Scio Diamond Technology Corporation
 | This article may rely excessively on sources too closely associated with the subject, potentially preventing the article from being verifiable and neutral. (January 2017) |
| OTC Pink: SCIO | |
| Industry | Diamond / Manufacturing |
| Founded | 17 September 2009  |
| Headquarters | , |
Key people | Joseph Lancia, Edward Adams, Michael Monahan |
| Products | Synthetic diamonds |
| -7,200,000[citation needed] | |
| Website | www |
Scio Diamond Technology Corporation was a synthetic diamond manufacturer that produced near flawless single-crystal diamonds for gemstone and industrial applications, in Greenville, South Carolina. The company produced chemical vapor deposition (CVD) gem-sized synthetic diamond crystals using processes pioneered by Apollo Diamond, and had acquired Apollo Diamond's technology and assets including several US patents on the processes.[1]
Products
[edit]Scio's so-called "cultured diamonds", or synthetic diamonds, although not of natural origin, are real diamonds, and thus they have the same physical and optical properties as diamonds formed by geological processes. The company's controlled manufacturing processes enabled it to produce very high-quality, high-purity, high volume, single-crystal colorless, near colorless and fancy colored diamonds to suit a variety of industrial and gemstone applications.[2]
Synthetic diamonds are often viewed as "green" as they are not mined, avoiding the controversy surrounding blood diamonds by ensuring ethical sourcing that does not finance war or violence.[3]
Alleged fraud and embezzlement
[edit]In 2017, the United States Department of Justice announced the indictment of Edward S. Adams, the chairman of the board of directors of the company, with "orchestrating an elaborate fraud scheme to embezzle millions of dollars of investors' funds."[4][5]
Delisting
[edit]In August of 2019, the stock (under symbol SCIO) was delisted by the SEC after the company failed to file any financial reports for over two years.[6]
See also
[edit]References
[edit]- ^ Official website
- ^ Scio Diamond has the technology to cultivate an infinite supply of diamond to assist in meeting global demand
- ^ Smithsonian – Diamonds on Demand
- ^ "Actions Involving Former Scio Diamond Board Chairman Announced".
- ^ "Financial Fraud: EDWARD S. ADAMS Charged with Orchestrating an Elaborate Fraud Scheme to Embezzle Millions of Dollars of Investors". 23 March 2017.
- ^ SEC Delists Lab-Grown Diamond Company Scio
External links
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