ED Magedson – Founder
Smart Comm3131 Camelback Road Internet United States of America
I was going to invest, but not now!
The links in the rip off report complaint are very damning indeed. Now I feel that SmartComm should have informed me of all the trouble the founder was in many times before.
It is clear this guy has changed company names many times, keeps doing the same thing. I am glad I googled this, dont really have to money to lose at my age. Here is the offical document I read from the complaint, and it is legit - direct from the FFC website -
I was shocked by this, I really do not need to say more - here is part of the FCC document on Smart comm president Waugh
A. Pendleton C. Waugh 2. In 1990, Waugh, an attorney who was licensed to practice law in Texas, formed Express Communications, Inc. ("Express") and several affiliated entities, to acquire wireless licenses. Waugh became president and was a majority owner of Express. In 1993, Waugh came under investigation by federal authorities for activities relating to his involvement in Express. As a result of that investigation, Waugh was indicted in 1994 in the United States District Court for the Northern District of Texas on one count of conspiracy to structure financial transactions to evade securities and banking reporting requirements and one count of money laundering, both felonies. Waugh ultimately pled guilty to the first count, and the second count was dismissed. In 1995, as a result of the plea agreement, Waugh was sentenced to 21 months in federal prison, followed by three years of probation, and payment of $20,000 in fines. As part of his plea agreement, Waugh agreed not to violate any federal, state, or local laws, and specifically regulations or orders issued by the United States Securities and Exchange Commission ("SEC") or any equivalent state agency. He also agreed to divest himself, without compensation, of any ownership interests in Express and its affiliated entities. 3. Thereafter, in 1997, the United States District Court for the District of Columbia granted the SEC summary judgment against Waugh for violations of various securities regulations stemming from his involvement in Express. Waugh was ordered to pay the federal government nearly $13 million of illegally acquired funds. He also was permanently enjoined from violating various securities laws. 4. In 1999, Waugh was convicted of securities fraud, a felony, in a case brought by the State of Texas, arising from his failure, in 1993, to disclose to a potential investor that he was under investigation by federal authorities for activities relating to his involvement in Express. Waugh was sentenced to four years in state prison, all of which were suspended pending successful completion of probation. He also was ordered to pay $72,000 in restitution and to complete 500 hours of community service.
This report was posted on Ripoff Report on 12/09/2010 11:05 PM and is a permanent record located here: http://www.ripoffreport.com/reports/smart-comm/internet/smart-comm-smartcomm-llc-smart-comm-investment-fraud-internet-670022. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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