Misrepresentation of Patent Protection
Goldowsky induced investors and consultants to infuse money and labor into the MagneVAD project, on the basis of the strong Intellectual Property value owned by him and licensed to the company.
There are two U.S. patents owned by Goldowsky relating to the MagneVAD blood pump device.
- Patent 6,527,699 issued on 03/04/2003
- Patent 6,716,157 issued on 04/06/2004.
A recent search of the Patent Office database, (USPTO) revealed the following:
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PATENT 6716157 – EXPIRED on April 06, 2008
This patent was filed on 04/06/2004 and expired just 4 years later, on 04/06/2008, due to non-payment of maintenance fees due on 04/06/2007, 04/06/2011 and 04/06/2015
CLICK to view patent 6716157 details
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PATENT 6527699 – EXPIRED on March 04, 2011
This patent was filed on 03/04/2003 and expired 8 years later, on 03/04/2011, due to non-payment of maintenance fees due on 03/04/2010 and 03/04/2014. Only the first payment was paid late on 08/24/2007 and incurred $1,640.00 late fee. No other payments were made thereafter.
CLICK to view patent 6527699 details
Therefore, since the two patents represent the entire assets of the company, Goldowsky has been misleading and defrauding investors and consultants, by misrepresenting the value of the company.
He has been selling stock in exchange for services and cash, at inflated prices established by him and not supported by the actual presence of IP protection. In other words, Goldowsky has deliberately been offering and selling worthless shares of stock in a valueless company whose only assets expired more than nine (9) years ago.
Furthermore, Goldowsky has routinely asked investors to re-invest additional money so that he could pay the maintenance fees on the patents, otherwise the IP would be lost. In fact he has employed nothing short of extortionist tactics, by telling existing investors that if they did not invest additional money to pay the patent fees, they would lose everything they had already invested.
In 2006 he told me that the patent fees were due, and we needed to raise $25K or we would lose the two patents we had. I believed him, and I worked tirelessly to bring him 3 investors, that collectively invested $30,000 in Gold Medical Technologies. Judging from the statement obtained from the USPTO, none of that money was actually used to pay the patent fees.
Just as recently as May 2017, he told me that the patents and the acute animal data were worth $Millions.