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Univ. of Toledo College of Law

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Thursday, August 16, 2007

SEC Files Fraud Claims Against InterGlobal Technologies

The SEC filed a complaint in the United States District Court for the Northern District of Texas, Dallas Division, charging Inter Global Technologies, Inc. ("IGT") and Michael E. Tomayko with selling unregistered securities and misleading investors in connection with the offer and sale of IGT securities. According to the complaint, from about January 2004 until at least Fall 2006, Tomayko raised at least $14.5 million from over 900 domestic and international investors through a fraudulent, unregistered offering of preferred stock and joint venture interests in IGT.  The SEC's complaint alleges that Tomayko and IGT lured new investors and induced additional investment from existing ones by claiming to own three valuable licenses to construct Indonesian oil refineries and promising huge returns once the refineries were financed and built. Tomayko repeatedly told investors that IGT would imminently receive funding for construction of the refineries from sources such as letters of credit or other bank instruments provided by a wealthy contact in Indonesia; a hidden vault filled with gold bullion controlled by Indonesian tribal elders; and investments by the Saudi royal family. Defendants represented that investor funds would be used to maintain IGT's Indonesian refinery licenses and procure financing to build the refineries.  In reality, the Commission alleges, Defendants' claims were baseless. Tomayko's schemes to finance the Indonesian refinery were based on dubious and unverified information, and the promised financing has never materialized. Indeed, Tomayko used false bank and other documents to bolster his claims to investors that financing for the refineries was imminent. Contrary to Defendants' representation, Tomayko used millions of dollars of investor funds to pay his personal expenses and support his lavish international lifestyle, and he squandered millions more, without due diligence, chasing financing in Indonesia.

http://lawprofessors.typepad.com/securities/2007/08/sec-files-fraud.html

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Comments

Has this been litigated?

Posted by: JO | Aug 28, 2007 9:19:11 AM

Does anyone know if these people are allowed to still sell stock? An older relative has recently purchased this stock on a "friends" advice and I'm wondering if anything can be done.

Posted by: trainH2O | Sep 19, 2007 5:08:57 PM

Can someone please give me an update on this case?

Posted by: Michele | May 10, 2008 3:04:47 AM

my father in law recently
received emails from this
company about updates. This guy is still doing business. He seems to pray on
older seniors and lur them to invest their retirment money

Posted by: JD Gunn | May 12, 2008 10:48:33 AM

Here is the lastest info from an Asian Source:
Source:
Business in Asia Today - Feb. 26, 2008
published by Asia Pulse :
Google this: Business in Asia Today
And the current website for IGT is
http://www.igttx.com/

Posted by: arthur1130 | May 16, 2008 1:47:05 PM

IGT has been cleared of the sec complaint and is doing business. This company is the real deal.

Posted by: powderday | Jun 16, 2008 3:39:59 PM

How can you find out if the litigation has been resolved?

Posted by: Kathryn Duclo | Sep 2, 2008 5:16:36 PM

IGT has issued all stock holders their shares of stock as of 8/08

Posted by: mark wynne | Sep 11, 2008 12:05:33 PM

My name is Kathy Abdalla I Just bought 3000 shares of Interglobal Stocks back in April from a shareholder Curtis A.Borman =$8.00 a share, I was told that the shares were to start paying off in May, and that I will my first dividend check May 28,2009
I have not seen any money, I call the CEO of the ask him about the check and he stated that no one can tell me how much the shares or worth because the contract have not even been signed yet! Can some please e-mail me with the truth : are did I just got set up?

Posted by: KathyAbdalla | Oct 17, 2009 7:11:18 PM

Is the company still going on

Posted by: David | Nov 9, 2009 6:54:33 AM

can anyone let people who have put money in igt let us know if your still in buisness or not, if this is a scam i would like to get it over with before others are taken in. we have invested money and not seen one penny in return.wondering if they are still selling the idea.

Posted by: pissedoff | Apr 10, 2012 7:14:28 AM

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