PONZI SCHEME - mr hubman has been convicted of soliciation of an unregistered securtiy.
hubman has multple judgements against him, adding up in excess of 10's of millions of USD.
Hubman is a rotten Bird.
Below is just one case. Tim Hubman contacted Bergstrom requesting a loan of $4 million to be used by the Hubman Foundation to open an investment account
with Bathgate Capital. See Affidavit of Gary Bergstrom, 2 (Docket No. 19-2).
On or about December 6, 2004, Signer and Hubman signed a letter addressed to Signer
regarding Securities Account Control Instructions (the Account Instructions). Hubman Foundation has opened account #XXXX8027 with your firm. We intend
to fund this account with a $4,000,000.00 loan from The National Bank of Harvey,
plus $120,000.00 of our own funds. It is our desire that you comply strictly with the
following instructions regarding the trading of the account:
1. Account shall only be used for the purchase and sale, either long or
short, of US Treasury notes and bonds.
2. Account must maintain principle balance at $4,001,000.00 or higher.
3. We direct that you not disburse any funds to any party that would
reduce the principle balance of the account below the initial deposit
of $4,120,000.00.
4. In the event the account principle balance falls to $4,001,000.00 on
an overnight basis, we direct that you immediately liquidate the
account and forward all remaining funds to The National Bank of
Harvey.
5. We, as well as The National Bank of Harvey, wish to be notified
immediately in the event that there is any lien placed on the account,
beyond any lien created on the treasury bonds held in the margin in
the account.
6. You acknowledge that, at this time, there is no lien or restriction on
the account, other than the security interest in the account granted to
The National Bank of Harvey.
7. You will not waiver from these instructions without prior written
direction from both The National Bank of Harvey and Hubman
Foundation.
It is our desire that these instructions be specifically complied with in the trading and
management of the account Tim Hubman asked me to send you wire coordinates for his account with Bathgate
Capital.
Those coordinates are as follows:
JP Morgan Chase
ABA #XXXXX0021
Account of Fiserv Securities, Inc. Main Operations
Account #XXXXX1524
Further Credit to: Hubman Foundation
Account #XXXX8027 On June 3, 2005, Signer called the National Bank of Harvey and told Bergstrom that the
account had dropped below $4 million. See Exhibit B, Affidavit of Steven Signer, 6. This
telephone conversation was recorded by Signer. On November 2, 2005, Bergstrom traveled from North Dakota for another meeting with
Signer in Colorado. See Exhibit B, Affidavit of Steven Signer, 8 (Docket No. 17-5). Hubman did
not attend this meeting. |
