This timeline represents notable events in NASI-related history. It’s work in progress and is expected to change quite a bit as I continue to work my way through all the court filings. While the dates listed in the timeline have to be exact, I will point out when a date is actually an approximation.
Between the last week in August and the first week in September, NASI manages to raise $4 million from investors and issue checks to existing investors.
Criminal Complaint, Page 8, Line 23
Exact Date Unknown.
By the end of the month, NASI’s accounts have less than $200,000.
Criminal Complaint, Page 8, Line 14
After hundreds of calls from investors, Joel states that NASI can’t control the mail, that in 19 years, they’ve never been late and that August’s checks were mailed out in batches due to processing issues. He also stated that investors demanded new, re-issued checks instead of waiting for theirs to arrive and then called NASI a few days later to say they received the originals. He claimed that since because the duplicate checks were deposited before they could be stopped and that is why there were payment problems. He then went on to say:
Sadly, customers who have been with us for over 15 years ha voiced their soured opinions after having made tens of thousands of dollars above and beyond their original purchase …The September 1st check will be going out late as well due to the inordinate amount of time spent on complaints, cleaning up the general accounting and system upgrades. We hope to be back on track by October 1st.
These bank accounts were at another bank.
Temporary Restraining Order, Page 18, Line 14
Exact Date Unknown.
NASI bounces approximately $2.8 million in checks.
Temporary Restraining Order Brief, Page 17, Line 24
SEC demands all financial documentation and advertising materials by July 2, 2014.
The domain name is now reads that is registered to a David Gladstone of OffnRunning Management, a “Personal Talent Artist Management Company.”
California Entity Number 201207010282.
Ed Wishner is listed as the registered agent.
In an email, NASI encourages investors to reinvest their savings because NASI’s returns would outperform other alternatives.
Temporary Restraining Order Brief, Page 11, Line 13
California Entity Number 201207010282.
Ed Wishner is listed as the registered agent.
A NASI salesperson sent an email saying:
It is a new month already and instead of entering into a period where no ATM’s are available as I thought we would be … guess what? That’s right. [NASI] secured a new very large group of Convenient [sic] Store locations, 3500 in fact …The majority of these locations are connected to gas stations and I believe that this group is mostly located in the Midwest. It continues to be the case that the performance of the Convenience Stores is impressive, many actually get more transactions than the guaranteed 20%.
California Entity Number 201032310048.
Filing states that it only has one manager – Mark Soffa.
California Business Entity Number 200709410065
MS Squared changes its name to Fuel Doctor LLC
California Entity Number 200804210039.
Filing states that it only has one manager and that Edward Wishner is the agent.
California Entity Number 200709410065.
Mark Soffa and and Mark Spallucci are added to the registration as owners.
California Entity Number 200709410065
No further information on the owners.
Exact date unknown.
Since at least 1999, NASI offers ATM sale and leaseback agreements. These are considered securities.
Temporary Restraining Order Brief, Page 10, Line 16
Nevada Entity Number NV19961132382
Annual List of Officers for 1997 to 1998 removes the previous officers and adds Ed & Joel.
California Entity Number C1794351.
No other information available.
Nevada Entity Number NV19961132382
Listing indicates that Ed & Joel may not have been the original officers. This often happens when using a registration service.
The order is against Prudential Petroleum and pretty much everyone involved with it. They are not allowed to offer or sell securities in the State of Missouri.
Exact date unknown. Occuring sometime in 1983, Prudential Petroleum “offered and sold a filing service to provide investors oil and gas leases through the federal lottery in the State of Missouri.”
Cease and Desist Order, Page 2, Top
California Entity Number C1158389
Joel is a principal at the company.
Date is Approximate
Ed’s Sentencing Brief, Exhibits 1 through 2-10, Page 4, Last Paragraph