The United States is initiating a Remission process to return forfeited money to eligible victims of frauds perpetrated by Chad Peter Smanjak, Pawel Dynkowski, Andrew Baum, Steve Decesare, Kevin James Quinn, Joseph Saranello, and others, (“Smanjak Group”). The Remission process is governed by the Code of Federal Regulations at 28 C.F.R. Part 9. and overseen by the Department of Justice’s Money Laundering and Asset Recovery Section. The Department of Justice hired Epiq Class Action and Claims Solutions, Inc. (“Epiq”) to serve as the Remission Administrator for this matter. The Petition for Remission Form (“Petition”) must be submitted in order to be potentially eligible to share in the distribution from the forfeited assets.
Between 2007 and at least 2010, the Smanjak Group knowingly engaged in several penny stock “pump and dump” schemes. In the schemes, the Smanjak Group were able to falsely inflate (“pump”) the trading price of several penny stocks, including those with the following Tickers:
|Colorado Cases:||ADEC, ALCD, ASII, BCLN, BGOI, DANR, GVBP, HMSO, IDGI, MASP, OWVI, RDWG, RUNU, RVRX, SHTP, TTNC, VDTI, WAVE;|
|Delaware Case:||ASII, BCLN, IDFI, RDWG, RUNU, VDTI, WAVU;|
|New York Case:||BANI, CNWI, EWPI, GDGI, GRNH, MRNJ, PDMI, TLAN|
After falsely inflating the stocks, they would then begin to sell shares at inflated prices (“dump”), making illegal profits of approximately $8 to $10 million. The Smanjak Group inflated the stocks through false advertising and fraudulent material facts regarding the company and trading the shares at a high volume between 31 Panamanian shell entities created and controlled by the Smanjak Group.
Eligibility to File a Petition for Remission Form
You are potentially eligible to receive a distribution if you hold shares of one or more of the above listed stocks. PLEASE NOTE THAT THE DEADLINE TO FILE ONLINE, EMAIL OR MAIL A PETITION FOR REMISSION FORM (“PETITION”) HAS PASSED.
Deficiency Letter Mailing
On July 14, 2021, Epiq mailed a Notice of Deficiency to all Petitioners with ineligible Petitions that are “currable”. The Response due date for the Notice of Deficiency is August 13, 2021. If the deficiency is not cured by August 13, 2021, the Petition shall be designated for denial.