SEC Filed Subpoena Action Against Covalent Collective, Inc. f/k/a Doyen Elements

The following is Litigation Release No. 24489 / June 4, 2019

Securities and Exchange Commission v. Covalent Collective, Inc., Civil Action No. 1:19-cv-03721 (N.D. Ill., filed June 4, 2019)

The Securities and Exchange Commission (“SEC”) announced today that it filed a subpoena enforcement action in the U.S. District Court for the Northern District of Illinois against Covalent Collective, Inc. f/k/a Doyen Elements International, Inc. f/k/a Advantameds Solutions, Inc. (“Doyen”) for failure to produce documents in an investigation.

The SEC’s application alleges that Doyen, through its founder, Geoffrey Thompson, may have violated the registration provisions of the securities laws by engaging in an unregistered offering of securities, and may also have made misleading representations to investors and potential investors about the operations, acquisitions, and projected stock price of Doyen and related entities.

As part of its investigation, the staff in the SEC’s Chicago Regional office served Doyen with a document subpoena on October 24, 2018. The SEC’s application alleges that Doyen repeatedly refused to produce any documents in response to the subpoena, notwithstanding multiple efforts by the SEC to secure its compliance.

The SEC’s application seeks an order from the federal district court compelling Doyen to comply fully with the subpoena. The SEC is continuing its fact-finding investigation and, to date, has not concluded that anyone has violated the securities laws.

Geoff Thompson was asked to comment but has not responded.

Debra Borchardt

Debra BorchardtDebra Borchardt

Debra Borchardt is the CEO, Co-Founder, and Editor-In-Chief of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Masters degree in Business Journalism from New York University.


11 comments

  • Avatar
    Dan

    June 20, 2019 at 10:48 am

    You know what is tragic and sad i know people who have hundreds of thousands of dollars entrusted with him

    Reply

    • Avatar
      Anita

      July 23, 2019 at 10:28 am

      I know geoff to be a great guy there is another man same name

      Reply

  • Avatar
    Aaron

    June 20, 2019 at 11:36 am

    Thanks debra for sheding some light on this guy!!!!!!!

    Reply

  • Avatar
    Michael

    June 24, 2019 at 3:39 pm

    Debra……has Geoff Thompson responded as of yet? Do you have any other info about the SEC investigation?

    Reply

    • Debra Borchardt
      Debra Borchardt

      June 24, 2019 at 8:55 pm

      He did not respond to my email. The SEC will never discuss anything. Not even off the record.

      Reply

      • Avatar
        Michael

        June 25, 2019 at 2:30 am

        Thank you

        Reply

      • Avatar
        Anira

        July 23, 2019 at 10:30 am

        Anything new.? No updates in month

        Reply

  • Avatar
    Robert Kozak

    June 27, 2019 at 7:53 am

    It is important to understand that although this is serious, the SEC filing enforcement action against a company does not mean the company did something wrong. The investigation will determine that. This happens all the time and in some cases the company ends up paying some type of penalty or no wrong doing has been done. In other cases its a lot worse. We will have to wait and see.

    Reply

    • Debra Borchardt
      Debra Borchardt

      June 27, 2019 at 8:43 am

      That is very true. Often the SEC will just do a monetary shakedown and ask for money as a fine. Sometimes they ask the CEO to leave and in the worse cases they bar the person from serving as an executive of a public company. Thompson has told us that he expects the SEC to bar him, but he can continue to work in a company as long as he isn’t in an executive position.

      Reply

  • Avatar
    Anita c

    July 23, 2019 at 10:26 am

    Praying for success. Was told taking so long because dotting all the i’s & crossing all the t’s ?

    Reply

    • Avatar
      The Truth

      July 25, 2019 at 7:50 pm

      Anita,

      Ugh, that is not even close to the reason. Instead of me getting carpal tunnel typing out how wrong that is, how about simply reading the link below.

      https://www.greenmarketreport.com/doyen-elements-creates-confusion-for-cannabis-investors/

      Please know that Thompson has (1) never had a successful venture above that of raising money to support his personal expenses, (2) never returned a profit to any investor, let alone even giving them back a fraction of their lost investment, (3) has been the subject of many civil lawsuits….. this can go on for miles.

      Please read the link I provided. All he is going to do is drain you with excuses for weeks, then months, then years……

      Reply

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