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Yeah, not unusual on a Friday afternoon.
I suggest you learn how stock trading works.
Market Makers typically leave their bids and offers displayed overnight on a weekday. However, on a Friday, Market Makers typically withdraw their quotes and start over on Monday. Market Makers also like to leave the office early on Fridays, so most of the quotes disappear before the last record of the afternoon. Which means all the active traders are gone, gone GONE early on Friday, leaving only those MM's quotes that are far, far FAR away from the market to display in the final post-close quote grab by the quotation services, which is what you are seeing.
It is meaningless, and has absolutely no bearing on the actual market or what will happen on Monday when the active MM's return to the office and resubmit their actual quotes.
If people are going to trade OTC stocks they should at least learn the basics of how the market works.
Sure stinks of a SLAPP suit to me.
Perhaps one or more of the targeted individuals lives in an anti-SLAPP state? That would be fun.
SEC Charges Rhode Island Stock Promoter with Microcap Fraud
The companies in question are SOLY, CNSP, EBET, VLCN, TOBAF
https://www.sec.gov/litigation/litreleases/lr-25993
The Securities and Exchange Commission today announced charges against Cranston, Rhode Island resident Ahmed Alomari and MCM Consulting, the entity Alomari controls, for fraud and other securities law violations related to their promotion of the stocks of at least five microcap issuers.
The SEC alleges that from at least March 2019 and continuing to February 2022, Alomari used such outlets as Twitter, Instagram, Facebook, investor chatrooms, and text blasts to promote these microcap stocks without disclosing the source or amount of compensation he received from, or on behalf of, the issuers for his promotion of their stocks. The SEC further alleges that Alomari personally invested in some of these issuers' securities, then surreptitiously sold the stocks while publicly recommending that investors buy them. This conduct included two initial public offerings in which Alomari allegedly invested and quickly sold all his shares for at least $1.4 million in profits. According to the SEC's complaint, Alomari also was able to publicly sell shares he had earned from his promotional services based on false representation letters confirming that the shares were available for public trading. The SEC alleges that Alomari directed his wife, whom he named as the sole officer of MCM Consulting, to sign the false representation letters.
The SEC's complaint, filed in the U.S. District Court for the District of Rhode Island, charges Alomari and MCM Consulting with violating the anti-fraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, the anti-touting provisions of Section 17(b) of the Securities Act, which prohibit promotion of a security without disclosure of compensation received for the promotional activity, and the registration provisions of Section 5(a) and (c) of the Securities Act. The SEC's complaint additionally charges Alomari with violating Section 20(b) of the Exchange Act by violating the anti-fraud provisions through or by means of his wife. The complaint seeks, as to both Alomari and MCM Consulting, permanent injunctions from violating the charged provisions of the federal securities laws, disgorgement, prejudgment interest, civil monetary penalties, and a penny stock bar. The complaint also seeks a bar against Alomari from acting as an officer or director of a public company.
The SEC's case is being handled by Richard Harper, Jeffrey Cook, Alexandra Lavin, Jonathan Menitove, Ryan Murphy, and Celia Moore of the SEC's Boston Regional Office.
That is nice and all, but let me let you in on a little secret that many people don't know.
There is a huge shortage of PCAOB registered auditors in the USA. Of the 350 registrants that Borgers audited, I am sure that most, if not all, chose him not because he was easy, crooked (as if anyone knew) or even cheap (he wasn't, BTW). He was one of the few auditors that took new clients and was available for engagement to meet the SEC requirements.
I am not at all sure that all of the 350 Borgers clients will be able to find a new auditor quickly, if at all. There just aren't that many available slots out there.
But hey, if you are a CPA with public company auditing experience, no better time to start your own firm - there are 350 registrants who are dying for your services.
Time for some real DD Support and Research.
Auditor BF Borgers was suspended and prohibited from practicing by the SEC today, effective immediately. They have over 300 SEC registered clients and over 20 broker/dealer clients. This is massive.
SEC Charges Audit Firm BF Borgers and Its Owner with Massive Fraud Affecting More Than 1,500 SEC Filings
https://www.sec.gov/news/press-release/2024-51
FOR IMMEDIATE RELEASE
2024-51
Washington D.C., May 3, 2024 —
The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. The SEC also charged the Respondents with falsely representing to their clients that the firm’s work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm’s work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm’s audits complied with PCAOB standards.
To settle the SEC’s charges, BF Borgers agreed to pay a $12 million civil penalty, and Benjamin Borgers agreed to pay a $2 million civil penalty. Both Respondents also agreed to permanent suspensions from appearing and practicing before the Commission as accountants, effective immediately.
“Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “As a result of their fraudulent conduct, they not only put investors and markets at risk by causing public companies to incorporate noncompliant audits and reviews into more than 1,500 filings with the Commission, but also undermined trust and confidence in our markets. Because investors rely on the audited financial statements of public companies when making their investment decisions, the accountants and accounting firms that audit those statements play a critical role in our financial markets. Borgers and his firm completely abandoned that role, but thanks to the painstaking work of the SEC staff, Borgers and his sham audit mill have been permanently shut down.”
The SEC’s order finds that, among other things, the Respondents failed to adequately supervise and review the work of the team performing the audits and reviews; did not properly prepare and maintain audit documentation, known as “workpapers;” and failed to obtain engagement quality reviews, without which an audit firm may not issue an audit report. According to the SEC’s order, of 369 BF Borgers clients whose public filings from January 2021 through June 2023 incorporated BF Borgers’s audits and reviews, at least 75 percent of the filings incorporated BF Borgers’s audits and reviews that did not comply with PCAOB standards.
The SEC’s order further finds that, at Benjamin Borgers’s direction, BF Borgers staff copied workpapers from previous engagements for their clients, changing only the relevant dates, and then passed them off as workpapers for the current audit period. As a result, the order finds, BF Borgers’s workpapers falsely documented work that had not been performed. Among other things, the workpapers regularly documented purported planning meetings – required to discuss a client’s business and consider any potential risk areas – that never occurred and falsely represented that both Benjamin Borgers, as the partner in charge of the engagement, and an engagement quality reviewer had reviewed and approved the work.
The SEC’s order finds that the Respondents engaged in improper professional conduct and violated, and caused violations of, the antifraud, recordkeeping, and other provisions of the federal securities laws. Without admitting or denying the SEC’s findings as to each of them, BF Borgers and Benjamin Borgers both consented to an order, effective immediately, pursuant to which they are ordered to pay civil penalties and are denied the privilege of appearing or practicing before the Commission as an accountant, as discussed above. In addition, they are censured and must cease and desist from committing or causing violations of the relevant provisions of the federal securities laws.
The SEC’s investigation was conducted by Taryn Lewis, Jake Schmidt, and Ann Tushaus of the Chicago Regional Office, and was supervised by Brian Fagel.
Some research is conducted and DD performed. It is as Janice has said - since the changes to the OTC booted so many of the scams and dead stocks used in pump and dumps, there is less going on.
But there is still a lot out there. Perhaps someone will bring something to the Board for discussion?
Probably bailed out like every other shareholder with half a brain. Losing 99% of an investment is better than losing 100%.
One more time. COWI being a penny stock is immaterial. It being an insolvent toxic death spiral convertible issuer pump and dump is.
That is why I don't "bash" every single penny stock. Being a penny stock is not the issue here, or in those stocks, either.
Management and their cronies lying and stealing shareholder money, and claiming this worthless POS is a "good investment", IS.
Cue the conspiracy theories.....
Whistleblower Josh Dean of Boeing supplier Spirit Aerosystems dies of 'sudden illness'
https://www.newshub.co.nz/home/world/2024/05/whistleblower-josh-dean-of-boeing-supplier-spirit-aerosystems-dies-of-sudden-illness.html
This is a discussion board. Not a pump until you drop so I can dump my stock on the stupid idiots board. But that is exactly what you seem to believe, and want, it to be. You don't seem to understand what I-Hub is actually about and its purpose.
The amateurs who either don't do DD, or don't know how, should read my posts and learn something.
Same with those who don't know what a pump and dump is, as COWI is a textbook example.
How is the stock price, and your "investment" in this worthless POS doing?
If you don't like to hear the TRUTH about your garbage stocks, then don't buy garbage stocks.
How is the stock doing? And who has been right about it?
COWI is an insolvent pump and dump. It being a penny stock is irrelevant. The fact that it is a toxic death spiral convertible issuing scam is what is important here.
No one with any financial knowledge would buy COWI, or any other toxic convertible issuer. They know better, and all it takes is 60 seconds of actual DD to know that.
You mean you both buy crap stocks without any DD and throw your money away?
That I certainly agree on.
It is a pump and dump. The company is insolvent. Have you reviewed the SEC filings and financials? Do you know what toxic death spiral convertible debt is, and what it does to companies? They don't call it "toxic" and "death" for no reason - they KILL every company that issues them. Do you think COWI and its shareholder can handle 4 TRILLION new shares hitting the market?
This is a pump and dump. This is the FOURTH pump that CEO Lloyd Spencer has run on this ticker. Don't believe a damn thing he says, as he is a proven liar. Every time he latches on to some hot new trend in the markets and pretends COWI is involved to pump the stock and allow insiders and the toxic death spiral convertible funders to dump their cheap stock on the ignorant and even stupid shareholders who somehow ignore all the facts in the SEC filings and believe his fantasies. That includes this product, which is just the latest BS he makes up to fool shareholders into buying shares from him.
I suggest you do more research and learn the truth about Lloyd Spencer and COWI.
COWI is an insolvent, and delinquent, pump and dump. Don't believe anything they say, because it is all BS.
The Company's market cap is now $20,200. It is worth less than a new car. And it is still over priced, considering the massive amount of toxic death spiral convertible debt that at these prices convert into over 4 TRILLION new common shares.
The failure to file the 10-K signals the end. If they don't file, and it is unlikely they will considering they can't pay for the audit or the filing, the stock will be revoked by the SEC and will be permanently worthless.
CSSE is likely going bankrupt, but the stock is soaring as pumpers pump the usual "short squeeze" BS.
What is especially interesting is that a lot of these idiots went through this exact scenario when they owned RedBox, which was acquired by CSSE for pennies on the dollar. Anyone holding that for the short squeeze that never came lost 98% or so on the merger, which is now closer to 100% as they got CSSE stock if they didn't sell - and I bet most didn't, as they were still waiting for the short squeeze! At least in the RedBox merger they got something of value. When CSSE goes bankrupt, which will likely happen in the next 30-60 days, if not sooner, they will end up with zilch.
https://www.nexttv.com/news/chicken-soup-reports-dollar637-million-loss-for-2023-preps-investors-for-bankruptcy
I have been right all along.
And I am right now.
And yes, I do have more knowledge and many others. There are a lot of amateurs here that have no clue about finance, stocks, and how the markets work. But yet they are telling people to BUY BUY BUY this worthless POS.
It means I bust frauds, scams, and pump and dumps.
COWI is at least one of those. Maybe all 3.
I think you should check my posts, new poster.
COWI is, and always has been, a pump and dump. And now they are completely insolvent, and it is very likely that they will never file again.
The end is near.
I do not now, nor have I ever, owned a single share of this POS.
I know how to read SEC filings and evaluate financial statements. I am not stupid enough to have ever given lying and scamming Lloyd Spencer a single penny.
Too bad all the people now stuck with this worthless, dark stock can't say the same thing.
COWI being a penny stock is immaterial.
What matters is that it is an insolvent, lying pump and dump scam.
This is the FOURTH pump and dump that Lloyd has run on COWI. And every time, there are idiots who fail to do any research and somehow believe that Lloyd Spencer is honest and on the level, and that the current business plan has any validity and chance of success.
He isn't, and it doesn't.
How is the 10-K going? Oh yes, as I predicted, it was not filed.
Which makes COWI, AGAIN, delinquent and dark.
The odds of ever hearing from COWI again are falling fast.
And it looks like many people that were fooled by Lloyd are now realizing the truth about him and COWI.
You will lose 100% of your "investment" here.
You will lose 100% of your "investment". People really need to learn how to read SEC filings because the "knowledgeable investors": are the exact opposite. They don't know, or understand, a damn thing about finance and investing. Which is certainly why they own this worthless insolvent POS.
Nope, not how it works. You also forget something else. The spin-off company is also BROKE. Not quite insolvent like COWI, but still broke. At the date of the last balance sheet, which is now over 6 months old, they had a whopping $496 in cash. Can't even file an S-1 amendment without raising more money - perhaps that is why no amendment has yet to be filed?
They will have to sell a TON of stock to get the money they need just to keep the doors open, much less actually conduct any operations (assuming they actually have any). COWI's shares will be diluted down to virtually nothing.
No, they won't. Why would the spinoff stock be valued at more than 1000 times more than when COWI owned 100% of the spinoff company?
When COWI owned 100% of it COWI's total market cap was $2-4 million total. But now you claim a small fraction of the spinoff held by COWI will be worth $25+ million, which would value the entire spinoff at hundreds of millions of dollars?
No, it won't. That is not how the market works. That is just plain ridiculous.
COWI is insolvent with 4 TRILLION of convertible toxic debt shares and very likely about to go dark. Even if that were not the case, there is no reason to hold it, much less buy it, now. Any possible value, and that is using the term "value" very speculatively, is in the spinoff. The record date for that was a year ago. Anyone buying the stock since then gets.....NOTHING.
SEC Charges Canadian Attorney for Selling Billions of Shares of Stock on Behalf of Others in Violation of Broker Registration Requirements
Hmmm.....the penalty seems rather light compared to other, similar violations. The complaint only details his illegal conduct on behalf of Charlie Abujudeh, but also notes he was just one of his clients. I wonder if he gave up the dirt on his other clients and we have yet to hear about those cases, which is why they were not named.
https://www.sec.gov/litigation/litreleases/lr-25971
https://www.sec.gov/files/litigation/complaints/2024/comp25971.pdf
On April 8, 2024, the Securities and Exchange Commission charged Canadian attorney Mark Borden with selling billions of penny stock shares on behalf of others without registering with the Commission as a broker, thereby violating the securities laws. Borden has agreed to settle the case by, among other things, paying over $335,000 in disgorgement of ill-gotten gains, prejudgment interest, and a civil penalty.
According to the SEC's complaint, between 2017 and April 2021, Borden sold penny stocks on behalf of his customers without registering with the Commission as a broker or being associated with a registered broker. Borden allegedly did so by taking possession of the stock, drafting documents that appeared to transfer ownership of the shares to himself, depositing that stock in accounts he controlled at various brokerage firms, selling those shares to retail investors often in coordination with stock promotion campaigns funded by his customers, and keeping a commission of the stock sale proceeds before disbursing the remainder to his customer. The SEC alleges that Borden and his customers understood that the customer retained beneficial ownership of the stock at all times and would receive the vast majority of the stock sale proceeds. For example, one of Borden's customers allegedly received over $15 million in stock sale proceeds from Borden in less than three years.
The SEC's complaint, filed in federal district court in the Eastern District of New York, charges Borden with violating the securities registration provisions of Section 15(a)(1) of the Securities Exchange Act of 1934. Without admitting or denying the allegations, Borden consented to the entry of a final judgment permanently enjoining him from future violations of the charged provisions. In addition, Borden consented to a penny stock bar. Borden agreed to pay a $70,000 civil penalty, $231,363 in disgorgement, and $33,907 in prejudgment interest. The settlement is subject to court approval.
The SEC's case is being handled by Nita Klunder, David D'Addio, and Paul Block of the Boston Regional Office.
I think the name "Black Box Management" should have been an important clue!
'Catastrophic loss': $150 million bilked from investors in Ponzi-like scheme, Alberta Securities Commission says
https://calgaryherald.com/business/investors-lose-150-million-ponzi-like-scheme-alberta-securities-commission
Investors lost $150 million between them to a fraudulent investment scheme that lasted some 3½ years, an Alberta regulator said.
It’s alleged Craig Michael Thompson and two companies he controlled, Black Box Management Corp. and Invader Management Ltd., used money from about 1,000 investors between March 2020 and September 2023 to pay other investors instead of using the funds for investment purposes, the Alberta Securities Commission said in a statement issued Friday.
“In the fall of 2023, Thompson advised investors that there had been a catastrophic loss,” the ASC said. “Based on the investigation, Thompson ran out of sufficient funds to sustain the Ponzi-like scheme.”
Most of the defrauded individuals gave money to Thompson to trade in securities while a smaller number provided funds for investment in a business involved in invoice factoring, the regulator said.
The allegations have not been tested by a formal hearing, which is scheduled in Calgary on May 21.
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Texas State Securities Board and United States Securities and Exchange Commission (SEC) aided in the investigation, the ASC said.
Disney admits defeat over Reedy Creek and drops its lawsuits against Florida and DeSantis.
Didn't we have a discussion here some time back about Disney and Reedy Creek? I believe I asserted that their last minute deal with their own appointed Reedy Creek Board to bypass the new Board wouldn't survive. And today, that prediction came true. Disney has thrown in the towel. They will no longer be able to govern themselves.
https://www.latimes.com/entertainment-arts/business/story/2024-03-27/disney-florida-lawsuit-settlement
it looks like shares of other, non-Disney entertainment companies with Orlando operations have traded up on the news. They will no longer suffer under this disadvantage of not having their own government like Disney did. It levels the playing field a bit.
Buying and holding a meme stock can be very dangerous to a person's financial health.
But so can shorting it - even more so due to the nature and conditions of shorting.
The only thing we do know is that the stock is going to be volatile. Very volatile, which will make it a favorite of traders and Trump fans.
As far as it being a "dumb social media garbage site", so was Reddit and look what it did this week. And Google was once just a search engine, and Meta was once just a bunch of college student's pictures and contact information.
In other words, it isn't what the site is now, it is about what they are able to leverage it into. I personally don't go for Truth Social or want to buy the stock, but even sitting on the sidelines I wouldn't be so quick to dismiss it as never amounting to anything, even if the odds are not great.
Chelekis did business with a lot of organized crime groups. It easily may have been his largest source of income.
He was found guilty 2 days ago. Justice moves slowly in Canada. Now they will have to have ANOTHER hearing next month to determine penalties.
https://www.capitalmarketstribunal.ca/en/proceedings/decisions-in-brief/decision-brief-valentine-enforcement-proceeding-merits-march-20-2024
https://www.capitalmarketstribunal.ca/sites/default/files/2024-03/rad_20240320_valentine.pdf
Nope, but I bet that they probably ran ads in the Globe and Mail and Financial Post. Go take a look at issues from that time and you will probably find what you are looking for.
Let's see what the SEC does. The case was dismissed without prejudice, which means it can be refiled in the future. Personally, I think the judge is wrong, and the relevant statues say otherwise. Hundreds of other judges, including the US Supreme Court, see it the opposite way of this judge, so I doubt the SEC will let this one lie. Especially because many of the victims DID buy stock directly from the accused. That is how pump and dumps work, and suggests this Judge doesn't understand how the stock market operates (which is another reason why Administrative Law Courts were created - many of the broader courts don't understand the laws and regulations specific to certain areas, like finance and securities).
There are just wacky judges out there with their own strange ideas and opinions. That is why appeals courts and the Supreme Court exist. They are there to fix those erroneous rulings.
You really are happy to hand scammers your money just to "YOLO"? How stupid is that?
COWI has zero chance of success. You should find some other place, one that actually MAY provide a positive return, to YOLO, because COWI ain't it.
If you don't believe me, you will find out soon enough.
Hopefully all Millennials are not as stupid as you.
But, I don't really believe you are buying ANY COWI at all. Instead, you are just playing around in an attempt to irritate another member you followed here from another board, nothing more. It is all hot air.
Getting desperate to keep the pump going?
The toxic death spiral convertible debt holders have 4 TRILLION shares to sell. Is $10K really going to make a difference to the stock price? Certainly not, but I am sure that Lloyd Spencer and his toxic debt friends will be happy to take every penny of that from this shareholder, just as they have from all the others.
Yup, prepare to lose it. COWI is an insolvent pump and dump that is about to go dark and disappear. No stock can survive when the toxic floorless debt holders are flooding the market with an unlimited (4 trillion new shares right now) amount of stock they acquire for $0.00000035 and sell at $0.0001. Stocks don't rise in those cases - they crash. And once COWI runs out of ignorant and idiot buyers, the stock price will crater to nothing.
It won't be long, either. Their 10-K is due in about 10 days, and the odds of them actually filing it are slim to none. And I believe I see slim boarding a train out of town as we speak.
Yeah, sure. NO one else is able to do that, as the toxic death spiral convertible debt holders completely control the market.
So I don't believe a word of it. I think instead you are pretending to buy this worthless, insolvent ticker in a pathetic attempt to irritate a person you call a "basher", who couldn't care less what you do.
But good luck with that anyway.
The toxic death spiral convertible holders thank you for transferring their money to them.
You buy the shares at $0.0002 that they acquire seconds before at $0.00000035. What a deal! And they have 4 TRILLION shares available to convert and sell you, so you will be able to buy at these prices, or lower, forever!
You might save some time just by cutting them a check directly.
I believe Lloyd has already used that lie in one of the many prior pump and dumps he has run on this ticker. Lloyd has no shame, and will try anything to make a buck off of the foolish shareholders who seem to believe anything.