CEO and Investor Relations Representative of Revolutions Medical Corporation (RMCP) Indicted on Securities Fraud Charges
Contact Person: Beth Drake (803) 929-3000
Charleston, South Carolina ---- United States Attorney Bill Nettles stated today that Rondald L. Wheet, age 51, and Bryon Scott Key, age 45, both of Mount Pleasant, South Carolina, were charged in an indictment with Conspiracy to Commit Securities Fraud, a violation of Title 18, U. S. C. §1349; Securities Fraud, a violation of Title 18, U. S. C. §1348; Conspiracy to Defraud the United States, a violation of Title 18, U. S. C. §371; and False Statement, a violation of Title 18, U. S. C. §1001(a)(2). In addition, Bryon Scott Key was charged in the same indictment with two counts of Money Laundering, in violation of Title 18, U. S. C. §1956(a)(3)(B).
The indictment alleges that Rondald L. Wheet and Bryon Scott Key engaged in a scheme to cause Revolutions Medical Corporation (RMCP), a Nevada corporation with its principal office in Charleston, South Carolina, and whose common stock is publicly traded and registered with the Securities and Exchange Commission (SEC) under Section 12 of the Securities Exchange Act of 1934, to fraudulently issue shares of RMCP stock. The indictment further alleges that Rondald L. Wheet, who was the Chairman and Chief Executive Officer (CEO) of RMCP, and Bryon Scott Key, who was the Investor Relations Representative and Assistant Sales Manager of RMCP, made false statements to the SEC concerning the issuance of those shares of stock and also interfered with and obstructed the lawful functions of the SEC.
In announcing the indictment, United States Attorney Bill Nettles said “[t]his district is applying significant resources to Securities and Exchange Commission cases. The mission of enforcing SEC cases is essential to a stable economy.”
The maximum penalty for Conspiracy to Commit Securities Fraud is 25 years imprisonment, the maximum penalty for Securities Fraud is 25 years imprisonment, the maximum penalty for Conspiracy to Defraud the United States is 5 years imprisonment, and the maximum penalty for False Statement is 5 years. Each count of Money Laundering carries a maximum penalty of 20 years.
The case was investigated by agents of the Federal Bureau of Investigation (FBI) and is assigned to Assistant United States Attorney Dean H. Secor of the Charleston office for prosecution.
Mr. Nettles stated that the charges in this Indictment are merely accusations and that the defendants are presumed innocent until and unless proven guilty.