Philadelphia Lawyers, Pelagatti & Pelagatti, Sue GeneLink and Their Subsidiary for Fraud

MarketWatch

GeneLink, Inc. and its new marketing subsidiary, GeneWize Life Sciences, Inc., have been sued for fraud in Philadelphia Common Pleas Court by GeneLink's former CEO and Board Chairman, John DePhillipo and his wife, Maria for approximately twenty million dollars ($20,000,000).

DePhillipo claims that GeneLink's lawyer fraudulently misrepresented the financial state of GeneLink to him and the trial judge in order to induce the former CEO to settle his law suit for salary arrearages which he had filed against GeneLink in Atlantic County, New Jersey.

On April 14, 2008, at about the same time DePhillipo agreed to settle his lawsuit in court for cash by surrendering almost 4,000,000 of his shares for 6 cents a share, GeneLink intentionally released their late annual report disclosing the formation of its marketing arm, GeneWize, which had sold presidential founder memberships at $1,000.00 each and 4000 prospective dealerships for $500.00 each.