U.S. Securities and Exchange Commission
Litigation Release No. 21358 / January 4, 2010
Securities and Exchange Commission v. Nolan Wayne Wade, Civil Action No. 2:08CV209-KS-MTP (S.D. Miss.) (Hattiesburg Div.)
On December 22, 2009 the Honorable Keith Starrett, United States District Judge for the Southern District of Mississippi, entered a Final Judgment imposing a permanent injunction, $174,514 in disgorgement, $31,208 in prejudgment interest thereon, and a civil penalty of $6,500 against Nolan Wayne Wade (“Wade”) of Moselle, Mississippi. Wade consented to the entry of the injunctive relief, the disgorgement amount, and the prejudgment interest without admitting or denying the allegations of the Complaint.
The Complaint against Wade charged him with violating a Commission Order issued in 2003 prohibiting him from participating in any offering of a penny stock (the “Penny Stock Bar”). The Complaint alleged, specifically, that Wade violated the Penny Stock Bar by: (1) selling 1,154,196 shares of Bio Solutions Manufacturing, Inc (“Bio Manufacturing), to foreign investors on or about May 15, 2006; (2) inducing, as President of Bio Solutions Franchise, Inc. (“Bio Franchise”), the issuance by Bio Manufacturing to Bio Franchise of ten million restricted shares of Bio Manufacturing common stock, in exchange for all of the outstanding shares of Bio Franchise’s wholly owned subsidiary, Bio Extraction Services, Inc. (“Bio Extraction”), on or about June 30, 2006; (3) inducing Bio Franchise and another company controlled by Wade, Innovative Industries, LLC, to acquire and sell several million shares of Bio Manufacturing stock to foreign investors in 2005 and 2006.
In entering the Final Judgment, the Court restated the permanent injunctive relief that it entered against Wade in its previous Consent Order, prohibiting Wade from participating in any future penny stock offering in violation of the Commission’s Order and Section 15(b)(6)(B)(i) of the Securities Exchange Act of 1934 [15 U.S.C. § 78o(b)(6)(B)(i)].
See also: L.R. 20734 (September 22, 2008).