Firm Owned By Vana Blue Treasurer Was Sanctioned In Illinois For Unlicensed Practice Of Public Accounting

A firm Vana Blue Inc. said is owned by its treasurer was sanctioned by the Illinois Department of Professional Regulation for practicing public accounting without a license.

Michael Reis and M.R. Reis & Co. of Naperville were ordered by the state to “cease and desist the unlicensed practice of public accounting” in 2000, according to IDPR.

Reis was identified in a March 31 document as treasurer of Vana Blue, a Pinksheet stock that trades under the symbol VBLU. The firm’s web domain — vanablue.com — vanished two days ago and now resolves to a GoDaddy.com page that beams advertisements.

“Mr. Reis currently is the proprietor of M.R. Reis & Co. Naperville, IL Bookkeeping and Tax Firm,” Vana Blue said in the March 31 document.

Vana Blue said it was publishing the information “to Conform with the Provisions of
Subparagraph (a)(5) of Rule 15c2-11 Promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934.”

News releases by Vana Blue identify it as the owner of Karveck International and TMS Corp. TMS Corp. also is known as TMS Association, an Arizona-registered entity purported to own eWalletPlus, a money-exchange business associated with the AdViewGlobal (AVG) autosurf.

AVG suspended member cashouts last month, saying it was conducting an audit of itself, making an 80/20 program mandatory should cashouts resume on a date uncertain and exercising its version of a “rebates aren’t guaranteed clause” that permits it to keep money sent in by members.

The surf firm identified its owners as George and Judy Harris. George Harris is the stepson of AdSurfDaily President Andy Bowdoin. Judy Harris is the wife of George Harris. A Florida home and a car owned by George and Judy Harris are named in a December forfeiture complaint filed by federal prosecutors as the proceeds of illegal conduct by ASD.

ASD’s assets — including tens of millions of dollars — were seized nearly one year ago by federal prosecutors amid allegations of wire fraud, money-laundering, selling unregistered securities and operating a Ponzi scheme from Quincy, Fla. Prosecutors seized automobiles and marine equipment in December.

ASD and AVG have close family, management and promotional ties. AVG purports to be headquartered in Uruguay and launched after the seizure of ASD’s assets.

Vana Blue said it was involved in the oil and gas business in Utah, the VOIP business in the Caribbean and in the international advertising business through Karveck International.

This news release, dated Feb. 21, 2008 — a year and a half ago — vaguely announces a name change for Vana Blue (from what to what isn’t clear) and announced the acquisition of TMS Corp.

Meanwhile, this news release, dated Jan. 30. 2009 — just a few days before the formal launch of AVG — announced the acquisition of “Karveck Corporation” had been finalized.

On Feb. 18, 2009 — when AVG had been formally operating in launch phase for just shy of three weeks after operating in January in prelaunch phase — Vana Blue announced that “Karveck International” had posted $1.8 million in revenue in January. How Karveck Corporation apparently became Karveck International wasn’t clear.

Vana Blue did not use AVG’s name in the news release. Instead, it described Karveck International as a company that “specializes in internet advertising and promotion in a search engine and ad clicking type environment.”