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SEC Nails a scammer:
MDNT on the Investors Hub board...
NEWS: ''Movie Studio'' Executives Charged With Microcap Fraud
http://www.otcmarkets.com/news/otc-market-headline?id=611540
Newsfile Corp.
Newsfile Corp
Washington D.C.--(Newsfile Corp. - September 23, 2016) - The Securities and Exchange Commission today charged three company executives with defrauding investors in a purported project to construct the largest movie studio in North America at a suburban location outside Savannah, Georgia.
The SEC alleges that Manu Kumaran, the founder and former chairman and CEO of a startup movie production company called Medient Studios and later Moon River Studios, schemed with his successor CEO Jake Shapiro to make an assortment of false and misleading statements in press releases and corporate filings. They allegedly claimed that construction was underway and projected dates by which the studio would be operational while knowing full well they did not have anywhere near sufficient funding to begin building the touted "Studioplex." In addition, Kumaran, Shapiro, and Roger Miguel – the CEO of a separate successor public company called Fonu2 that also operated under the name Moon River Studios – are alleged to have backdated and falsified promissory notes as part of a scheme to issue common stock in exchange for financing.
The SEC further alleges that while the Studioplex never materialized and the company eventually shuttered without releasing a single movie or video game, Kumaran and Shapiro nonetheless enriched themselves in the process. According to the SEC’s complaint, Kumaran spent an average of $1,700 per day of company funds on his globetrotting travel and personal expenses from April 2014 to June 2014 after claiming publicly that he did not draw a salary and assuring shareholders that all funds were being used to benefit the company. Shapiro allegedly misappropriated company funds for personal use after becoming CEO and lived in a house worth nearly a million dollars that was paid for by the company.
Miguel agreed to settle the charges against him without admitting or denying the allegations. He agreed to be barred from participating in any penny stock offerings or serving as a public company officer or director for five years, and the court will determine monetary sanctions at a later date. The settlement is subject to court approval. The litigation continues against Kumaran and Shapiro. The SEC's complaint was filed in U.S. District Court for the Southern District of Georgia.
Three company directors who are not alleged to have participated in the fraud were separately charged with violating federal securities laws by failing to timely report their stock transactions in the company while serving on its board. Former New York Democratic Governor David A. Paterson and music producer Charles A. Koppelman each agreed to pay $25,000 penalties to settle the charges against them without admitting or denying the findings. An administrative proceeding was instituted against Matthew T. Mellon II, a businessman and former chairman of the New York Republican Party Finance Committee. The matter will be scheduled for a public hearing before an administrative law judge, who will prepare an initial decision stating what, if any, remedial actions are appropriate.
"We allege that Kumaran and Shapiro preyed upon investor interest in the movie industry and financed their own lifestyles rather than build the promised Studioplex,” said Walter Jospin, Director of the SEC’s Atlanta Regional Office. "Koppelman, Paterson, and Mellon allegedly failed in their personal responsibility to comply with the beneficial ownership reporting requirements of the federal securities laws."
The SEC’s continuing investigation has been conducted by Joshua M. Dickman of the Atlanta office under the supervision of Aaron W. Lipson and William P. Hicks. The litigation to determine the merits of the allegations against Kumaran and Shapiro will be led by Wm. Shawn Murnahan and M. Graham Loomis with the assistance of Shannon Statkus from the U.S. Attorney’s Office for the Southern District of Georgia. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of Georgia.
http://www.newsfilecorp.com/newsinfo.php?i=22716&f=96
Nonko trading false reviews and try to make people fool by manipulating these reviews. I tried to put my reviews on some sites about Nonko trading fraud which happened to me few weeks before. All of my reviews were taken off and I was banned from these sites to put any reviews.
Don’t ever think to open account with these fraudsters. I opened account with them as Daniel sitting at Nonko support told me. I filled the application and send my funds to them as Daniel told me. After two days there is somebody else sitting at nonko support and told me Daniel left them. He told me no one knows where my funds are gone. They are not responsible for anything. At this point all my funds are gone and they don’t know anything about it. I strongly suggest anybody not to believe anybody there
This was my review which I tried to put on some review sites. I was trying to tell my experience what had happened to me. Most of the sites which put reviews about these fraud companies were being paid to put nice reviews.
Lets sticky this
What are the signs of scams and shams, especially here in penny stock land? I'm sure that there are many "tells," but we need to start somewhere...
1. A CEO that issues false and misleading financial statements in otcmarkets.com, or in SEC filings.
2. A CEO who stops issuing periodic financial statements altogether.
3. A CEO who pumps, dilutes and then shorts his own Company.
4. A CEO who creates more bagholders than value for the shareholders.
5. A CEO who releases PRs about deals that never quite get consummated.
6. A CEO who issues false and misleading shareholder updates.
7. A CEO who stops issuing shareholder updates all together.
8. A CEO who authorizes a “Whisperer” to disseminate false and misleading information without being associated directly with the Company.
9. A CEO who threatens litigation against message board posters for asking legitimate questions.
10. A CEO who turns out the lights of the corporate offices without any notice to shareholders.
11. A Company with shady management and a shady history of failed companies.
12. An insolvent Company that refuses to release financial statements and continues to represent itself as a going concern.
13. A Company with a history of failed stock promotions and associations with fraudulent stock promoters.
14. A Company with a revolving door of CEOs who can’t quite get the job done.
15. A Company with a PR guy/gal who does double-duty as the Company’s Whisperer.
16. A Company with a significant drop in PPS where management attributes the decline to interference from outsiders.
17. A Company on the pink sheets that forever talks about uplisting, but can’t ever seem to get its S-1 filing registration together.
18. A company with millions of dollars of revenues in the pipeline but nothing ever seems to flow through the pipeline to the financial statements.
19. A Company with A-list associations that can’t get those A-listers to commit.
20. A Company with corporate offices offshore and a corporate address at a mail drop site.
formula for making mucho dinero...
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board followers =4
Im #4 and the 15th post
this is awesome...
hey guys "EOR" is a scam so stay away
CEO filed a BK in 2012 and they blowed 7 mil in 3 month
biggest of all this is a canadian OTCQX traded stock
SLNX, Charles R. Lance is puppeteer, David Green the puppet. LOI central
Lance ran UNQT, nice chart
EOM
Anything touted by Tobin Smith or NBT
here's an unbiased perspective,...it's actually a real news event and something that actually occurred to investors... that could potentially have costly implications for any pinksheet investor.
since there appears to be the ongoing back & forth debate amoungst A*** posters regarding shorts and naked shorts and bashers,...
when people ask why particular stocks get "bashed"......
("bashed" to me is hearing the the other side of the story,...and a more complete due diligence that most company principles, misc. insiders, stock promoters, third party affiliates, ect use as an attempt to keep the scam away from the (potential) investors reading eyes)
send this article to answer their wondering,...
=========================================.
The former chief executive of Pegasus Wireless Corp. was sentenced Thursday to 21 years in federal prison - nearly three times as long as the term sought by prosecutors - for a multimillion-dollar stock fraud that led to the bankruptcy of the Fremont technology company.
U.S. District Judge Jeffrey White of San Francisco told Jasper Knabb he had caused "unspeakable ... misery" to investors who had lost their life savings. White said Knabb had concealed his funds and might commit new frauds "if given the opportunity." He ordered Knabb jailed immediately after the hearing.
The Securities and Exchange Commission has ordered Knabb to repay $40.8 million that he allegedly reaped from stock sales. Prosecutors acknowledged in a court filing that Knabb would be unable to make that payment.
Knabb, 46, pleaded guilty in July to securities fraud and conspiracy. Pegasus' former chief financial officer, Stephen Durland, pleaded guilty to similar charges in March 2011 and was sentenced by White in October to two years and nine months in prison. Prosecutors said Durland made $2.1 million from fraudulent stock sales.
Starting in 2005, when Pegasus was founded, prosecutors said, Knabb and Durland issued nearly half a billion shares to friends and associates to pay off a fictitious company debt, then pocketed the proceeds when the shares were sold for inflated prices.
When the scheme came to light, the stock price fell from more than $18 per share to less than $1 in four months. Pegasus filed for bankruptcy in 2008 and has relocated to Florida.
Prosecutors sought a sentence of seven years and three months, the maximum recommended by federal guidelines, saying they were bound by their plea agreement with Knabb, and credited him for admitting his guilt. Defense lawyers asked for three years and four months, saying Knabb had fully accepted responsibility and was not concealing his assets.
But White said the court's probation office had found that Knabb had hidden assets and could not be trusted. "His instinct has always been to lie and cheat," the judge said.
True of most every pinky CEO!
sinful,...the SEC doesn't own any stocks either,...they just do what Gilda does,...
perform accurate due diligence...and bust the scam pinksheet playa's.
complete due diligence,...something you and other Kool Aid drinkers have no idea how to perform,..
but you do know how to swallow the rhetoric and BS,...
ya got that down with HFT accuracy.
Thanks, nlightn for your contributions to the forum. I find that it frees my mind to be able to think in the abstract rather than to relate every comment to a particular stock. Living with some of these crappy pennystocks is like living with a particularly troublesome child.
Gilda
“It's easier to fool people than to convince them that they have been fooled.” - Mark Twain
and here are some more,...Guidelines for Trading Penny Stocks
(These are in no particular order of importance and are not meant to be exhaustive.)
1. Do not believe what someone “heard”. They just want to sell you their shares.
2. Promotions are best played before the promotions start.
3. Do not play a promotion, unless it is clearly an intraday trade.
4. Do not hold a stock you are stuck in, hoping for an event.
5. Hold all cash at the end of the day. You can always buy the dip the next day.
6. When someone says “buy”, do not buy until you have completed your own DD.
7. If you do not get in a stock at your price, do not chase. There will be another one.
8. Ninety-nine percent of all promotions are created because someone has stock to sell.
9. Ninety-nine percent of all press releases are created because someone has stock to sell.
10. Do not buy heavy based on a press release. Buy small: get in and get out.
11. Big budget promotions means big share dumps.
12. Try to incorporate bid sitting into your trading tactics.
13. You cannot, no matter how much money you pour into it, “create” momentum. Someone will appear out of nowhere and sell their shares.
14. Large spreads means harder to get out with your shirt still on. Try to avoid these stocks.
15. Do not put a large amount of money into a low volume stock. You’ll be stuck in it.
16. Chart indicators are virtually worthless for OTC/Pinks. Only price and volume will give you a picture.
17. Take your losses early.
18. When you are ahead in a stock, take your profit. Do not wait for a homerun because they almost never happen.
19. For every homerun stock, you can find ninety-nine other stocks that were supposed to be homerun stocks.
20. Do not buy a stock on the opening bell gap. Wait for the pullback.
21. Two hundred posts on a message board overnight does not mean a stock will go up in value. It usually means that someone has shares to sell.
22. Never believe a OTC/Pink CEO. They just want the best price to sell shares so they can keep their current level of living.
23. Ninety-nine point nine percent of OTC companies will never go to a higher exchange.
24. OTC/Pink companies’ goodwill and other intangible assets are worth zero on a balance sheet, regardless of the value they put on them. See #22. Intangibles are used to prop up balance sheets.
25. Despite what many would have you to believe, OTC/Pink companies dilute their outstanding shares. If they didn’t, they would have net income quarter after quarter and be listed on a higher exchange.
26. Ninety-nine percent of all companies that “retire” shares back to the treasury want their stock price to go back up so they can issue more shares at a higher price.
27. To research a stock, and to create a “DD” post, etc. means you go against nearly every point made in this document. That time could be better spent, such as, getting in and out of several stocks in the amount of time you spent creating a DD post.
28. A company that enters a “xx” billion dollar industry does not mean they will get one dime from within that industry.
29. Treat Reverse Merger hype like a promotion. Add in the fact that many of these “new” companies will start by having an enormous reverse split to clean up the share structure for a new round of dilution.
30. If someone tells you something will happen in x amount of time, take that time and multiply it by 3 and add 2 days to it. One percent of the time, you’ll have a good number. Ninety-nine percent of the time, you’ll still be waiting.
31. Any information you receive thru a private message has probably been distorted five times by five previous messengers. Don’t believe it.
32. Any information you receive thru a private message is not given to you because this person likes you. He just wants to sell you some shares.
33. Don’t look for someone to tell you when and where to buy a stock. If you cannot determine this on your own, then you probably should stick with your day job and let a professional financial advisor handle your assets.
34. Never stop learning and read everything you can. It’s called “continuing education” for a reason.
35. Your “friend” may live next door. Your “buddy” will be someone you chat with over the internet; he just wants your money.
36. If you have more than one brokerage account, do not buy the same position in more than one account. You may be stuck in the position in both accounts.
37. Cash is King!
38. An open 504 (Form D) is the plague. Avoid the stock at all costs, unless you like odds of losing your money at 100%.
39. Shares will come off of restriction in six months or one year, depending if the holder of the restricted shares is a non-affiliate or affiliate, respectively. What this means is the float will equal the O/S after six months or one year; hence, a float of “x” in September 2010 will equal O/S in September 2011. So if someone touts a float of “x” from numbers published a year ago, he just wants your money or is not very knowledgeable, you decide which.
40. If a stock is restricted to buying at the major brokerage firms, you should write them a letter and thank them. They probably just saved your backside.
41. A triple zero (.000x) stock is a reverse split waiting to happen.
42. If a stock you hold announces a reverse split, treat it like #38 above.
43. If you see a stock that has had more than one reverse split in the last couple of years, chances are, it will have another one soon.
44. Avoid any non-reporting company. Shares are being sold, and the only way you can see it is the mysterious increased volume and/or the strange market maker parked on the ask. You may as well trade blind-folded.
45. If you play penny stocks, you must understand the game. Learn!
46. If someone has hyped a “Mega Pick Coming in “x” number of days”, what this really means is that they have frontloaded the stock over “x” number of days and will be selling you their shares.
47. For any newfound, earth-shattering DD, refer to No. 25 above.
48. There will always be a fresh round of noobies willing to part with their hard-earned money. The question is, will you help them to understand the game, or take advantage of them?
Are "Whispers" necessarily a bad thing? Surely not, but when the Whisperer knows that his Whispers are untrue and are made for the sole purpose of running up a worthless two-bit stock and leading the lambs to slaughter leaving them as bagholders, the Whisperer should be exposed for all to see.
Gilda
What are the signs of scams and shams, especially here in penny stock land? I'm sure that there are many "tells," but we need to start somewhere...
1. A CEO that issues false and misleading financial statements in otcmarkets.com, or in SEC filings.
2. A CEO who stops issuing periodic financial statements altogether.
3. A CEO who pumps, dilutes and then shorts his own Company.
4. A CEO who creates more bagholders than value for the shareholders.
5. A CEO who releases PRs about deals that never quite get consummated.
6. A CEO who issues false and misleading shareholder updates.
7. A CEO who stops issuing shareholder updates all together.
8. A CEO who authorizes a “Whisperer” to disseminate false and misleading information without being associated directly with the Company.
9. A CEO who threatens litigation against message board posters for asking legitimate questions.
10. A CEO who turns out the lights of the corporate offices without any notice to shareholders.
11. A Company with shady management and a shady history of failed companies.
12. An insolvent Company that refuses to release financial statements and continues to represent itself as a going concern.
13. A Company with a history of failed stock promotions and associations with fraudulent stock promoters.
14. A Company with a revolving door of CEOs who can’t quite get the job done.
15. A Company with a PR guy/gal who does double-duty as the Company’s Whisperer.
16. A Company with a significant drop in PPS where management attributes the decline to interference from outsiders.
17. A Company on the pink sheets that forever talks about uplisting, but can’t ever seem to get its S-1 filing registration together.
18. A company with millions of dollars of revenues in the pipeline but nothing ever seems to flow through the pipeline to the financial statements.
19. A Company with A-list associations that can’t get those A-listers to commit.
20. A Company with corporate offices offshore and a corporate address at a mail drop site.
Thanks for starting this new board, BBW. I've always wanted to be an early adapter...
What are the signs of scams and shams, especially here in penny stock land? I'm sure that there are many "tells," but we need to start somewhere...
Gilda
1. A CEO that issues false and misleading financial statements in otcmarkets.com, or in SEC filings.
2. A CEO who stops issuing periodic financial statements altogether.
3. A CEO who pumps, dilutes and then shorts his own Company.
4. A CEO who creates more bagholders than value for the shareholders.
5. A CEO who releases PRs about deals that never quite get consummated.
6. A CEO who issues false and misleading shareholder updates.
7. A CEO who stops issuing shareholder updates all together.
8. A CEO who authorizes a “Whisperer” to disseminate false and misleading information without being associated directly with the Company.
9. A CEO who threatens litigation against message board posters for asking legitimate questions.
10. A CEO who turns out the lights of the corporate offices without any notice to shareholders.
11. A Company with shady management and a shady history of failed companies.
12. An insolvent Company that refuses to release financial statements and continues to represent itself as a going concern.
13. A Company with a history of failed stock promotions and associations with fraudulent stock promoters.
14. A Company with a revolving door of CEOs who can’t quite get the job done.
15. A Company with a PR guy/gal who does double-duty as the Company’s Whisperer.
16. A Company with a significant drop in PPS where management attributes the decline to interference from outsiders.
17. A Company on the pink sheets that forever talks about uplisting, but can’t ever seem to get its S-1 filing registration together.
18. A company with millions of dollars of revenues in the pipeline but nothing ever seems to flow through the pipeline to the financial statements.
19. A Company with A-list associations that can’t get those A-listers to commit.
20. A Company with corporate offices offshore and a corporate address at a mail drop site.
when CEO's or their puppets Whisper in your ear they are really just blowing smoke up your Ask.
share the Whisperers of the CEO's Scams & Shams...let's educate
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