Magnevad Review

In January 2017, Michael P. Goldowsky contracted me to provide IT consulting services to help him advance the commercialization of his medical device, the MAGNEVAD Heart Pump. He purported to be the President and CEO of Gold Medical Technologies, Inc., a company he alleged was worth $59 million, primarily due to milestones he had achieved through 8 acute animal implants, but to a greater extent due to the value of his Intellectual Property comprising of 2 U.S. Patents, and patent protection in 27 countries. | He claimed that he had been able to solve all the obstacles that plagued competitor LVADs currently on the market, and that these technical breakthroughs firmly positioned the MAGNEVAD to succeed where others failed. He bragged about having raised $1.4 million from private investors, and after having put the project on hold for 9 years, he now wanted to give it one more try, and he needed my help to get the MAGNEVAD noticed by venture capital investors and medical device companies. | He asked me to do the work in good faith and agreed to pay me a mix of cash (approx. $100K) and 5% stock, worth over $2.9 million, which was designed to compensate me for the vast amount of work that would have to be done above and beyond the initial project scope, and for the time I would have to wait before I could actually cash-in that stock. | He promised a tremendous return on investment and imminent success by selling the patents and/or company to a medical device manufacturer. I believed his representations and after I briefly researched the LVAD market and current market leaders, I concluded that if his technical and clinical claims were true, that the MAGNEVAD would indeed be able to do what he said, and save thousands of lives, and so I accepted to be part of the effort to do whatever I could to help validate the heart pump, help mankind and ultimately receive fair compensation for the investment of my time and knowledge. | Shortly after I began the work, I realized that Goldowsky’s pathway to validating the device was flawed and that it could never attract venture capital thereby also rendering all my efforts, on which my compensation relied, useless. After consulting with other team members of the medical advisory board, and other subject matter experts, I presented an alternative business model to Goldowsky, who at first resisted but ultimately accepted realizing that it was the best opportunity the project ever had to get validated with human data. The new business model I proposed also reduced Goldowsky’s original capital requirements by more than 98% and accelerated the human data validation timeline by more than 70% | This scope change, however, required a minimum of $80,000 to produce the required materials that would present the MAGNEVAD’s technical and clinical merits in the best possible light, appeal to investors and raise the small capital needed. Since Goldowsky claimed he had no money, he asked me if I could do whatever needed to be done and I would receive the $80K as soon as we raised the money from investors. I spoke with other team members, and we all agreed that raising $500K would not be a problem, and in fact, one of the doctors had already identified a few potential investors, so I agreed to do the work, with the reasonable expectation of getting paid upon raising the capital. | Other team members spent inordinate amounts of time working with me to get everything done, and I even incurred out of pocket expenses to pay freelance consultants to work on certain parts of the project. | Once I delivered well over $80K worth of services and invaluable Intellectual Property knowledge and project management services that resulted in incalculable benefits to Goldowsky and the MAGNEVAD project, Goldowsky decided to try and extort me into accepting terms and compensation completely inconsistent with what we had agreed to in the original contract and in subsequent verbal and written agreements. Ultimately, he decided not to pay me anything at all unless I would accept outrageous terms that were completely one-sided in his favor. | After he terminated my consulting agreement, I suspected that I had been SCAMMED and I decided to investigate this ruthless SCAM artist. I quickly discovered that Michael P. Goldowsky had committed a crime of false pretenses by intentionally misstating facts in order to obtain valuable property from me in the form of products, services and invaluable business strategies for which he never intended to pay. | Here are the facts, corroborated by irrefutable official court documents, patent office records, and testimonials: | When I researched Gold Medical Technologies, Inc., prior to signing the contract, it came up as a NYS Domestic Corporation with a status of “ACTIVE” | However, court records show that Gold Medical Technologies, Inc. filed for Chapter 7 Bankruptcy in 2006, and therefore did not legally exist in January 2017, when Goldowsky signed the contract with me. Therefore, Goldowsky intentionally planned to defraud me when he knowingly and illegally signed a work contract to engage and receive my professional services, and committed to pay me cash and securities from a fraudulent company that had no cash and no stock available. | According to NYS Division of Corporations, Gold Medical Technologies, Inc. has not paid any taxes or fees since 2004. (I guess 13 years is not yet enough time for NYS to catch up with him) | At the time of the contract signing, Goldowsky was unlawfully operating a fraudulent NYS Corporation from his residence in Myrtle Beach, South Carolina, without having registered the NYS Corporation in SC as a foreign entity and thereby lacking any authority to conduct business from SC under Gold Medical Technologies, Inc. | Goldowsky lied about his two U.S. Patents, and therefore he also misrepresented the company’s assets. | According to the USPO Records, both of Goldowsky’s patents expired in 2008 and 2011 respectively, thereby making the fraudulent company even more worthless. | Not having the patents in force would make it impossible to attract any serious investors, and yet this ruthless and dishonest SCAM artist had me and several other members of the team, work countless hours to find investors, without any concern for our time, or the damage to our reputation that would have resulted from our inadvertent inaccurate representations of the project. | Goldowsky lured more than 73 unsuspecting decent people to part with their hard-earned money and invest in his SCAM to the collective tune of more than $1.4 million, each of these investors’ equity was rendered worthless when the patents expired, and yet he never told any of the investors. In fact, he repeatedly extorted investors to re-invest so that he could “keep the patents in force, or they would lose everything”. Many of them re-invested and still lost everything, but never knew about it until I discovered it. What is really outrageous about this SCAM artist is that many of these investors are life-long friends of Goldowsky, and they are all elderly people who trusted him and really thought they were helping mankind with their investments. Some even convinced their own friends to invest, and now they feel ashamed that they were defrauded. | To further illustrate how Goldowsky’s SCAM works let’s look at my personal situation. Since I already own $188,000 in stock in this company from a previous consulting assignment, his failure to maintain the patents in force has rendered all of my prior work worthless, thus giving him the benefit of all my services for which he paid in company stock, that he later strategically rendered worthless and resulted in him keeping my work and me keeping the worthless paper. | Goldowsky operated multiple companies from multiple states | According to the states of NY, SC and WY Goldowsky operated companies in each of those states. Every time he closed one company and started a new one, shareholders were selectively eliminated, and their equity reverted back to Goldowsky. | Goldowsky has defrauded other consultants in the past | In 2004 Goldowsky did the exact same thing he did to me to another consultant, a Professor of Electrical Engineering, who spent three years working on the MAGNEVAD project and was promised compensation in the form of a mix of cash and stock. After the work was done, Goldowsky refused to pay this Professor and Goldowsky lost a judgment in court in 2006. In order to evade paying the judgment, Goldowsky filed for Chapter 7 bankruptcy and the Professor never collected a dime. | Goldowsky told investors, that the lawsuit with the Professor had been resolved in the company’s favor, and he even had the audacity to take money from an investor to litigate the lawsuit that resulted from his own unethical and unprofessional conduct. | I have additional evidence to show that he lured other consultants to provide services and upon receiving those services, he refused to pay what was promised. | Goldowsky is still actively pursuing investors using my business model and making false claims. He shamelessly peddles the MAGNEVAD heart pump as a life-saving device for end-stage heart patients and lures people to give him money thinking that they are supporting a just cause, unaware of Goldowsky’s outrageous, dishonest and unethical conduct. | I have spent several months away from my family when they needed me the most, working for what I thought to be an honest guy with a bad personality, and for a worthy cause. Thanks to this unscrupulous SCAM artist, I have suffered irreparable financial damage, compounded by a compromised professional reputation with my sub-contractors and thousands of dollars out of pocket. | This case is so plain and simple and requires absolutely no investigation to firmly conclude that Michael P. Goldowsky has perpetrated a serious pre-meditated and well-orchestrated fraud. The mountain of evidence I have is undisputable and incontrovertible and speaks for itself. | I have contacted all the government agencies and law-enforcement that one would assume are there to protect law-abiding citizens, and yet I have not received any response. I welcome anyone in a position to help me recover what I have been cheated out of and/or help me get this guy prosecuted and thrown in jail where he belongs, away from hurting any more people. |


  • Name: Magnevad
  • Country: United States
  • State: Alabama
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