SPNG sue Timothy Sykes ,Kaja Whitehouse and others for defamation

[jotuk6771]

SpongeTech(R) Delivery Systems, Inc. Files Lawsuit Against NYP Holdings, Inc.,Kaja Whitehouse, Timothy Sykes,  Teri Buhl and David E. Patch, Jr. and John and/or Jane Does 1 through 10





NEW YORK, April 23 /PRNewswire-FirstCall/ --

SpongeTech® Delivery Systems, Inc., The Smarter Sponge™, (Pink Sheets: SPNG) today announced that it has filed a lawsuit in the Supreme Court of the State of New York, New York County, against NYP Holdings, Inc., Kaja Whitehouse, Timothy Sykes, Teri Buhl and David E. Patch, Jr. seeking damages relating to, among other things, the publication of negative, false and/or defamatory statements in various New York Post articles and the impact such publications have had on the company and its executives.

About SpongeTech® Delivery Systems, Inc.

SpongeTech® Delivery Systems, Inc. is a public company which designs, produces, and markets unique lines multi-usage cleaning products for Car Care, Child Care, Home Care, Marine Care and Pet Care usages. These sponge-like products utilize SpongeTech®'s proprietary, patent (and patent-pending) technologies and other technologies involving hydrophilic (liquid absorbing) foam, polyurethane matrices or other ingredients. The Company's sponge-like products are pre-loaded with specially formulated ingredients such as soap, conditioner and/or wax that are released when the sponge is soaked and applied to a surface with minimal pressure. SpongeTech® is currently exploring additional applications for its technology in the health, beauty, and medical markets. SpongeTech® Delivery Systems, Inc. intends to globally brand its products as The Smarter Sponge™.

Dicon Technologies, LLC, a wholly-owned subsidiary, located in Black Creek, Georgia, has a product line that currently focuses within the cosmetic, footwear, and medical markets. Dicon's cosmetic product line utilizes a patented, latex-free hydrophilic foam material in a wide variety of sizes and shapes for Dicon's "Just For You®" line as well as several private label brands. Dicon products include applicators, cleansing sponges, buffs, puffs, and wedges for various skin care and cosmetic applications.

[IAMCLP1]

Interesting, Jotuk you ever read anything on Timothy Sykes himself? This should be interesting to see how this plays out ... I do find it funny that they are getting sued for bashing a stock, Hmmm they are some HUGE shorter players them-self, so that adds up ...               Sykes has some skills, which you can not take away thought!

[jotuk6771]

Interesting, Jotuk you ever read anything on Timothy Sykes himself? This should be interesting to see how this plays out ... I do find it funny that they are getting sued for bashing a stock, Hmmm they are some HUGE shorter players them-self, so that adds up ...               Sykes has some skills, which you can not take away thought!

Sykes ? to my opinion , this guy is a scam ...

He keeps arguing that he's an educator before a trader , i would say that he's a profiteer before a trader , lol .

$ 49.95 per month for a newsletter to $ 1497 ( ! ) for his  Pennystocking Pro , and 4 DVD 's for $ 1597 .... 

LMAO ....

[IAMCLP1]

This guy is brillant to me, can't fault him for making a HOMEMADE DVD's and charging those amounts because people ARE willing to pay for them 


He has several sutdents he has coached, that have became very popular and sucessful in the stock world. I do watch one of there video blogs, as they document daily what they do. (Haha, he is spawning more shorters IMO)  It also seems like he love the attention off the "fame" part of teaching, saying look I can turn anyone into this ... which I don't think is true, just like anyone can not become a lawyer/doctor/construction worker etc...

But you are right, everything comes down to the mighty dollar! 

[Jack]

SPNG Spongetech Execs Accused In Alleged Investor-Fraud Scheme

May 5, 2010 10:35:02 (ET)




By Chad Bray
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--The top executives of Spongetech Delivery Systems Inc. (SPNG) were arrested and charged Wednesday in an alleged scheme to defraud investors by reporting falsely and grossly overstated sales figures.

According to a criminal complaint filed Wednesday, Michael Metter, Spongetech's chief executive, and Steven Moskowitz, the cleaning-products maker's chief operating officer, were charged with conspiracy to commit securities fraud and obstruction of justice.

Metter, 58 years old, of Greenwich, Conn., and Moskowitz, 45, of Flushing, N.Y., are expected to appear before a U.S. magistrate judge in federal court in Brooklyn later Wednesday.

In the complaint, prosecutors from the U.S. Attorney's office in Brooklyn alleged Metter and Moskowitz between January 2007 and May 2010 publicly reported the company had secured purchase orders or made sales to five customers that did not exist.

The purported sales accounted for as much as 99% of Spongetech's revenue, prosecutors said.

During that time frame, the men allegedly filed multiple false reports with the U.S. Securities and Exchange Commission and issued numerous press releases touting the false sales figures, typically via the Internet, prosecutors said in the complaint.

Since the SEC issued subpoenas in September as part of a formal probe of Spongetech, Metter and Moskowitz allegedly have tried to fabricate the existence of the five purported customers, according to the complaint.

They allegedly sought to create Web sites and virtual offices for the companies, have furnished investigators with phony purchase orders and produced "questionable documentation" purportedly constituting proof of payments by the customers, prosecutors said in the complaint.

-By Chad Bray, Dow Jones Newswires; 212-227-2017; [email protected]

(END) Dow Jones Newswires

[IAMCLP1]

... and we all see who is getting the last laugh!                

I would be willing to bet that Tim might have done this own DD, and made them eat their own pie 

[IAMCLP1]

The SEC's complaint alleges that Metter, Moskowitz, Spongetech, and RM Enterprises used false and baseless attorney opinion letters by Pensley and Halperin to distribute shares of Spongetech to the public. Metter, Moskowitz, and Spongetech also used false and misleading attorney opinion letters — forged in Pensley's name and in the name of a fictitious lawyer, David Bomart — which were transmitted to Spongetech's transfer agents. The SEC further alleges that Speranza created websites and rented unoccupied office space for the fictional customers in an attempt to legitimize them.

[IAMCLP1]

SPNG Spongetech Execs Accused In Alleged Investor-Fraud Scheme

May 5, 2010 10:35:02 (ET)

Hahaha, and look at the info that starts to come out ..

SpongeTech Execs Paid For Swiss Escorts With Company Credit Card

http://www.businessinsider.com/spongetech-escorts-metter-moskowitz-2010-8#ixzz0yWJR5nEk