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This case was last updated from PACER on 04/24/2021 at 08:24:27 (UTC).

Securities and Exchange Commission v. Schoengood et al

Case Summary

 

On February 23, 2021, the Securities and Exchange Commission (“Commission”), represented by Richard R. Best, an attorney at SEC’s New York regional office, filed a civil enforcement action against Bruce Schoengood (“Schoengood”), Medifirst Solutions, Inc. (“Medifirst”), and Joshua Tyrell (“Tyrell”) (collectively, “Defendants”), seeking injunctive relief, disgorgement and monetary penalties for alleged fraud in connection with their roles in unregistered offerings of Medifirst's stock to the public. This case was filed in U.S. District Court in the Eastern District of New York with Judge Eric N. Vitaliano and Judge Steven I. Locke presiding. 

 

In its complaint, the SEC alleged that “From at least December 2016 through May 2017, Schoengood, Medifirst’s president and chief executive officer; Medifirst; and Tyrell, a stock promoter, engaged in a fraudulent scheme designed to evade certain registration requirements of the federal securities laws. In addition, from August through November 2017, Schoengood engaged in a separate scheme to manipulate the price of Medifirst’s stock.” and that “In approximately December 2016, Medifirst, through Schoengood, and Tyrell entered into a sham agreement. Under the agreement’s terms, Tyrell would purportedly provide “business development” consulting services to Medifirst. In return, Medifirst would issue 11 million shares of its stock (later amended to include 9 million additional shares) to Tyrell upon registering the issuance with the Commission on Form S-8, a registration form that permits securities issuers to

register certain issuances of stock—but not stock paid in compensation for stock promotion services.”

 

The SEC further alleged that “In addition, from August through November 2017, Schoengood arranged, through another stock promoter (“Promoter B”), to have a third-party purchase Medifirst stock in exchange for cash payments in order to manipulate the market price of Medifirst stock.” and even further that “In reality, as Tyrell and Schoengood knew, Tyrell never provided any business consulting services to Medifirst. Through Schoengood, Medifirst in fact issued stock to Tyrell as compensation for promoting Medifirst stock to potential investors through a stock promotion entity (“Promoter A”) affiliated with Tyrell.”

 

There are five claims for relief laid down by the SEC. The first, third and fifth claims for relief are against all Defendants for violations of Securities Act Sections 17(a)(1) and 17(a)(3), violations of Exchange Act Section 10(b) and Rule 10b-5 Thereunder and Violations of Securities Act Sections 5(a) and (c). The second claim for relief was against Tyrell for violations of the Securities Act Section 17(a)(2). The fourth claim for relief was laid down against Schoengood for violations of Exchange Act Section 9(a)(2).

 

In its prayer for relief, SEC has requested the court to pass an order for permanent injunction against Defendants Schoengood, Medifirst, and Tyrell from future violations of defined sections, ordering Defendant Tyrell  for disgorgement of all ill-gotten gains he received directly or indirectly, as a result of the alleged violations. The SEC further requested the court to order Defendants Schoengood and Tyrell to pay civil money penalties pursuant to Securities Act Section 20(d) [15 U.S.C. § 78t(d)] and Exchange Act Section 21(d)(3) [15 U.S.C. § 78u(d)(3)], Permanently prohibiting Defendant Schoengood from serving as an officer or director of any company that has a class of securities registered under Exchange Act Section 12 [15 U.S.C. § 78l]

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    2:21-CV-00979

  • Filing Date:

    02/23/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

  • Court:

    U.S. District Courts

  • Courthouse:

    New York Eastern District

Judge Details

Referral Judge

Steven I. Locke

Presiding Judge

Eric N. Vitaliano

 

Party Details

Plaintiff

Securities and Exchange Commission

Defendants

Joshua Tyrell

Bruce Schoengood

Medifirst Solutions, Inc.

Attorney/Law Firm Details

Plaintiff Attorneys

Richard R. Best

Attorney at U.A. Securities and Exchange Commission

200 Vesey Street, Ste 400

New York, NY 10281

Lara Shalov Mehraban

Attorney at U.S. Securities and Exchange Commission

Three World Financial Center, Room 400

New York, NY 10281-1022

Preethi Krishnamurthy

Attorney at Securities and Exchange Commission

200 Vesey Street, Suite 400

New York, NY 10281

Eric M. Schmidt

Attorney at Securities and Exchange Commission

200 Vesey Street, Suite 400

New York, NY 10281

Gerald A. Gross

Attorney at U.S. Securities and Exchange Commission

3 World Financial Center, #400

New York, NY 10281

 

Court Documents

#10

(#10) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Bruce Schoengood waiver sent on 3/9/2021, answer due 5/10/2021. (Schmidt, Eric) (Entered: 04/05/2021)

#9

(#9) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Medifirst Solutions, Inc. waiver sent on 3/9/2021, answer due 5/10/2021. (Schmidt, Eric) (Entered: 04/05/2021)

#8

(#8) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Joshua Tyrell waiver sent on 3/16/2021, answer due 5/17/2021. (Schmidt, Eric) (Entered: 03/18/2021)

#7

(#7) Summons Issued as to Joshua Tyrell. (Almonte, Giselle) (Entered: 03/10/2021)

#6

(#6) Proposed Summons. by Securities and Exchange Commission (Schmidt, Eric) (Entered: 03/10/2021)

#5

(#5) NOTICE of Appearance by Preethi Krishnamurthy on behalf of Securities and Exchange Commission (notification declined or already on case) (Krishnamurthy, Preethi) (Entered: 02/25/2021)

#4

(#4) Summons Issued as to Medifirst Solutions, Inc.. (Landow, Concetta) (Entered: 02/24/2021)

#3

(#3) Summons Issued as to Bruce Schoengood. (Landow, Concetta) (Entered: 02/24/2021)

#2

(#2) In accordance with Rule 73 of the Federal Rules of Civil Procedure and Local Rule 73.1, the parties are notified that if all parties consent a United States magistrate judge of this court is available to conduct all proceedings in this civil action including a (jury or nonjury) trial and to order the entry of a final judgment. Attached to the Notice is a blank copy of the consent form that should be filled out, signed and filed electronically only if all parties wish to consent. The form may also be accessed at the following link: #http://www.uscourts.gov/uscourts/FormsAndFees/Forms/AO085.pdf. You may withhold your consent without adverse substantive consequences. Do NOT return or file the consent unless all parties have signed the consent. (Landow, Concetta) (Entered: 02/24/2021)

1 #3

Proposed Summons Medifirst Solutions, Inc. Summons

1 #2

Proposed Summons Bruce Schoengood Summons

1 #1

Civil Cover Sheet SEC v Schoengood Civil Cover Sheet

#1

(#1) COMPLAINT against All Defendants Was the Disclosure Statement on Civil Cover Sheet completed -No,, filed by Securities and Exchange Commission. (Attachments: #1 Civil Cover Sheet SEC v Schoengood Civil Cover Sheet, #2 Proposed Summons Bruce Schoengood Summons, #3 Proposed Summons Medifirst Solutions, Inc. Summons) (Best, Richard) (Entered: 02/23/2021)

2 More Documents Available
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Docket Entries

  • 04/05/2021
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  • Docket(#10) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Bruce Schoengood waiver sent on 3/9/2021, answer due 5/10/2021. (Schmidt, Eric) (Entered: 04/05/2021)

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  • 04/05/2021
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  • Docket(#9) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Medifirst Solutions, Inc. waiver sent on 3/9/2021, answer due 5/10/2021. (Schmidt, Eric) (Entered: 04/05/2021)

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  • 03/18/2021
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  • Docket(#8) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Joshua Tyrell waiver sent on 3/16/2021, answer due 5/17/2021. (Schmidt, Eric) (Entered: 03/18/2021)

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  • 03/10/2021
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  • Docket(#7) Summons Issued as to Joshua Tyrell. (Almonte, Giselle) (Entered: 03/10/2021)

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  • 03/10/2021
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  • Docket(#6) Proposed Summons. by Securities and Exchange Commission (Schmidt, Eric) (Entered: 03/10/2021)

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  • 02/25/2021
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  • Docket(#5) NOTICE of Appearance by Preethi Krishnamurthy on behalf of Securities and Exchange Commission (notification declined or already on case) (Krishnamurthy, Preethi) (Entered: 02/25/2021)

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  • 02/24/2021
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  • Docket(#4) Summons Issued as to Medifirst Solutions, Inc.. (Landow, Concetta) (Entered: 02/24/2021)

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  • 02/24/2021
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  • Docket(#3) Summons Issued as to Bruce Schoengood. (Landow, Concetta) (Entered: 02/24/2021)

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  • 02/24/2021
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  • Docket(#2) In accordance with Rule 73 of the Federal Rules of Civil Procedure and Local Rule 73.1, the parties are notified that if all parties consent a United States magistrate judge of this court is available to conduct all proceedings in this civil action including a (jury or nonjury) trial and to order the entry of a final judgment. Attached to the Notice is a blank copy of the consent form that should be filled out, signed and filed electronically only if all parties wish to consent. The form may also be accessed at the following link: #http://www.uscourts.gov/uscourts/FormsAndFees/Forms/AO085.pdf. You may withhold your consent without adverse substantive consequences. Do NOT return or file the consent unless all parties have signed the consent. (Landow, Concetta) (Entered: 02/24/2021)

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  • 02/24/2021
  • DocketCase Assigned to Judge Eric N. Vitaliano and Magistrate Judge Steven I. Locke. Please download and review the Individual Practices of the assigned Judges, located on our #website. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. (Landow, Concetta) (Entered: 02/24/2021)

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  • 02/24/2021
  • DocketThis attorney case opening filing has been checked for quality control. See the attachment for corrections that were made. (Landow, Concetta) (Entered: 02/24/2021)

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  • 02/23/2021
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  • Docket(#1) COMPLAINT against All Defendants Was the Disclosure Statement on Civil Cover Sheet completed -No,, filed by Securities and Exchange Commission. (Attachments: #1 Civil Cover Sheet SEC v Schoengood Civil Cover Sheet, #2 Proposed Summons Bruce Schoengood Summons, #3 Proposed Summons Medifirst Solutions, Inc. Summons) (Best, Richard) (Entered: 02/23/2021)

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