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U.S. v. Mainstream Entertainment, Inc. n/k/a Volt Solar Systems, Inc., et al.

Description:

The defendants have been charged with violations of the Securities Exchange Act of 1934 (“Exchange Act”), and the rules promulgated thereunder, for their involvement in a securities fraud and market manipulation scheme colloquially known as a “pump and dump,” whereby the participants fraudulently inflate (or “pump”) the price of a security through fraudulent misrepresentations and manipulative trading, before selling (or “dumping”) their shares and obtaining illicit trading profits.  The scheme, which occurred from at least September 2012 through at least May 2014, involved the common stock of Mainstream Entertainment, Inc., n/k/a Volt Solar Systems, Inc. (“Mainstream”).  Mainstream was a Florida corporation with its principal place of business in Orlando, Florida.  The defendants, as well as other participants in the scheme, knowingly communicated false and fraudulent information about Mainstream and its securities to the investing public through, among other things, the dissemination of bogus press releases and the preparation and dissemination of a fraudulent Form 8-K securities disclosure filed with the U.S. Securities and Exchange Commission (“SEC”) on February 8, 2013.  The Form 8-K included numerous material misrepresentations about Mainstream, including that Mainstream had business operations, when, in fact, it had none. The Form 8-K also failed to disclose the substantial stock ownership of the co-conspirators.  Further, their substantial ownership of Mainstream common stock was not otherwise disclosed to the SEC or the investing public, as was required by the Exchange Act and SEC rules.  The defendants also used manipulative stock trading techniques to fraudulently inflate the price of Mainstream stock before selling their stock and reaping illicit trading profits, to the detriment of the investing public.

United States v. Kona Jones Barbera

Criminal Docket Number:  17-CR-00657

Attachment:  us_dis_paed_2_17cr657_information_as_to_kona_jones_barbera_1_count_s_1_2.pdf         

Court Events:

  • Guilty plea – on January 30, 2018, the defendant pled guilty to wire fraud and securities fraud.  Any remaining counts will be disposed of at the time of sentencing.  As a result of the guilty plea, there will be no trial involving this defendant.
  • Sentencing hearing – The sentencing hearing, which was previously scheduled for February 27, 2019, has been rescheduled by the court.  We will continue to provide updated case scheduling and event information as it becomes available.

United States v. Tyler Tedrow

Criminal Docket Number:  18-CR-00455

Attachments:  tyler_tedrow_-_information.pdf            

Court Events:

  • Guilty plea – On March 15, 2021, the defendant pled guilty to Securities Exchange Act charges.  Any remaining counts will be disposed of at the time of sentencing.  As a result of the guilty plea, there will be no trial involving this defendant.
  • Sentencing hearing – A sentencing hearing has been set for Thursday, March 25, 2021 at 11:00am before the Honorable Petrese B. Tucker.  The sentencing will take place at the U.S. Courthouse, 601 Market Street, Philadelphia, PA in Courtroom 6A.

United States v. Christian Tedrow

Criminal Docket Number:  18-CR-00456

Attachments:  U.S. v. christian_tedrow_information.pdf      

Court Events:

  • Guilty plea – On March 15, 2021, the defendant pled guilty to Securities Exchange Act charges.  Any remaining counts will be disposed at the time of the sentencing.  As a result of the guilty plea, there will be no trial involving this defendant.
  • Sentencing hearing – A sentencing hearing has been set for Thursday, March 25, 2021 at 10:00am before the Honorable Petrese B. Tucker.  The sentencing will take place at the U.S. Courthouse, 601 Market Street, Philadelphia, PA in Courtroom 6A.

 

We will continue to provide updated information on case events as they become available.  Please visit our Victim Witness Services page for more information on victim’s rights, resources, and our office’s contact information.

Updated March 18, 2021

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