Thursday, April 17, 2014

Company was not a good Samarion

Here is an interesting little complaint filed in bankruptcy court in 2011 against Ridgeland-based Samarion, Inc, Samarion officers, and several directors.  The bankruptcy trustee alleged Mark Rodgers and Samer N'Ser raised over $16 million from investors to finance  the creation of a super duper new-fangled hi-tech patient monitoring system for healthcare facilities.  However, the company ended up filing bankruptcy. Here are some nice little excerpts from the complaint.


"Pro formas  prepared by Rodgers and Samer and reviewed by the directors projected annual profits over $350 million.  Unfortunately due to the negligence, gross negligence, and breach of fiduciary duties of Samarion's directors and officers, the Samarion Solution was never made to work and the money invested was diverted from its intended use and wasted."

"Samer and Rodgers were both grossly incompetent and unqualified for the task at hand and were of dubious character." Ouch.

"The board failed to require and approve any budget or annual financial plan that would act as a structure for fulfilling the goals and measuring the progress of the company."  Translation: We got a bunch of money but a road map? Who needs a road  map?

"the entire $16 million invested in Samarion was wasted with virtually no income ever received and no assets left in the company to pay creditors much less investors."

"Trustee's review of bank records reveals that $500000 was loaned to a start up airline company in which Rodgers was an investor, $91,060 went to Bluff City Jaguar to buy a Range Rover, for which Rodgers titled in his own name, and the vast majority of the remaining funds comprising the 2006 losses went to Rodgers and N'Ser." 

"Samarion's Board recklessly retained untrustworthy incompetent people to run Samarion."

"Neither Rodgers or N'Ser had the technical background or expertise to develop the idea of the Samarion Solution into a working product or to oversee such development.  Rodgers and N'Ser did not have experience in managing people or finances in the numbers and magnitude required at Samarion.  It is notable that N'Ser is currently working in a liquor store, and Rodgers has recently applied to be licensed as a securities broker. Their current positions are consistent with their actual skill sets."  Double ouch.

"Most importantly, Rodgers did not have integrity and had been fired from his previous job for stealing from his employer. " (p.6).  That is not an ouch. That is an amputation.

"In their 2004 examination, Rodgers and N'Ser took the fifth amendment on all questions related to their employment at Air2Lan and Smartsynch." 

There is more, much more in this complaint.  Worth reading.  Gambling losses. Trips to spas.  Luxury airline wannabes. Swiss bank accounts.  Phony labs.  Phony exhibits and fake demonstrations at trade shows.  Just read the complaint.  First pour a drink. The bankruptcy was finally discharged on February 28, 2014.  .


16 comments:

Anonymous said...

This filing is originally from 2011. Rodgers supposedly tried to work for Lee Paris (there's that name again) but was never approved to be in the securities business, because of the investigation by the Ms Securities Division.

Anonymous said...

What moron would give Rogers $16 million in the first place given his track record? That's the biggest piece of gross negligence I can think of on this deal.

Anonymous said...

Invest $16 million and get no board seat or ask to see a budget? Remind me, who is the negligent party?

Anonymous said...

Smartsynch was a good concept, not well executed, but a good concept. The best thing that ever happened to it was when Rogers left.

Anonymous said...

Who gave them this money without due diligence? Were the investors blind or just....?

I need a few million for my project and I can back it up with qualifications. I guess they are all out of money now.

Anonymous said...

A fool and his money

Anonymous said...

Would love to see a list of idiots ....oops I mean investors......oops I mean creditors. They don't deserve to be deemed "investors".

Anonymous said...

Is this the same Mark Rodgers that worked for Skytel some years ago?

Anonymous said...

The Rodgers family are honest and good people. Mark is a professional and regardless of whatever happened in this case will remain a trustworthy and competent individual.

To those leaving hateful and ignorant comments: I'm sure you think that you have educated yourself because of reading one article, but learn the facts of a situation before attempting to smear the name of good people behind the cowardly "anonymous" username.

Anonymous said...

To the last poster..... his skeletons are coming out of his dirty little closer. He is a complete fraud.

Anonymous said...

Mark should go to jail for all the lies he told. I worked for Samarion and let me tell you they wasted so much money until it was unreal.

Anonymous said...

Whatever happened with this? My quick Google search showed several announcements of indictments but nothing more.

Anonymous said...

I'm out of my office, but there is a federal system where you can track the progress of prosecutions through the system. I'll look it up, but someone could find it through Google I'm sure.

Anonymous said...

It looks one of them has now pled guilty, so I'm sure that means the other one is toast. www.docketalarm.com/cases/Mississippi_Southern_District_Court/3--14-cr-00058/USA_v._Rodgers_et_al/

(Sorry, but can someone please explain how to do a hyperlink to us non-technical people.

Anonymous said...

I worked for Samarian too and Rogers and N'Ser are both shameless, criminal minded crooks. I know personally, that they owe thousands of dollars to a few of my co-workers and owe me 7k.

Anonymous said...

Next Stop - Federal Prison!!! Good! Hey Mark, don't drop the soap buddy.



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