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LUXR

Retailer Sues PIPE Investors Claiming Death-Spiral, Pump and Dump Schemes

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Founders of online “flash-sale” retailer Luxeyard (LUXR) are accusing a group of microcap investors of a carefully planned scheme to pump and dump their stock through selling unrestricted shares without disclosing their affiliate relationship. The battle has been taking in place in federal and state courts in Texas and California where reverse merger investors Kevan Casey, Scott Gann, Jonathan Friedlander, Rick Huttner, and Larry Isen are accused of using multiple shell companies to hide ownership of over 10% and avoid Rule 144 filing requirements. They stand accused of reaping around $30 million in only 60 days via aggressive stock promotion by former Fox Business contributor Tobin Smith and others. The investors recently petitioned the Delaware courts to place the company in involuntary bankruptcy. Amir Mireskandari and Khaled Alattar founded Luxeyard as a luxury retailer that would execute auction-like flash sales on high-end home goods.

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Michael Chernoff

MDB Capital Appoints Michael Chernoff CIPO

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MDB Capital Group appointed Michael Chernoff as chief Intellectual Property officer (CIPO). In his new role, Chernoff will oversee all patent portfolio development for MDB IP Development Services (IPDS) division clients. Chernoff brings over 20 years of experience in the field of intellectual property to his role at MDB. Prior to leading the patent team at Accenture, he served as an associate patent counsel for a large telecommunications company and also as an Associate at a boutique IP law firm.

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Hunter Wise’s McClory, Dunkerley and Trobe Join Burnham Securities’ New SoCal Office

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Dan McClory, Hugh Dunkerley and Julian Trobe have left Hunter Wise Financial Group to join Burnham Securities and open the firm’s new office in Irvine, Calif. McClory and Dunkerley are managing directors, and Trobe is a vice president in the equity capital markets group at Burnham. McClory was Head of Equity Capital Markets at Hunter Wise for ten years. His equity capital markets teams have ranked among the top ten agents in the equity private placement market, and have completed transactions for clients listed on the London Stock Exchange, NASDAQ, NYSE, Toronto Stock Exchange, the Stock Exchange of Hong Kong, Irish Stock Exchange and OTC Markets. Dunkerley was a Hunter Wise director for nine years.

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More than Paypal: VCs Eye Mobile Payments Startups

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A mobile payments start-up company is beginning their Series A round of financing this month trying to attract up to $15 million. The almost two-year-old Ribbon received $1.75 million in angel investments led by Draper Associates last year. The six-person company founded by Hany Rashwan is focused on making mobile payments more accessible for merchants and easier for consumers. It’s competing with the likes of Square and Google Wallet using technology and its partnerships with credit card processors to make the payment steps quicker and simpler on a mobile device. Ribbon is now expanding to consumer-to-consumer payments.