Instaprin Pharmaceuticals, Inc. – SEC Files Complaint | Goodman & Nekvasil P.A. May Recover Investor Losses
ACCORDING TO THE SEC:
This matter involves a fraudulent investment scheme orchestrated by Defendant Donald Milne, a convicted felon and securities fraud recidivist, by and through his company Instaprin (formerly SPI Acquisition Corp. (“SPI”)) (also “the company”), a purported pharmaceutical company that Milne claimed was developing a powdered form of aspirin to instantly stop heart attacks and strokes.
From at least January 2013 through December 2018, Defendants raised over $4 million from more than 70 investors – many of whom were elderly and unsophisticated in investment matters – in an unregistered offering by falsely stating that investor funds would be used to pay operating expenses to further Instaprin’s development of a marketable aspirin product. Instead, Milne used the bulk of investor funds for his personal benefit, including, among other things, to pay for a Caribbean vacation, boating expenses, clothing, spa treatments, divorce payments, and to sustain the operations of his remote-controlled toy racecar business, Island Raceway & Hobby, Inc. (“Island Raceway”).
In addition to misrepresenting the intended use of investor proceeds, Milne falsely stated in offering documents that he held 16 patents, including some in the pharmaceutical field; he had assembled a board of directors and advisory committees that included world-renowned industry leaders; and Instaprin had millions of dollars in working capital and had made significant steps towards developing a marketable product. These statements, as Milne well knew, were false.
Although Milne portrayed himself as an experienced professional in the pharmaceutical industry who was on the cusp of turning his investors’ investments into riches, he was, in reality, a convicted felon who preyed on and defrauded unsuspecting investors.
Investors in Instaprin Pharmaceuticals, Inc. and/or Island Raceway & Hobby, Inc. May Recover their Losses with Goodman & Nekvasil, P.A.
If you invested in Instaprin Pharmaceuticals, Inc. and/or Island Raceway & Hobby, Inc., Goodman & Nekvasil, P.A. may help you. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, has recovered more than $180 million dollars on behalf of victimized investors.
All our cases are handled on a purely contingency fee basis by Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA. Kalju Nekvasil, Esq. has practiced in this area of the law for more than 35 years.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
If you incurred investment losses with Instaprin Pharmaceuticals, Inc. and/or Island Raceway & Hobby, Inc. and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Investment Fraud Attorney, Stockbroker Misconduct Disciplinary Actions, Unsuitable Investment Advice, Investment Fraud, Churning, Misrepresentation and Omission of Material Facts, Elder Fraud, Unauthorized Trading, Theft, Selling Away, Unapproved Outside Business, Nationwide, PIABA, SEC, Securities Exchange Commission, NASD, National Association of Securities Dealers, NASDAQ, Dow Jones, Wall Street, New York Stock Exchange