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Tbeck Capital's Ron Williams(Florida)
BEWARE OF RON WILLIAMS OF TBECK
(Formerly of Select Capital Advisors, Interco and Onyx Financial Group, Inc.)
People holding stock in or associated with the following pink sheet stocks might want to take a look at the background of stock promoter Ronald G. Williams of Tbeck Capital(Florida):
Advanced Growing Systems (AGWS)
Pet Ecology Brands(PECB)
BlueFire Ethanol Fuels (BFRE)
Interlink Global Capital(ILKG)
Mattman Speciality Vehicles(MMSV)
Universal Express, Inc. (USXP)
Packaged Home Solutions, Inc. (PKGH)
Straight Up Brands (STRU)
IBSG International (IBSG)
Trans Global Logistics (TLGI)
Remote Surveillance Technologies, Inc. (RSUR)
Please be aware of the fact that Ron Williams has served time in prison for grand theft, organized communications fraud, fraud securities and lending practices violations among others. His number there was 934107. The Florida Corrections website even has his photograph.
Williams was involved in the following while with a company named Select Capital Advisors:
Debenture double-dealers hit with $388,600 Million Award
Case Type: Conversion, Breach of Fiduciary Duty
Case: Universal Express, Inc., a Nevada Corporation v. Select Capital Advisors, Inc., Ronald G. Williams, Walter Kolker, No. 98-08358 CA 01
Court: Miami-Dade County Circuit Court, FL
Judge: Eleanor Schockett
Verdict Date: 07-24-2001
Arthur W. Tifford; Arthur W. Tifford, P.A.; Miami, FL, for Universal Express, Inc.
Demonstrative Evidence: None
Pro se, for Select Capital Advisors, Inc.
Demonstrative Evidence: None
Universal Express Inc. was offered a financing plan by Select Capital Advisors in which Select offered up to $14 million in conventional financing plus $4 million in short-term money supported by convertible debentures that Universal could sell to off-shore investors. Investors had the right, after 30 days, to demand payment or conversion of the debentures. Universal was told that conventional long-term financing would remain in place before investors could demand the stock. Universal issued the debentures but the conventional long-term financing was allegedly not in place, and the investors were not off-shore but New Yorkers in collusion with principal Ronald William of Select. After 30 days, Universal could not pay and was forced to issue 2 million additional shares. The investors then manipulated the stock, costing Universal millions. Universal sued for fraud, conversion and breach of fiduciary duty.
In April 1997, Universal Express Inc., a package-shipping company and postal store operator, was offered an unconventional financing plan by Select Capital Advisors, a Miami-based investment banking firm. Select''s principals, Ronald Williams and William Kolker, offered Universal up to $14 million in conventional financing, plus $4 million in short-term money to be supported by convertible debentures -- a type of bond -- that Universal would sell to off-shore investors. The investors would have the right, after 30 days, to demand either payment or conversion of the bonds to Universal stock. Universal was assured, however, that conventional long-term financing would be in place before the investors could demand the stock.
Universal issued the bonds but, said its attorney, Arthur W. Tifford, "Williams and Kolker never intended to have the conventional financing in place." Further, the investors were not off-shore; instead, they were "a group of New Yorkers working in collusion with Williams." At the end of the 30 days, when Universal could not pay, it was forced to issue 2 million additional shares. Then, Tifford said, the investors began manipulating the stock -- initially hyping it to drive up the price, and then, after selling high, placing massive short-sell orders (bets that a stock will drop in price) and driving down the stock price by selling it back and forth to themselves. The price dropped from $2 to 0.02 cents per share and cost Universal almost $90 million.
In 1998, Universal Express sued Select Capital, Williams and Kolker charging fraud, conversion and breach of fiduciary duty. That year Williams and Kolker were convicted of state racketeering charges in Florida involving an unrelated company. No criminal charges were ever filed in connection with the Universal Express matter, Tifford reported.
Injury: Universal claimed pecuniary damages of almost $90 million due to the defendants'' alleged fraud, conversion and breach of fiduciary duty.
Verdict Information: Prior to trial, Judge Eleanor Schockett issued a default judgment against the defendants; the Miami jury considered only damages. On July 25, 2001, it awarded $87,622,000 million in compensatory damages, $275 million in punitive damages and $26,286,600 million in prejudgment interest for a total of $388,908,600 million.
While Select Capital is moribund, the plaintiff expects to collect some of the judgment, said Tifford, who has sued the defendants in other matters and uncovered and collected assets. There were no post-trial motions and there will be no appeal. "The defendants never even challenged the default judgment," said Tifford. The plaintiff has begun attempts to execute on the judgment. While Select Capital is no longer operating, Williams is still in prison but Kolker recently was released. The defendants have assets, Tifford said. He would not give any details on collection efforts. "They'll just move the money."