Saean Group Inc. (SEAN)

[vans]

GPSI HAS MANY ATTRIBUTES LISTED BELOW

Shell companies are often associated with
fraud. Although they
are legal entities
that do have a legitimate function in business
operations, shell companies are also utilized
by criminals to facilitate fr
audulent activities. Such activ
ities include money laundering,
billing schemes, fictitious se
rvice schemes, bankruptcy fraud, tax evasion, and market
manipulation. Scandals involve anywhere
from thousands to millions of dollars.
1
While shell companies are frequently linked to
multiple forms of scams, law officials are
unable to prosecute all cases because stat
e agencies do not collect enough ownership
information on company formation documents. Thus, leaving no paper trail for the
government to trace back to a particular individual or individuals.
Definition
A shell company is an entity that has no
active business and usually exists only in
name as a vehicle for another company’s business operations.
2
In essence, shells are
corporations that exist mainly on paper,
have no physical presence, employ no one and
produce nothing. They are frequently used to
shield identities and/or to hide money. A
shell company can often be identified by a
number of red flag indicators including:
•
No phone number
•
No e-mail address
•
No physical address
•
No company logo
•
No contact person
•
No federal identification number