Legal Action Filed Against Former U.S. Precious Metals CEO Gennaro "Jerry" Pane
January 24 2018 - 10:37AM
InvestorsHub NewsWire
Legal Action Filed Against Former U.S.
Precious Metals CEO Gennaro “Jerry” Pane
Califon, NJ -- January 24, 2018 -- InvestorsHub NewsWire -- On
January 2, 2018, U.S. Precious Metals, Inc. (“Company”) filed a
legal action against the Company’s former CEO and Chairman, Gennaro
“Jerry” Pane, and its former CFO, David Cutler. The lawsuit against
Defendants asserts multiple causes of action for conduct and
practices regarding the time of their governance, and seeks damages
on behalf of U.S. Precious Metals for (1) Conversion, (2) Breach of
Fiduciary Duty, (3) Usurpation of Corporate Opportunity, (4)
Constructive Trust, (5) Civil Conspiracy, (6) Embezzlement, (7)
Negligence, (8) Fraud, (9) Unjust Enrichment, (10) Sterilization of
Stock. The litigation is filed in the Circuit Court of Miami-Dade
County, Florida under the caption: U.S. Precious Metals, Inc. vs.
Gennaro “Jerry” Pane, David Cutler, Does 1-5 Roes 1-2, Dept 22,
Case No: 18-00003 CA 01.
The Company designates in the Complaint that in additional to
the named Defendants, Gerrano “Jerry” Pane and David Cutler, other
individuals may have been involved in the charges claimed that are
unknown with certainty to the Company at this time, and are
therefore sued by such fictitious names as “John Does” and “Jane
Roes.” The Company states in its Complaint that it reserves the
right to seek leave to amend this Complaint to allege their true
names and capacities as they are ascertained.
Under the Complaint the Company is seeking damages against
Defendants Gennaro “Jerry” Pane and David Cutler for: Temporary and
permanent injunctive relief against Defendants personal bank
accounts and assets that can be directly shown to have received
funds from Defendant’s pseudo-company “USPR, INC” (a Colorado
corporation) and it’s bank account; Temporary asset freeze against
any and all assets that can be directly shown to have received
funds from Defendants’ sham company, and the correction of wrongly
transferred or sold equities, including but not limited to wrongful
loan documents and convertible equity notes passed along to earnest
shareholders intending to invest in U.S. Precious Metals, but were
told to direct their funds to pseudo-name companies, such as USPR,
INC; Compensatory and punitive damages of an amount to be proven at
trial, but not less than $750,000.00; Pre-judgment and
post-judgment interest at the maximum rate permitted by law; An
award of Plaintiff’s costs and reasonable attorneys’ fees incurred
in this action, and; Other relief as the court deems proper.
U.S. Precious Metals, under its new executive officer, is
committed to pursue any and all wrongdoers, regardless of their
prior status or affiliation with the company, who are suspected or
connected with the wrongful, wasteful, unauthorized, clandestine or
illicit use of shareholder funds.
Source: U.S. Precious Metals, Inc.
Contact: pr@uspr-holdings.com