Post by bg317 on Oct 30, 2008 11:52:08 GMT -5
TRUSTCASH FILES COMPLAINT AGAINST FORMER CHIEF EXECUTIVE OFFICER ALLEGING THE IMPROPER DISTRIBUTION OF RESTRICTED SECURITIES INTO THE MARKET PLACE
Atlanta, GA – Tuesday October 28, 2008 – Trustcash Holdings, Inc. (“Trustcash”) (OTCBB: TCHH) announced today that it has filed a complaint against former officer and director Gregory Moss and Ayuda Funding, Corp., for the improper distribution of restricted shares into the market.
Trustcash’s complaint, file d on October 27, 2008 in the United States District Court for the District of New Jersey, alleges that Mr. Moss and Ayuda Funding knowingly engaged in the illegal and fraudulent distribution of restricted shares of Trustcash’s common stock into the over-the-counter public market. Trustcash claims the market impact of this distribution severely depressed the market value for Trustcash stock, thereby depriving shareholders of the value of their holdings. The defendants’ actions also operated as a major obstruction to the fund raising operations that Trustcash was undertaking.
Trustcash claims that Mr. Moss’ former positions with the company and his beneficial ownership of more than 10% of the outstanding shares of the common stock at the time of the distribution made him an “affiliate” of the company . Therefore , his consecutive transfers to Ayuda on February 19th, 2008, and March 18th 2008 of 1,750,000 and 7,000,000 shares were contrary to the restraints imposed by current securities regulations Mr. Moss resigned as CEO, CFO, principal accounting officer and director of Trustcash on March 27, 2008.
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www.pinksheets.com/edgar/GetFilingHtml?FilingID=6213752