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U.S. Securities and Exchange Commission

Wolfson et al.

On October 16, 2003, the SEC filed a Complaint in the United States District Court for the District of Utah (2:03 CV 00914 DAK (U.S.D.C., D. UT)) against twenty-one individuals and entities involved in an alleged scheme to sell securities in five United States-based microcap issuers to hundreds of investors located primarily in the United Kingdom, Australia and New Zealand through a boiler room located in Vientiane, Laos. According to the Complaint, since late 2002, hundreds of overseas investors have been defrauded by a scheme primarily organized by David M. Wolfson of Salt Lake City, Utah, and Michael S. Newman (now deceased) who ran Sukumo, Ltd. The Complaint further alleged that Sukumo raised at least $16 million from more than 1,100 investors by selling restricted Regulation S shares in Stem Genetics, Inc., F10 Oil & Gas Properties, Diversified Financial Resources Corporation, Valesc Holdings, Inc. and NCI Holdings, Inc.

The SEC has posted a complaint and series of litigation releases about this matter on its website. You can find them by visiting our website and inserting "David M. Wolfson" with the quotes in the “Search for” box at the top of the page and changing “Company Filings” to “SEC Documents” in the drop-down box.

On November 1, 2011, the Court appointed James U. Jensen as the Distribution Agent to facilitate the return of funds to defrauded investors. Under that appointment, on March 8, 2012, the Court approved a claims process for investors to submit a claim form to the Distribution Agent. The last date (“bar date”) for filing a claim form is June 30, 2012 – the claim form must be postmarked by that date.

For the latest information about the distribution process, you can visit the Distribution Agent’s website at http://www.wolfsonsecdistribution.com.



Modified: 06/14/2012