SEC v. Bruce Schoengood; Medifirst Solutions, Inc.; and Joshua Tyrell, No. LR-25034, Eastern District of New York (Feb. 24, 2021) — Press Release
raw: Bruce Schoengood, Medifirst Solutions, Inc. and Joshua Tyrell
Bruce Schoengood, Medifirst Solutions, Inc. and Joshua Tyrell, No. LR-25034 (E.D.N.Y. Feb. 24, 2021)
summary
The SEC charged Medifirst Solutions, its president Bruce Schoengood, and stock promoter Joshua Tyrell with fraud for issuing 20 million unregistered shares via a sham consulting agreement, selling over 19 million shares for $125,000, and manipulating Medifirst's stock price.
paragraph
The SEC alleged that Medifirst Solutions, its president Bruce Schoengood, and stock promoter Joshua Tyrell engaged in a microcap offering fraud scheme involving 20 million unregistered shares issued to Tyrell under a sham consulting agreement. Tyrell sold over 19 million shares for approximately $125,000, violating registration provisions. Schoengood also manipulated Medifirst's stock price in 2017.
narrative
The SEC charged microcap issuer Medifirst Solutions, Inc., its president Bruce Schoengood, and stock promoter Joshua Tyrell with fraud related to an unregistered stock offering and stock price manipulation. According to the SEC's complaint, Schoengood caused Medifirst to issue 20 million shares to Tyrell under a sham consulting agreement, with Tyrell later selling over 19 million shares for approximately $125,000 without proper registration. Schoengood and Tyrell misled Tyrell's brokerage firm about the true purpose of the share issuance. The SEC alleges that Schoengood also manipulated Medifirst's stock price in 2017 to prevent it from declining. The complaint charges violations of antifraud and registration provisions of securities laws. The SEC seeks injunctive relief, civil penalties, disgorgement with interest, and officer/director and penny stock bars against Schoengood and Tyrell. Concurrently, the U.S. Attorney's Office filed criminal charges against Schoengood for the same conduct. The case remains pending.
Classified unregistered-securities(confidence 95%). EDGAR detection: forms Form D/S-1· recall 41% / precision 30%. detection rule →
Statutes
Parties
Securities and Exchange CommissionBruce SchoengoodMedifirst Solutions, Inc.Joshua Tyrell
Keywords
schoengoodtyrellstockschoengood medifirstmedifirst's stockmedifirstbruce schoengoodmedifirst solutionsjoshua tyrellsecurities exchangeagainst schoengoodsecuritiesmedifirst'sbrucesolutions
Exhibits & Attached Documents (1)
Extracted insights
Dollar amounts 1
- $125K $125,000 $100K–$1M
Entities 8
- person bruce schoengood
- company fraud as president of medifirst solutions, inc.
- person joshua tyrell
- company medifirst solutions, inc.
- person microcap issuer
- company president of medifirst solutions, inc.
- agency Securities and Exchange Commission
- person stock promoter
Triples 31
- SEC charged microcap issuer Medifirst Solutions, Inc., its president, Bruce Schoengood, and a stock promoter, Joshua Tyrell
- Securities and Exchange Commission charged microcap issuer Medifirst Solutions, Inc., its president Bruce Schoengood, and a stock promoter Joshua Tyrell with fraud in connection with their roles in unregistered microcap offering
- Securities and Exchange Commission charged Medifirst Solutions, Inc., Bruce Schoengood, and Joshua Tyrell
- Medifirst Solutions, Inc. is microcap issuer
- Bruce Schoengood is president of Medifirst Solutions, Inc.
- Joshua Tyrell is stock promoter
- Medifirst Solutions, Inc., Bruce Schoengood, and Joshua Tyrell charged with fraud in connection with unregistered offering
- Securities and Exchange Commission v. Bruce Schoengood, Medifirst Solutions, Inc. and Joshua Tyrell filed February 23, 2021
- Securities and Exchange Commission charged microcap issuer Medifirst Solutions, Inc., its president Bruce Schoengood, and a stock promoter Joshua Tyrell with fraud in connection with their roles in unregistered microcap offering
- Securities and Exchange Commission charged microcap issuer Medifirst Solutions, Inc., its president Bruce Schoengood, and a stock promoter Joshua Tyrell
- Medifirst Solutions, Inc. committed fraud in connection with a microcap offering
- Bruce Schoengood committed fraud as president of Medifirst Solutions, Inc.
- Joshua Tyrell committed fraud as a stock promoter in a microcap offering
- Securities and Exchange Commission charged microcap issuer Medifirst Solutions, Inc., its president Bruce Schoengood, and a stock promoter Joshua Tyrell with fraud in connection with their roles in unregistered microcap offering
- Securities and Exchange Commission charged Medifirst Solutions, Inc., its president Bruce Schoengood, and stock promoter Joshua Tyrell with fraud in connection with their roles in unregistered microcap offering
- Securities and Exchange Commission charged microcap issuer Medifirst Solutions, Inc., its president Bruce Schoengood, and stock promoter Joshua Tyrell with fraud in connection with their roles in unregistered microcap offering
- Securities and Exchange Commission charged Medifirst Solutions, Inc., its president Bruce Schoengood, and stock promoter Joshua Tyrell with fraud in connection with their roles in unregistered microcap offering
- Securities and Exchange Commission charged Medifirst Solutions, Inc.
- Securities and Exchange Commission charged Bruce Schoengood
- Securities and Exchange Commission charged Joshua Tyrell
- Bruce Schoengood is president of Medifirst Solutions, Inc.
- Joshua Tyrell is stock promoter
- Medifirst Solutions, Inc. is microcap issuer
- Securities and Exchange Commission filed Securities and Exchange Commission v. Bruce Schoengood, Medifirst Solutions, Inc. and Joshua Tyrell
- Securities and Exchange Commission charged Medifirst Solutions, Inc., its president Bruce Schoengood, and stock promoter Joshua Tyrell with fraud in connection with their roles in unregistered microcap offering
- Securities and Exchange Commission charged Medifirst Solutions, Inc., Bruce Schoengood, and Joshua Tyrell
- Medifirst Solutions, Inc. is microcap issuer
- Bruce Schoengood is president of Medifirst Solutions, Inc.
- Joshua Tyrell is stock promoter
- Securities and Exchange Commission filed No. 21-civ-00979
- SEC charged microcap issuer Medifirst Solutions, Inc., its president, Bruce Schoengood, and a stock promoter, Joshua Tyrell
PDF (from attached: complaint)
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Extracted body text (2,640c)
SEC Charges Issuer, Its President, and a Stock Promoter for Microcap Offering Fraud Litigation Release No. 25034 / February 24, 2021 Securities and Exchange Commission v. Bruce Schoengood, Medifirst Solutions, Inc. and Joshua Tyrell, No. 21-civ-00979 (E.D.N.Y., filed February 23, 2021) On February 23, 2021, the Securities and Exchange Commission charged microcap issuer Medifirst Solutions, Inc., its president, Bruce Schoengood, and a stock promoter, Joshua Tyrell, with fraud in connection with their roles in unregistered offerings of Medifirst's stock to the public. The SEC also charged Schoengood with manipulating the price of Medifirst's stock. According to the SEC's complaint, beginning in December 2016, Schoengood caused Medifirst to make an unregistered issuance of 20 million shares of its stock to Tyrell pursuant to a sham consulting agreement. As alleged, Schoengood and Tyrell were aware that the shares were actually intended to compensate Tyrell for promoting Medifirst's stock. Schoengood and Tyrell allegedly further misled Tyrell's brokerage firm by representing that the shares were being issued to Tyrell for legitimate consulting services and that Tyrell was not involved in promoting Medifirst's stock. Tyrell then allegedly sold over 19 million shares of Medifirst stock in the public market without registration for proceeds of approximately $125,000. The SEC's action also charged Schoengood with arranging manipulative purchases designed to keep Medifirst's stock price from falling over several months in 2017. The SEC's complaint, filed in federal district court in Long Island, charges Schoengood, Medifirst, and Tyrell with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and the registration provisions of Section 5 of the Securities Act. The complaint also charges Schoengood with violating the manipulative trading provisions of Section 9(a)(2) of the Exchange Act. The complaint seeks injunctive relief against Schoengood, Medifirst, and Tyrell. The complaint also seeks civil penalties, an officer and director bar, and a penny stock bar against Schoengood and disgorgement of ill-gotten gains plus prejudgment interest, civil penalties, and a penny stock bar against Tyrell. On February 23, 2021, the United States Attorney's Office for the Eastern District of New York announced criminal charges against Schoengood based on the same conduct. The SEC appreciates the assistance of the United States Attorney's Office for the Eastern District of New York and the FBI. SEC Complaint
OCR text (2,640c · html-text · 99% conf)
SEC Charges Issuer, Its President, and a Stock Promoter for Microcap Offering Fraud Litigation Release No. 25034 / February 24, 2021 Securities and Exchange Commission v. Bruce Schoengood, Medifirst Solutions, Inc. and Joshua Tyrell, No. 21-civ-00979 (E.D.N.Y., filed February 23, 2021) On February 23, 2021, the Securities and Exchange Commission charged microcap issuer Medifirst Solutions, Inc., its president, Bruce Schoengood, and a stock promoter, Joshua Tyrell, with fraud in connection with their roles in unregistered offerings of Medifirst's stock to the public. The SEC also charged Schoengood with manipulating the price of Medifirst's stock. According to the SEC's complaint, beginning in December 2016, Schoengood caused Medifirst to make an unregistered issuance of 20 million shares of its stock to Tyrell pursuant to a sham consulting agreement. As alleged, Schoengood and Tyrell were aware that the shares were actually intended to compensate Tyrell for promoting Medifirst's stock. Schoengood and Tyrell allegedly further misled Tyrell's brokerage firm by representing that the shares were being issued to Tyrell for legitimate consulting services and that Tyrell was not involved in promoting Medifirst's stock. Tyrell then allegedly sold over 19 million shares of Medifirst stock in the public market without registration for proceeds of approximately $125,000. The SEC's action also charged Schoengood with arranging manipulative purchases designed to keep Medifirst's stock price from falling over several months in 2017. The SEC's complaint, filed in federal district court in Long Island, charges Schoengood, Medifirst, and Tyrell with violating the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and the registration provisions of Section 5 of the Securities Act. The complaint also charges Schoengood with violating the manipulative trading provisions of Section 9(a)(2) of the Exchange Act. The complaint seeks injunctive relief against Schoengood, Medifirst, and Tyrell. The complaint also seeks civil penalties, an officer and director bar, and a penny stock bar against Schoengood and disgorgement of ill-gotten gains plus prejudgment interest, civil penalties, and a penny stock bar against Tyrell. On February 23, 2021, the United States Attorney's Office for the Eastern District of New York announced criminal charges against Schoengood based on the same conduct. The SEC appreciates the assistance of the United States Attorney's Office for the Eastern District of New York and the FBI. SEC Complaint