Are you losers gonna do your DD on Legend Securities Inc.?
Or are you going to be mushrooms for the rest of your lives?
As of December 1, 2012, Authentidate Holding Corp. (the "Company") entered into an agreement with Legend Securities, Inc. for a term of one year pursuant to which Legend Securities has agreed to provide investor relations and business advisory services to the Company. In consideration for the services to be rendered under the agreement, the Company agreed to pay a fee of $15,000 per month and to issue to Legend Securities a warrant for the purchase of 225,000 shares of the Company's common stock (the "Warrants") at an exercise price of $1.34 per share. The Warrants vest as follows: 52,250 of the Warrants vest on the effective date of the agreement and then an additional 56,250 Warrants will vest each 90 day period thereafter. The Warrants are exercisable beginning six months following the effective date of the agreement, have a term of five years and contain a cashless exercise provision and certain "piggy-back" registration rights.
D. In the Matter of Legend Securities, Inc. (“Legend”) and Salvatore Caruso,
Admin. Proc. File No. 3-14389 (May 16, 2011)
1. In an enforcement action arising out of the production of documents and
information during an examination, the SEC charged Legend and Caruso,
its CCO, with providing false documents to the examination staff.
2. In 2009, the SEC examination staff commenced an examination of
Legend. As part of its examination, the staff requested that Legend
produce various employment records for its associated persons. When
Legend discovered that it did not have certain forms, including
compliance-related documents concerning one of its associated persons,
Caruso asked the associated person to sign forms that were backdated to
appear as though they were signed when the associated person began his
employment at Legend. Caruso then provided these backdated forms to
the examination staff.
3. The Commission entered an order directing Legend and Caruso to cease
and desist from committing violations of Section 17(a) of the Exchange
Act and Rules 17a-3 and 17a-4 thereunder and imposing a civil penalty of
$50,000 on Legend and $25,000 on Caruso......