Sunday, February 20, 2011
Kumar Gursahaney Front Man For DJSP Enterprises and David J. Stern Law Office Plantation Fl, Will He Be Indicted Along with Stern.
SECURITIES AND EXCHANGE COMMISSION;
COMPLAINT FOR VIOLATIONS OF THE FEDERAL SECURITIES LAWS
DJSP ENTERPRISES INC, DAVID J. STERN, KUMAR GURSAHANEY
A securities class action complaint was filed in the U. S. District Court for the Southern District of Florida on behalf of all persons who purchased the common stock of DJSP Enterprises, Inc. (NASDAQ: DJSP) during the period of March 16, 2010 to May 27, 2010. DJSP is a Florida-based mortgage and real estate processing company that offers non-legal services that support the residential real estate foreclosure market.
Defendant Kumar Gursahaney (“Gursahaney”), at all times relevant hereto, was the Executive Vice President and Chief Financial Officer (“CEO”) of the Company. Defendants Stern and Gursahaney are collectively referred to as the “Individual Defendants.” Defendants DJSP, Stern, and Gursahaney are collectively referred to as the “Defendants.”
David J. Stern said; "No matter what Obama rolls out, there is no stopping this inflow of continued defaults that we anticipate to go for another two or three years late behind that is the math of REO’s that need to be liquidated and at the end of the day, the cycle will start again. Well, foreclosure volumes through 2012 are expected to increase dramatically and remain at high levels going on till 2017".
KUMAR GURSAHANEY Executive Vice President, Chief Financial Officer, Treasurer and Secretary; Chief Financial Officer DJSP Enterprises, Inc. Plantation , FL
Sector: SERVICES / Business Services Officer since January 2010, since resigned. 53 Years Old
The following officers of the Company, each of whom joined the Company in 2010, voluntarily resigned in October, 2010: Richard Powers, as President and Chief Operating Officer, Kumar Gursahaney as Executive Vice President and Chief Financial Officer and Howard S.Burnston, as Vice President, General Counsel.
Kumar Gursahaney served as Executive Vice President, Chief Financial Officer, Treasurer and Secretary of the Company, and as Vice President and Chief Financial Officer of DAL, DJS LLC, PTA LLC and DSI LLC. He was responsible for all financial aspects of the Company. He also served as an interim director of the Company from the date of the Transaction until March 2, 2010. Mr. Gursahaney initially provided services to the Company through The Mergis Group as a consultant from September, 2009 to February, 2010. He was employed directly by the Company DJSP Enterprises.
LOOKS LIKE NO ONE IS GETTING PAID BY DJSP ENTERPRISES; DAL Group, LLC (“DAL”), a subsidiary of DJSP Enterprises, Inc. (the “Company”), has obtained waivers from the Law Offices of David J. Stern, P.A., Chardan Capital, LLC, Chardan Capital Markets, LLC, and Kerry S. Propper, of payments due through April 1, 2011, on a $47,869,000 note, a $1,000,000 note, a $250,000 note, and a $1,500,000 note held by such parties, respectively. The waivers were sought by DAL as it develops and implements plans to restructure its ongoing operations to reflect its significantly reduced revenues and operations and the other changes described in its prospectus supplement, dated December 13, 2010, to the Company’s prospectus dated June 25, 2010. As previously disclosed, DAL has entered into a Forbearance Agreement with BNA, pursuant to which BNA has agreed to forbear from taking action on the Line of Credit until March 9, 2011. The outstanding principal balance of the Line of Credit at January 14, 2011 was $5,496,863.28. DAL is obligated to pay a Finance Charge of 5% per annum, payable on the first business day of January, April, June and September of each year, on the FlatWorld Additional Warrant Proceeds in the amounts of $600,000 payable to Nagina Partners LLC (“Nagina”) and $400,000 payable to Jeffrey A. Valenty (“Valenty”). DAL did not make the payments due on January 3, 2011, which results in an increased Finance Charge rate to 8.0%. DAL is seeking waivers from Nagina and Valenty of the payment of the Finance Charge and increased rate through April 1, 2011.
Top Executives at DJSP Enterprises, Past and Current.
1. Cheryl L. Samons Other Corporate Officer
2. Raj K. Gupta Other Corporate Officer
3. Mark P. Harmon Director/Other Corporate Officer
4. Jerry L. Hutter Director/Other Corporate Officer
5. David J. Stern CEO/CEO, Subsidiary/Chairman of the Board/Chairman of the Board, 6. Subsidiary/Director/Other Corporate Officer/President/President, Subsidiary 7.Stephen J. Bernstein Director
8. Kumar Gursahaney CFO/CFO, Subsidiary/Executive VP/Secretary/Treasurer
9. Miriam L. Mendieta Vice President, Subsidiary
10. Matthew S. Kayton Director/Executive VP/Other Corporate Officer/Other Executive Officer/Vice President, Subsidiary 11 Nicholas H. Adler Director
Kumar Gursahaney current CEO at KGM Consulting LLC
Location West Palm Beach, Florida Area
Industry Financial Services
Overview Current •Founder & CEO at KGM Consulting, LLC
•Chairman of the Audit Committee and the Investment Committee of the Board of Directors at Private-equity owned homeowners insurance company
Past •EVP, CFO & Treasurer at DJSP Enterprises, Inc.
•SVP, CFO & Treasurer at AmCOMP Incorporated
•VP & CFO at Transportation Financial Group
VP & Comptroller at American International Group Senior Audit at Coopers & Lybrand
Education •University of Mumbai
Florida Profit Corporation
ROYAL PALM INSURANCE COMPANY
Document Number P06000046060
FEI/EIN Number 020772872
Date Filed 03/30/2006
Name & Address
7201 NW 11TH PLACE
GAINESVILLE FL 32605
Florida Limited Liability Company
KGM CONSULTING, LLC
Document Number L09000070463
FEI/EIN Number 270763320
Date Filed 07/22/2009
Effective Date 07/15/2009
Name & Address
620 ROSA CT
PALM BEACH GARDENS FL 33410 US
Bill Warner Private Investigator, SEX, CRIME, CHEATERS & TERRORISM