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Charles Michel
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Executive
Bio History
The reference source for bios appears
after the bio content. All bio material is compiled
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CHARLES MICHEL EXECUTIVE
BIO HISTORY
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Founder, Primebuy International
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| According to the press release dated Friday May 11, 2001, a complaint was filed against PrimeBuy Network.com, Inc. The complaint alleges that, during the class period, PrimeBuy and its co-founders, Charles Michel and Charles Culver, violated multiple sections of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Idaho Securities and Consumer Protection Acts, by misrepresenting and omitting material facts in connection with the operation, financial condition and prospects of PrimeBuy, and in connection with PrimeBuy securities. The complaint further alleges that defendants were conducting a classic 'pyramid' scheme, in which the PrimeBuy Internet Mall was simply a multilevel marketing scheme, offering an array of shopping 'opportunities' already available on the Internet. In addition, it is asserted that defendants misrepresented that the memberships and/or stock issued by PrimeBuy complied with applicable state and federal securities laws, and that the Company would be holding an initial public offering of its stock during September 2000. As a result of these false and misleading statements and omissions, investors are left holding worthless shares of unregistered stock in an allegedly illegal pyramid scheme. |
10/2/2000:Stanford Law School Class Action Clearinghouse |
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