Posts Tagged: "Jay Mac Rust"

Patent Trolls, Superpredators and Deplorables: The Ramifications of Political Bullying

This damaging narrative, which portrays inventors in an incredibly disrespectful way, has been allowed to infect the highest levels of our nation’s government… Aside from the specific classes being targeted by these different monikers, it would seem that the use of the term “patent troll” is not much different than the use of the terms “superpredators” or “deplorables.” Each of them is a gross over-generalization of groups of people that have turned out to be incredibly demeaning and evidence a great misunderstanding of certain political realities. Many Americans are right to be outraged over the long-term effects of harsh law enforcement policies on underprivileged communities. Will they show any similar outrage over the steep decline of the U.S. patent system and our nation’s innovation economy directly attributable to the use of the “patent troll” narrative?

Loan fraud charges filed by SEC target notable patent troll Jay Mac Rust

The patent trolling by MPHJ and owner, Texas lawyer Jay Mac Rust, are well known. But now the SEC is going after Jay Mac Rust in federal court for fraud. The SEC’s complaint maintains that Atlantic had “no ability or intention to obtain these loans.” Rather, of the money the two collected, the SEC alleges that Rust took $662,000 from client funds for personal pay and risky securities investments; Brenner himself took $595,000, and both made investments claiming that the money was personally theirs and not from the client funds. Investigations at a brokerage firm where these trades were taking place led the SEC to discover the fraudulent activities.

Dear Patent Troll: Drop Dead

In 2012, Mr. Rust bought five patents from an inventor named Laurence Klein for exactly $1. He then set up 101 separate limited liability companies (LLCs), each with bizarre six letter names like IsaMai, BriPol, and HarNol. No one but Mr. Rust knows what those acronyms mean. But thousands of Mom and Pop small businesses — 16,465 to be exact — soon found out that they translate as “trouble.” Each of these businesses received a “demand letter” from one of Rust’s shell companies accusing them of patent infringement and demanding roughly $1,000 per employee if they wanted to avoid a minimum six-figure (and possibly seven-figure) lawsuit in U.S. federal court. There’s a word for that: “bully.”