Reality Bites: Game-Focused Virtual Reality Firm Targeted by SEC
Reality Bites: Game-Focused Virtual Reality Firm Targeted by SEC
October 7, 2009
The Securities and Exchange Commission (SEC) is going after a Florida-based virtual reality videogame accessory maker with charges of violating federal security laws.
Filed September 29,2009 in the U.S. District Court, Southern District of Florida, the SEC named six plaintiffs from 3001 AD, LLC: Jimmy L. Barker (CEO), Robert J. Ladrach, Mark S. Rifkin, Ronald B. Bowsky, Jack Maddock and Michael Weidgans.
3001 AD ran a series of gaming installations called Beta Zones, which were first launched in theme parks around the country. These installations promised to showcase “the newest and most advanced forms of interactive entertainment” using virtual reality technology. 3001 AD also created the Trimersion First Person Shooter Gaming Accessory (pictured), a virtual reality system for use in the home with either a gaming console or PC.
The complaint alleges that 3001 AD raised around $20.0 million from 500 or more investors over the period of 1998 through April 2008 through the “unregistered and fraudulent offerings of securities.” The company also apparently utilized radio ads and telemarketers to offer and sell 3001 AD securities for $5,000 apiece, even though 3001 AD had never registered with the SEC in “any capacity.”
3001 AD is also charged with misleading investors that an IPO was imminent. Additional accusations stem from misrepresenting to investors the interest of Microsoft, Apple and Michael Eisner in using, licensing or purchasing 3001 AD’s technology.
The full complaint is available on the SEC website.
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Posted 03/19/10 at 10:21am
Valdearg: Lmao. I was just permabanned from the hannity forums for asking about her article. It was politely worded, and I made sure to imply that I was conservative. Seems to me like Hannity is in full damage control, at the moment.
Valdearg: Lmao. I was just permabanned from the hannity forums for asking about her article. It was politely worded, and I made sure to imply that I was conservative. Seems to me like Hannity is in full damage control, at the moment.
Posted 03/19/10 at 09:59am
Valdearg: CONSERVATIVE blogger Debbie Schlussel out's Sean Hannity's Freedom Concerts as a SCAM! As little as 4% and 7% of the money collected in some years actually went to the benefits of the charity. A MUCH larger percentage was spent on luxuries for Hannity.
Valdearg: CONSERVATIVE blogger Debbie Schlussel out's Sean Hannity's Freedom Concerts as a SCAM! As little as 4% and 7% of the money collected in some years actually went to the benefits of the charity. A MUCH larger percentage was spent on luxuries for Hannity.
Posted 03/19/10 at 07:36am
HarmlessBunny: Aussie election is underway. Apparently it is too close to call. Here is hoping Atkinson is knocked off his perch :)
HarmlessBunny: Aussie election is underway. Apparently it is too close to call. Here is hoping Atkinson is knocked off his perch :)
Posted 03/19/10 at 06:46am
nightwng2000: design by a French TV show by its more broad representation? http://abclocal.go.com/kabc/story?section=news/bizarre&id=7337029
nightwng2000: design by a French TV show by its more broad representation? http://abclocal.go.com/kabc/story?section=news/bizarre&id=7337029
Posted 03/19/10 at 06:45am
nightwng2000: Have the video game psychological studies about administering pain to someone else been proven misleading in their narrow.....
nightwng2000: Have the video game psychological studies about administering pain to someone else been proven misleading in their narrow.....
Posted 03/19/10 at 01:50am
hayabusa75: Flamespeak: Shhh, the Dems might hear you ;)
hayabusa75: Flamespeak: Shhh, the Dems might hear you ;)
Posted 03/18/10 at 09:41pm
ZippyDSMlee: And not taxing the 30-500K bracket so much, sure you make 500K at the end of the year add in life thats minus 200K add in the company you made there's another 200K.
ZippyDSMlee: And not taxing the 30-500K bracket so much, sure you make 500K at the end of the year add in life thats minus 200K add in the company you made there's another 200K.
Posted 03/18/10 at 09:39pm
ZippyDSMlee: Flamespeak: we should be taxing the ultra rich alot more(those that have more than 10 million in wealth),.
ZippyDSMlee: Flamespeak: we should be taxing the ultra rich alot more(those that have more than 10 million in wealth),.
Posted 03/18/10 at 08:04pm
Flamespeak: I never understood why someone should work hard to get a lot of money, just to be punished with more taxes for doing so.
Flamespeak: I never understood why someone should work hard to get a lot of money, just to be punished with more taxes for doing so.
Posted 03/18/10 at 06:44pm
hayabusa75: Isn't the upper class supposed to be footing most of this bill?
hayabusa75: Isn't the upper class supposed to be footing most of this bill?
Posted 03/18/10 at 06:05pm
Austin_Lewis: Of course, that ignores the fact that for the next 4 years, the people will be taxed without 'benefit' from the bill.
Austin_Lewis: Of course, that ignores the fact that for the next 4 years, the people will be taxed without 'benefit' from the bill.
Posted 03/18/10 at 06:04pm
Austin_Lewis: If we go by the CBO's past estimation failures, they're about 300% short on the actual cost.
Austin_Lewis: If we go by the CBO's past estimation failures, they're about 300% short on the actual cost.
Posted 03/18/10 at 05:21pm
ZippyDSMlee: *punt*Roll call, whos on and how are you doing?
ZippyDSMlee: *punt*Roll call, whos on and how are you doing?
Posted 03/18/10 at 12:07pm
JDKJ: No, I did you the favor and said it for you.
JDKJ: No, I did you the favor and said it for you.
Posted 03/18/10 at 12:06pm
Valdearg: What I said was while I may have implied long term accuraccy, and that might have been incorrect, my greater point that the CBO report calculated reduced deficits, expanded coverage, and lower costs is still 100% accurate. :D
Valdearg: What I said was while I may have implied long term accuraccy, and that might have been incorrect, my greater point that the CBO report calculated reduced deficits, expanded coverage, and lower costs is still 100% accurate. :D
Posted 03/18/10 at 12:06pm
Valdearg: Like any good politician, I don't believe I said "I was incorrect." :P
Valdearg: Like any good politician, I don't believe I said "I was incorrect." :P
Posted 03/18/10 at 12:02pm
JDKJ: If you'd said "I was incorrect" 10 shouts ago, I'd have quit twisting your arm to get you see the obvious 10 shouts ago.
JDKJ: If you'd said "I was incorrect" 10 shouts ago, I'd have quit twisting your arm to get you see the obvious 10 shouts ago.
Posted 03/18/10 at 12:00pm
JDKJ: You were they one assuming 100% accuracy. In all caps, no less.
JDKJ: You were they one assuming 100% accuracy. In all caps, no less.
Posted 03/18/10 at 11:59am
Valdearg: Yes, my implication that the long term estimates were facts was incorrect, but the short term calculations are absolutely facts, and even the long term estimates are still useful in attempting to determine exactly what will happen with the bill.
Valdearg: Yes, my implication that the long term estimates were facts was incorrect, but the short term calculations are absolutely facts, and even the long term estimates are still useful in attempting to determine exactly what will happen with the bill.
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Comments
These types of schemes are fairly common- there are plenty of faux businessmen (who look and act every bit as slimy as you would guess) out there looking to swindle people by making grand promises. I've come across dudes like this quite a bit in the last few years. They have some bullshit idea that they promise will become the next big thing- and they always say the IPO is right around the corner.
This reminds me of the things Infinitum Labs was accused of doing with their Phantom console. In fact, everything about their product, facilities, and R&D turned out to be fabrications- and yet they still found gullable idiots to give them money. I also recall that many of the founders of the company had prior records of financial scamming.
"a fool and his money are easily parted"
The Gizmondo was another one. I still feel bad for that car that was crashed by the "CEO".