
Records from Defendant Wextrust Securities reveal that the Defendants transferred more than $100 million between entities. A combined balance sheet circulated by email on May 3,2008, from Wextrust's comptroller to Byers, shows "liabilities" of Wextrust as of year end 2007. The balance sheet lists 45 "loans", totaling more than $74 million that were made by LLC entities that had recently raised money in private placements to other LLC entities that were in need of cash.
Shereshevsky, Byers and Defendant Wextrust Entities conducted at. least 60 securities offerings and raised at least $255 million from at least 1,196 investors. Most of these offerings occurred between 2005 and 2008, although at least four offerings occurred as early as 2002.
Now the government's complaint is available in the softcover book, "The Case Against Joseph Shereshevsky, Steven Byers & Wextrust". ISBN 1-4404-1537-4. Prepared by backgroundnow.com [backgroundnow.com] Staff, it presents Federal Case 1:08-cv-07104-DC Securities and Exchange Commission v. Byers et al, plus, the criminal docket for case 1:94-cr-00248-CSH-1, Case title: USA v. Shereshevsky.
