SEC v. Patient Access Solutions, Inc.; Bruce Weitzberg; and Joseph Gonzalez, No. LR-25456, Eastern District of New York (July 28, 2022) — Press Release
raw: Patient Access Solutions, Inc., et al.
Patient Access Solutions, Inc., et al., No. 1:22-cv-04447 (E.D.N.Y. July 28, 2022)
summary
The SEC charged Patient Access Solutions, Inc., its CEO Bruce Weitzberg, and former Director Joseph Gonzalez for orchestrating a fraudulent merger and dividend scheme through false announcements and impersonation.
paragraph
The SEC charged PASO, CEO Bruce Weitzberg, and former Director Joseph Gonzalez with violating antifraud provisions of the Securities Act and Exchange Act. The defendants allegedly used false press releases, tweets, and impersonation to fabricate a merger and insider stock purchases between January and April 2020. Gonzalez consented to a judgment including a $120,000 penalty, $5,256 in disgorgement, and various officer and director bars.
narrative
The SEC charged microcap issuer Patient Access Solutions, Inc. (PASO), CEO Bruce Weitzberg, and former Director Joseph Gonzalez for orchestrating a fraudulent scheme to promote a non-existent merger and dividend plan. Between January and April 2020, the defendants issued false press releases and tweets, while Gonzalez further misled investors by impersonating a chiropractor on radio and using a pseudonym on internet chat boards. Gonzalez also fabricated claims of massive insider share purchases to bolster the merger narrative. The SEC alleges violations of antifraud provisions under the Securities Act of 1933 and the Securities Exchange Act of 1934. Gonzalez has consented to a judgment involving a $120,000 penalty, $5,256 in disgorgement, and permanent officer, director, and penny stock bars. The SEC is currently seeking similar injunctions, penalties, and bars against PASO and Weitzberg.
Classified market-manipulation(confidence 95%). EDGAR detection: forms SC 13D/G/13F· recall 53% / precision 9%. detection rule →
Parties
Securities and Exchange CommissionPatient Access Solutions, Inc.Joseph GonzalezBruce Weitzberg
Keywords
pasogonzalezpatient accessaccess solutionssecurities exchangedisgorgement plusplus prejudgmentprejudgment interestmergerweitzbergsec'spatientaccesssolutionsinc
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 2
- $120K $120,000 $100K–$1M
- $5K $5,256 <$10K
Entities 6
- person joseph gonzalez
- agency sec complaint
- agency sec investigation
- agency sec litigation
- agency Securities and Exchange Commission
- person sheldon l. pollock
Triples 12
- Securities And Exchange Commission charged Patient Access Solutions, Inc., its CEO Bruce Weitzberg, and former Director Joseph Gonzalez
- Bruce Weitzberg and Joseph Gonzalez caused Patient Access Solutions, Inc. to issue press releases and tweets
- Joseph Gonzalez promoted fictional narrative of an upcoming merger
- Joseph Gonzalez impersonated a chiropractor
- Joseph Gonzalez posed as an unaffiliated investor
- SEC complaint charges Patient Access Solutions, Inc., Bruce Weitzberg, and Joseph Gonzalez with violating antifraud provisions
- Joseph Gonzalez consented to entry of judgment imposing a permanent injunction, $5,256 in disgorgement plus prejudgment interest, a $120,000 penalty, an officer and director bar, and a penny stock bar
- Securities And Exchange Commission seeks injunctions, disgorgement plus prejudgment interest and civil penalties against Patient Access Solutions, Inc.
- Securities And Exchange Commission seeks injunctions, disgorgement plus prejudgment interest, civil penalties, an officer and director bar, and a penny stock bar against Bruce Weitzberg
- Liora Sukhatme and Gerald a. Gross conducted SEC investigation
- Sheldon L. Pollock supervised SEC investigation
- Ms. Sukhatme and Philip a. Fortino handle SEC litigation
PDF (from attached: complaint)
Text layers
Extracted body text (2,527c)
SEC Charges Microcap Issuer and Its CEO and Former Director for False Merger and Dividend Announcements Litigation Release No. 25456 / July 28, 2022 Securities and Exchange Commission v. Patient Access Solutions, Inc., et al., No. 1:22-cv-04447 (E.D.N.Y. filed July 28, 2022) On July 28, 2022, the Securities and Exchange Commission charged Patient Access Solutions, Inc. ("PASO"), its CEO, Bruce Weitzberg ("Weitzberg"), and a former PASO Director, Joseph Gonzalez ("Gonzalez") with issuing press releases and tweets falsely claiming that PASO was actively negotiating a merger and planning to issue dividends. According to the SEC's complaint, from approximately January to April 2020, Weitzberg and Gonzalez caused PASO to issue press releases and tweets that created the false impression that PASO was actively negotiating a merger with another entity. As alleged, Gonzalez, with Weitzberg's authorization, also promoted the fictional narrative of an upcoming merger by posting public letters falsely claiming that Gonzalez and a member of PASO's board of advisors purchased millions of PASO shares. The complaint alleges additional deceptive acts by Gonzalez, including impersonating a chiropractor to promote PASO on a radio talk show, and misleadingly posing as an unaffiliated investor-using a pseudonym-to post false and misleading statements promoting the merger and insider purchases on an Internet chat board. The SEC's complaint, filed in federal district court in Brooklyn, New York, charges PASO, Weitzberg, and Gonzalez with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the allegations of the SEC's complaint, Gonzalez consented to the entry of a judgment that imposes a permanent injunction, $5,256 in disgorgement plus prejudgment interest thereon, a $120,000 penalty, an officer and director bar, and a penny stock bar. The settlement is subject to court approval. In its action, the SEC seeks injunctions, disgorgement plus prejudgment interest and civil penalties against PASO and injunctions, disgorgement plus prejudgment interest, civil penalties, an officer and director bar and a penny stock bar against Weitzberg. The SEC's investigation was conducted by Liora Sukhatme and Gerald A. Gross of the New York Regional Office and supervised by Sheldon L. Pollock. The SEC's litigation is being handled by Ms. Sukhatme and Philip A. Fortino. SEC ComplaintOCR text (2,527c · html-text · 99% conf)
SEC Charges Microcap Issuer and Its CEO and Former Director for False Merger and Dividend Announcements Litigation Release No. 25456 / July 28, 2022 Securities and Exchange Commission v. Patient Access Solutions, Inc., et al., No. 1:22-cv-04447 (E.D.N.Y. filed July 28, 2022) On July 28, 2022, the Securities and Exchange Commission charged Patient Access Solutions, Inc. ("PASO"), its CEO, Bruce Weitzberg ("Weitzberg"), and a former PASO Director, Joseph Gonzalez ("Gonzalez") with issuing press releases and tweets falsely claiming that PASO was actively negotiating a merger and planning to issue dividends. According to the SEC's complaint, from approximately January to April 2020, Weitzberg and Gonzalez caused PASO to issue press releases and tweets that created the false impression that PASO was actively negotiating a merger with another entity. As alleged, Gonzalez, with Weitzberg's authorization, also promoted the fictional narrative of an upcoming merger by posting public letters falsely claiming that Gonzalez and a member of PASO's board of advisors purchased millions of PASO shares. The complaint alleges additional deceptive acts by Gonzalez, including impersonating a chiropractor to promote PASO on a radio talk show, and misleadingly posing as an unaffiliated investor-using a pseudonym-to post false and misleading statements promoting the merger and insider purchases on an Internet chat board. The SEC's complaint, filed in federal district court in Brooklyn, New York, charges PASO, Weitzberg, and Gonzalez with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the allegations of the SEC's complaint, Gonzalez consented to the entry of a judgment that imposes a permanent injunction, $5,256 in disgorgement plus prejudgment interest thereon, a $120,000 penalty, an officer and director bar, and a penny stock bar. The settlement is subject to court approval. In its action, the SEC seeks injunctions, disgorgement plus prejudgment interest and civil penalties against PASO and injunctions, disgorgement plus prejudgment interest, civil penalties, an officer and director bar and a penny stock bar against Weitzberg. The SEC's investigation was conducted by Liora Sukhatme and Gerald A. Gross of the New York Regional Office and supervised by Sheldon L. Pollock. The SEC's litigation is being handled by Ms. Sukhatme and Philip A. Fortino. SEC Complaint