HONOLULU (HawaiiNewsNow) - The U.S. Securities and Exchange Commission is suing a Maui couple for allegedly defrauding dozens of investors of $2.6 million dollars by claiming they had control of important technology that would revolutionize cellular communications.
The SEC also recently won a court order from a federal judge freezing the assets and activities of Marianne Veronika Sandor and Edward Michael Porrazzo, who are identified in a lawsuit as a married couple who live in Hana.
Their company, Moddha Interactive, Inc., had a listed office address in Kahului.
The lawsuit says the couple lured 51 investors by claiming their company owned exclusive patents for use of Quantum Transducer technology ('QT'), which they said would allow consumers to operate tablet devices 'with the wave of your hand as if you were Tony Stark in Iron Man.'
The technology would also allow them to produce "a more elegant, thinner, healthier and more energy-efficient device than iPhone and Android," the couple said, according to the lawsuit.
The SEC says Moddha Interactive's "Quantum Transducer" technology is a sham. When the patents and other claims were questioned, the couple repeatedly lied to defrauded investors.
Also named in the lawsuit is Maui-based artist and sculpter Spar Street, who the SEC says received investor money as commissions for indentifying and recruiting new investors.
Hawaii News Now attempted to contact an attorney who represented the couple in a prior investor lawsuit, but we have not heard back.