MyECheck, Inc. (OTC PK: MYEC), the leader in electronic check solutions for Internet and mobile payments, announced today that it has filed a lawsuit in United States District Court against Sweetsun Intertrade, Inc., Seven Miles Securities, Titan International Securities, Inc. and Scottsdale Capital Advisors Corporation for the fraudulent issuance of 1.44 billion shares of MYEC stock. MyECheck is seeking recovery of shares, costs and attorney’s fees.
The lawsuit alleges that Sweetsun Intertrade, Inc., Seven Miles Securities, Titan International Securities, Inc. and Scottsdale Capital Advisors Corporation made intentional false representations to cause the issuance of shares of MYEC. MyECheck contends that the shares are void and should be cancelled.
Beginning in November 2012 and continuing through 2013, a series of false stock issuance documents were used to fraudulently issue a total of 1.44 billion shares of MYEC stock representing approximately 35 percent of the total issued and outstanding stock and 51 percent of the public float. MyECheck became aware of 300 million fraudulently issued shares being held at Scottsdale Capital Advisors. MyECheck notified Scottsdale that the stock was fraudulent, however Scottsdale sold the fraudulent shares after being notified by the issuer that the stock was fraudulently issued and void.
MyECheck is seeking a judgment declaring 1.44 billion shares of MYEC stock was issued fraudulently and should be recovered and cancelled, also damages for fraud, including punitive damages against Sweetsun and Scottsdale, and injunctive relief restraining Sweetsun Intertrade, Inc., Seven Miles Securities, Titan International Securities and Scottsdale Capital Advisors Corporation from transferring the 530,005,000 shares in MyECheck currently held in the names of Titan and Seven Mile.
MyECheck Inc. is a leading electronic payment technology developer, licensor and payment services provider. MyECheck operates under license to US Patent 7,389,913, “Method and Apparatus for Online Check Processing” granted June 2008. This patented payment method is the fastest, most secure and most cost effective method of processing payments in the U.S. MyECheck provides comprehensive payment solutions for all payment applications including mobile payments and the industry’s most advanced security and fraud control technologies. MyECheck customers include corporations, retailers, governments, payment processors and financial institutions. For more information, contact firstname.lastname@example.org.
Forward-looking statements in this release are made pursuant to “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of mentioned products, increased levels of competition, new products and technological changes, dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in reports filed with the SEC.
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