Premium Healthcare Solution, LLC Charged by SEC with Fraudulently Raising Nearly $4M from Investors

The SEC alleged that Premier and its founder made misrepresentations to investors.

premium-healthcare-solution-charged-with-fraudThe SEC published a litigation release announcing it had charged New Jersey-based healthcare company, Premier Healthcare Solution, LLC, and its founder, Josiah David (fka Dennis Lee), with fraudulently raising almost $4 million from approximately 130 investors throughout the United States.

The SEC alleged that since July 2017, Premier Healthcare Solutions, LLC and its founding have been raising money from investors by selling them membership interests in Premier, a company that purported to offer employees a supplemental reimbursement plan consisting of tax-exempt healthcare-related contributions from the employee to Premier, a loan from a lender to repay the employee’s contribution, and an insurance policy obtained by Premier payable at the employee’s death to repay the loan. 

The SEC accused Premier and David of defrauding investors by making misrepresentations about Premier having secured a bank loan necessary for its business plan to be successful, when it had not actually done so.

Premier and David also allegedly misrepresented that the concept underlying Premier’s business model was either patented or patent-pending, despite the fact that the United States Patent and Trademark Office had repeatedly denied Premier’s patent applications.

David purportedly deceived investors by failing to disclose and lying about his prior criminal and regulatory history which includes multiple felony convictions and regulatory violations. 

The SEC’s complaint, filed in federal district court in New Jersey, charges Premier and David with violating the antifraud provisions of the federal securities laws and seeks disgorgement of ill-gotten gains with prejudgment interest, civil penalties, and permanent injunctive relief.

The complaint also names two parties, Denis Joachim and Provision Corporation LLC, as relief defendants and seeks to recover from them investor monies they received from Premier.

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The Sonn Law Group is currently investigating allegations surrounding Premier Healthcare Solution, LLC and Josiah David. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.