Colorado Securities Commissioner Fred Joseph announced today that he has entered a final cease and desist order against a Tennessee healthcare information technology company and its management for allegedly violating the securities registration provisions of the Colorado Securities Act (“Act”) in connection with the offer of securities in Colorado.
Named in the Order are The iPractice Group, Inc., (“iPractice”) and its chief executive officer, Ting N. Chang, its chief operating officer, Michael Jason Morgan, and one of its sales agents, Colin Purcell. All are of Nashville, Tennessee.
The Staff of the Division of Securities (the “Staff”) alleged that iPractice sought Colorado investors to develop their “healthcare information technology business through the offering of an innovative, all-inclusive ‘turn key’ EHR [Electronic Health Record] package …”. The Staff alleged that, at least, one Colorado investor was cold called and solicited to invest in a stock offering by iPractice. The Colorado investor was told that “everyone wins” in this investment offering, and that “now is the time.” The investor was also told that while the offering was selling at $2.00 per share, it would likely sell for $20.00 per share when the company went public.
The Staff alleged that iPractice failed to register either security offering and, by offering the investment opportunity to the public at large by cold calling investors, iPractice was unable to take advantage of any private offering exemption under the Act. "If you are promised high, guaranteed profits with little risk, and told that time is of the essence, then be wary that the investment may be too good to be true," said Commissioner Joseph. "Contact our office to verify that securities have been properly registered before purchasing any security."
The cease and desist order, which all agreed to, orders them to immediately and permanently cease and desist offering or selling unregistered securities in Colorado, or otherwise engaging in conduct in violation of any provision of the Act. Cease and desist orders were also entered against both companies.
A copy of the Order can be found at: http://www.dora.state.co.us/securities/enforcement.htm#CeaseDesist
Tribute to Dijoun Quinn of Commerce City... There is now a $2500 reward posted by the Commerce City
A Shooting Claims the life of 18 year old Dijoun Quinn... COMMERCE CITY - The Commerce City Police Department is investigating a shooting that occurred in the 6500 block of Holly St. Officers responded to a report of shots being fired in the area. When they arrived they found a male lying on the ground. It appears that an 18 year old male was walking southbound on Holly St when he was shot multiple times. The male was transported to the hospital but did not survive his injuries. Commerce City police identified the 18-year-old as Dijoun Quinn, a recent graduate of Adams City High School who had enlisted in the Army. Quinn's Grandfather says his grandson didn't have any enemies and was not in a gang. There is no suspect information available at this time, and investigators are encouraging anyone with information to contact Detective Bryan VanderMeer at 303-289-3629 or the Commerce City Tip Line at 303-289-3626. The investigation is ongoing and more information will be released as it becomes available.
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