L Intl Computers Inc Com (fka LITL)

[janice shell]

Well, what happened to LITL wasn't exactly unexpected.

[firepost]

some time we face unexpected results

[janice shell]

It does indeed...

[cyberbullymouse]

Sure does ring a bell, doesn't it?

[janice shell]

C'mon, those nonexistent machines certainly LOOKED impressive...

You know, this makes me think a little of ANWM:

Satellite Auction Network, Inc. (a/k/a L International Computers, Inc.) (CIK No. 803571), is a void Delaware corporation located in Irving, Texas, with a class of securities registered with the Commission pursuant to Exchange Act Section 12(g). The company is delinquent in its periodic filings with the Commission, having not filed any periodic reports since it filed a Form 10-Q for the period ended April 30, 1987, which reported a net loss of over $730,000 for the prior three months. It appears that the company’s corporate identity was highjacked by L International Computers, Inc., which is not a legitimate corporate successor. Based on this apparent corporate identity theft, on March 13, 2008, the Commission suspended trading in the securities of L International Computers (symbol “LITL”) due to a lack of current and accurate information concerning its securities.

[cyberbullymouse]

Wahoo! Been waiting years for this one. Go L was one of the most outrageous hoaxes ever foisted on the public.

It was immediately jumped on by many of us in the tech community as a total outright fraud machine - yet they somehow kept gettin traction in the blogosphere.

Adobe should be sanctioned for allowing Miguel Liebermann to have a copy of Photoshop.

[janice shell]

That's good news. LITL was a outrageous scam.

[Renee]

LITL: Revoked:

http://sec.gov/litigation/admin/2011/34-64827.pdf

[janice shell]

Well, at least it's not too painful a loss.

[dartiff]

Thanks for the info! I lost on that one. About $200.

[janice shell]

There's nothing to know. It's done. Finished. It was a total scam.

[dartiff]

I would like to know more of LITL

[janice shell]

LITL has always been a total scam. It never had any products.

[janice shell]

I don't think anyone's "involved here" anymore.

[Slojab]

LOL! So this was a good stock, huh?

[freddiemac]

Here is my info on LITL, there was to be a huge run on this that would raise funds for the company, which I am told has some good ideas.

This was totally destroyed by a bystander named Hurley. I can get more info if it is of interest.

[freddiemac]

SO is Hurley still involved here? I was told he was directly responsible for the last collapse

[Phil(Hot Rod Chevy)]

I know.

Most of them probably got screwed by another scam though.

LOL

Phil

[Slojab]

Oh, they've had YEARS to get over it! LOL

[Phil(Hot Rod Chevy)]

I knew it was a joke, but not a very funny one for the stuckholders.

LOL

Phil

[Slojab]

Phil.....you missed the joke! ) :

[Phil(Hot Rod Chevy)]

Theoretically, a 10,000/1 RS would allow it to trade for a dollar, but I'll bet there are so many sell orders backed up it probably would still only open @ 50 cents post split.

Phil

[Slojab]

Yeah, but when LITL hits $1........ WOO HOO! lol

[Phil(Hot Rod Chevy)]

I honestly don't know who would be trading those tiny dollar amounts of shares.

One day only 1,000 shares traded. That's 10 cents.

Boggles my mind.

Phil

[Slojab]

Can't you just tell your broker to take your worthless certs and shred them? There are ways of getting rid of them, other than paying the commish on a broker's sale, isn't there?

Donate them to charity! lol

[Phil(Hot Rod Chevy)]

A little over $9.00 worth has traded this month.

LOL

Phil

[Slojab]

2100 shares, which is $.21 the other day! LOL

Must figure if it goes to a penny, they can cover the commissions and pocket an easy buck.

Still, that's a long time to tie up 21 cents! ( ;

[Phil(Hot Rod Chevy)]

Look at the trades this month.

Why would anyone buy or sell those amounts?

Phil

[Bigstud is here]

This SCAM is busted just like I said back in Jan 07.

[needmore]

It's the Principal. I have gotten the cold shoulder from the Canadian SEC on this. I would be fine if they would simply lock him up so he can't continue this. He is already pumping another company. I have counted at least 4 companies that Barry has done this to.

[Slojab]

Unfortunately, very, VERY few are ever brought to justice.

It's pretty much an accepted thing.

Trick is not to put so much into any of these plays that you'd be worried about losing it all and want to go after them.

Unless, of course, it's a matter of principal. But the odds are that it won't be worth the time and mental anguish caused by the effort.

[needmore]

I appreciate that. I have filed with everyone I can think of to try to bring him to justice.

[Slojab]

"Any idea how to go after Barry reagh"

With a bloodhound and shotgun? ( ;

[needmore]

Any idea how to go after Barry reagh or L International. I'm sure I'm not the only person that has lost money on this company full of fraudulent material. I understand a company falling on tough times, but this is not the case with LITL. It's apparent the SEC is not going to do anything.

[righty]

LITL
Outstanding 113,013,701
Date as of: 21-Mar-07
Anyone got any more current numbers?

[Slojab]

Would it be so hard for the sec to demand that the ceo of every pinksheet stock to periodically acknowledge whether they're still an operating company or have ceased operations and become a shell?

It seems they set up a system which favors the companies by providing them 100% of the benefits, without asking for anything in return.

By the time the fraud becomes so blatant that the sec steps in, it's too late.

[Slojab]

Are those really volume bars I see on the chart in the Ibox?

Amazing! Simply amazing.

[janice shell]

Nope, I won't be surprised at all...

[Slojab]

You're most likely right, Janet. On ALL counts.

Nothing but questions.

But, you won't be too surprised when someone comes on this board and claims it's "cheap" and promotes buying it, will you? LOL!

[janice shell]

Who'll even bother to clean it up? Who actually owns the shell, in the sense of having the authority to sell it?

My guess is that it was someone dumping what was left of his position.

[Slojab]

It's even got a stigma attached to it that'll probably make it less desirable than many other shells, don't you think?

That is, if they can clean it up enough to qualify as anything better than a "dirty" shell.

Here's a question for you Janet. Was today's trade a partial fill on the "buy" side or on the "sell" side? lol

Of course, it could have been someone's entire remaining holding that they sold for what they could get, huh?

[janice shell]

Nothing much. It'll gradually drift down and sink into total obscurity.

[janice shell]

lol, welcome to the Grey Market, LITL!

[UP YOU GO RGNO]

WHAT WILL HAPPEN FROM HERE??????

[Slojab]

Someone just became the proud new owner of 10,000 shares of LITL.

Janet, it's finally at .0001! ( :

[Slojab]

Trading resumes tomorrow.

I wonder how long it'll take for a trade to go through?

Of course, if people finally give it up, it could trade right away. DOWWWWWN!

[miguelpaddy]

Any investor or other person with information relating to this matter is invited to contact the staff at [phone] or by e-mail at [e-mail].

[miguelpaddy]

SEC suspends 26 companies in alleged name hijacking


2008-03-13 21:44 ET - Street Wire

Also Street Wire (U-*SEC) U.S. Securities and Exchange Commission
Also Street Wire (U-GGTS) Gaming Transactions Inc
Also Street Wire (U-LITL) L International Computers Inc
Also Street Wire (C-PZG) Paramount Gold and Silver Corp


by Mike Caswell

The U.S. Securities and Exchange Commission has suspended 26 companies that allegedly usurped the identities of inactive or defunct stocks. The companies include Toronto Stock Exchange listing Paramount Gold and Silver Corp. as well as two Vancouver-linked pink sheets stocks.

In a halt notice posted on the SEC's website Thursday morning, the regulator says that unidentified persons "appear to have usurped the identity of a defunct or inactive publicly traded corporation" and then incorporated new entities using the name of the original. They obtained new Cusip numbers and ticker symbols.

The SEC says the perpetrators falsely represented themselves as authorized officers, director or agents of the original publicly traded company. All of the stocks trade on the pink sheets.

Vancouver background

The SEC says little of the background of the companies, and does not mention that two of them are spam stocks connected to Vancouver.

One is Gaming Transactions Inc., a Vancouver company that formerly held the rights to an on-line gambling site called www.keno.com. In 2005, the stock had a spam-aided run to 98 cents, but it has since fallen to two-100ths of a penny.

At least two Vancouver names have been associated with Gaming Transactions, but it is not clear from the SEC order that they had anything to do with the alleged hijacking. In news releases between May 2, 2006, and Nov. 24, 2006, the company listed its investor relations contact as Barry Reagh. On May 2 Gaming Transactions said "it is pleased to announce that it is building a multiplayer progressive Keno game." Mr. Reagh is a former Vancouver broker fined for his role in the Caprice-Greystoke Enterprises Ltd. market manipulation. (In a February, 2007, interview, Mr. Reagh told Stockwatch the manipulation happened 17 years ago, and said he barely remembered it. He also denied having anything to do with the Gaming Transactions spam.)

Another person associated with Gaming Transactions was Patrick Smyth, a promoter from California who resigned as chairman and chief executive officer on Nov. 24, 2006. According to a 10-K dated Dec. 31, 2002, Mr. Smyth was a director of CYOP Systems International Inc. That company licensed some on-line gambling software from Jacob Kalpakian's Las Vegas From Home.com Entertainment Inc.

The SEC has not accused Las Vegas From Home.com, Mr. Reagh or Mr. Smyth of any wrongdoing, and their names do not appear in the suspension notices.

Mr. Reagh and Mr. Smyth do appear in another stock the SEC suspended Thursday, but again, there is no suggestion in the regulator's order that the men played a role in the hijacking.

L International Inc., a company that purported to make computers, also allegedly took its identity from an inactive stock. It reported on Oct. 26, 2005, that Mr. Smyth had been appointed a directer; and like Gaming Transactions, it listed Mr. Reagh as its investor relations contact starting May 16, 2006.

Also like Gaming Transactions, L International was a spam favourite, appearing in inboxes between October, 2005, and February, 2007. The stock reached a $1.85 high in 2006, but last traded at eight-10ths of a penny.

It is not entirely clear how the SEC alleges that Gaming Transactions and L International hijacked their identities. Gaming Transactions first appeared on the pink sheets in October, 2004. According to pink sheets records, its predecessor was Advanced Voice Technologies Inc., and the stock rolled back 1:100 as it became Gaming Transactions.

In similar fashion, L International first appeared in July, 2005. Pink sheets records state that its predecessor was Shanghai Yutong Pharmaceutical Inc., which rolled back 1:200 when it became L International.

It is not clear from the SEC notice when the hijacking happened, or who was in control of the companies.

Paramount Gold

While the two Vancouver-linked stocks have a common thread, they appear to share little with Paramount Gold, another Canadian on the SEC's list. That company trades on the TSX, has $13.2-million in working capital and last traded at $2.05. Paramount issued a news release Thursday distancing itself from the other companies halted. It said the allegations do not accurately reflect its corporate history.

Paramount is the only company on the list that does not trade on the pink sheets and it is the only one with regulatory filings. It is exploring the San Miguel project in Mexico.

The hijacking problem

In a written statement, SEC enforcement director Linda Chatman said hijackings are a problem, and said the regulator will continue to investigate those involved. Today's suspension is the first action to result from the formation of the microcap fraud working group.

She did not say when or if any charges will be laid.

The SEC credited the help of the RCMP, the Ontario Securities Commission, U.S. Attorney's offices in New Jersey and Florida, the U.S. Secret Service, and the Financial Industry Regulatory Authority (successor to the NASD).

The companies suspended are: Andros Isle Development Corp. (AVPJ); Asante Networks, Inc. (ASTN); Beluga Composites Corp. (BGCC); Cobra Energy Inc. (CBNG); Complete Care Medical Inc. (CCMI); Disability Access Corp. (DBYC); El Alacran Gold Mine Corp. (EAGM); Extreme Fitness Inc. (EXTF); Gaming Transactions Inc. (GGTS); Global Equity Fund Inc. (GEQF); HealthSonix Inc. (HSXI); IQ Webquest Inc. (IQWB); JSX Energy Inc. (JSXG); Kensington Industries Inc. (KSGT); Kingslake Energy Inc. (KGLJ); L International Computers Inc. (LITL); Let's Talk Recovery Inc. (LKRV); Mobilestream Inc. (MSRM); Mvive Inc. (MVIV); Native American Energy Group Inc. (NVMG); Paramount Gold and Silver Corp. (PZG); Regal Technologies Inc. (RGTN); Remington Ventures Inc. (REMV); Straight Up Brands Inc. (STRU); Transglobal Oil Corp. (TRGO); and Turquoise Development Company (TQDC).

SEC suspensions

The suspensions last for 10 business days, or until March 27, 2008. Upon their expiry, the SEC imposes additional restrictions on brokers wishing to trade the stocks. They must keep up-to-date information on the company's financial status and on its insiders, and provide this to potential buyers on request.

Before trading can resume, each broker or dealer that wishes to "publish a quote" for the stock (meaning to submit a bid or an offer) must make sure it has current information about the company. The rule shifts part of the burden of scrutinizing a company's filings from the regulators to the brokers.

The list of information required is long and specific. To submit a bid or an offer, a broker (or dealer) must have a copy of the company's prospectus or its offering circular, its most recent annual report, and any quarterly reports filed after its last annual report. The broker must believe that these reports are current, and current means less than a year old. The wise broker, mindful of U.S. class-action lawyers, should also have good reason to believe.

The broker must have reasonably current information about the issuer's exact name and the name of its predecessor, the address of its head office, its state of incorporation, the exact title of the security, the par value of the security, the number of shares outstanding, the name of the issuer's transfer agent, the company's products or services, the company's facilities, the names of its chief executive officers and its directors, and its most recent balance sheet and earnings statements.

In addition, the broker must know whether it or its associates are associated with the issuer, whether the bid or offer is from another broker (and that broker's name), and whether the quotation is from a director, officer or a shareholder controlling more than 10 per cent of the company's shares. Adding to the inconvenience, the broker must be able to make this information available to anyone interested in trading the shares who asks for it.

In effect, this rule prolongs a 10-day suspension for OTC companies until their disclosure is up to date. It also forces brokers to look more closely at companies that have already drawn the scrutiny of the SEC.

With files from David Ross

[Slojab]

I don't know, sstnow. There are some pretty darned good scams out there!

And, don't forget that these scams wouldn't be possible without the SEC setting the ground rules that permit them to flourish.

[sstnow]

Finally the SEC woke up to the greatest scam on the Pink Sheets!