SOURCE: BioTech Medics Inc

BioTech Medics Inc

January 20, 2010 11:17 ET

BioTech Medics, Inc. Files Lawsuit Against Wells Fargo Bank, 1st Global Stock Transfer, LLC and Others

LAS VEGAS, NV--(Marketwire - January 20, 2010) - BioTech Medics, Inc, (PINKSHEETS: BMCS) announced today that the corporation has filed a civil lawsuit in the Clark County District Business Court against Wells Fargo Bank, N.A., 1st Global Stock Transfer, LLC, Helen G. Bagley, Stacy Ewing, & Securities Transfer Agents Medallion Program, Inc. (STAMP).

This case involves forgery, fraud, breach of contract and civil conspiracy. According to a separate civil US District Ct, Las Vegas, Nevada Securities & Exchange Commission vs. John Edwards consent decree, Edwards the "mastermind" has admitted to violations of Sections 5(a) and 5(c) of the Securities Act, 15 U.S.C. §§ 77e(c) and 77e(c), for the unregistered offer and sale of securities. The Court ordered over $58.9 million in disgorgement.

BioTech claims Wells Fargo provided John M. Edwards of Nevada, (who is also under criminal indictment and been incarcerated in England awaiting extradition), and Helen G. Bagley of 1st Global Stock Transfer with the authority and ability to accomplish their illegal acts by guaranteeing Edwards' authority to sign stock powers and other similar documents even though Edwards had neither the legal capacity nor authority to do so.

Wells Fargo is a member of the Securities Transfer Association, the association that oversees the STAMP. STAMP was established in accordance with SEC Rule 17Ad-15 to "provide for the protection of the investors... and increase the efficiency of the security transfer process," according to Guidelines of the Securities Transfer Association, Appendix 1. Additionally on the STAMP website STAMP represents that "Its use protects the issuer of the security; the owner(s) of the security; and transfer agents..." Due to Wells Fargo's acts of wrongfully guaranteeing Edwards' signature with the STAMP imprint, Wells Fargo violated UCC Section 8-306 and Nevada Revised Statute 104.8306. BioTech is seeking general, compensatory and punitive damages, along with attorney fees and costs from Wells Fargo and the other Defendants.

BioTech Medics is a Nevada corporation that owns, operates and affiliates with Pain Management & Wellness Centers utilizing FDA cleared high powered, deep penetrating therapeutic medical lasers that reduce and/or eliminate muscle, skeletal, nerve and/or arthritic pain.

BioTech also owns four granted US Letters of Patent and sells SHBAN™ Alcohol Free Hand Antiseptic that lasts 1,000 times longer than alcohol gels, is colorless, non-toxic when used as directed.

Contact Information

  • Contact:
    Keith Houser
    Phone: 972-274-5533