MyECheck, Inc. (fka MYEC)

[WhiteFish]

Ed's new lending partner Mr Fife.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=90634006

"As it turns out, Tonaquint is owned solely by "Utah Resources International, Inc" which, in turn, is owned solely by "Inter-Mountain Capital Corp" which, in turn, is solely owned by "JFV Holdings, Inc." which is, in turn, owned by John M. Fife.

Ohhhhhh my GAWD!

Did I actually just type "John M. Fife"?

Hold on a moment -- I need to go wash my hands!

It seems John was found guilty of FRAUD by the SEC:

"On August 9, 2007, a final judgment was entered by consent against Fife, permanently enjoining him from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder in the civil action entitled Securities and Exchange Commission v. John M. Fife, et al., No. 07-CV-0347, in the United States District Court for the Northern District of Illinois."

Why am I not surprised!

Then five years later and he pops up in a FINRA lawsuit -- "DEPARTMENT OF ENFORCEMENT v. JUSTIN WILLIAM KEENER":

"The trustee of Cobblestone was Pauline Fife. Her husband, John Fife, had been barred by the SEC from being an investment advisor for 18 months, and therefore was statutorily disqualified."

"Pursuant to side agreements with Gordon, Keener and John Fife agreed to pay a minimum of $30,000 monthly to Gordon in commissions for five months, starting in April 2011. CX-15, CX-16; Tr. 255, 352. Each also agreed to keep accounts at Fidelity, with $1,150,000, to cover positions created by their respective securities trading, and to be used to pay commissions to Gordon. CX-15, CX-16; Tr. 351-352."

It's fascinating that two guys who are now kicked out of securities industry got together at the the "PIPES Conference in 2011 to give a talk on "Understanding the Issues Relating to the Clearing of Securities and the DTC."

It says, "this panel of experts will look at how the clearing of securities remains one of the greatest obstacles in the PIPE market today."

Hoo-boy! "Experts" at fraud handing out advice at a PIPES conference -- who'd a thunk it!

Of course, Keener's "expertise" ended up costing him over 4.2 MILLION dollars.

As it turns out, now Mr. Fife is CEO of "United American Healthcare Corp." -- which, coincidentally, last traded at 3 CENTS a share.

I say "last traded" because I can't find when exactly it was last traded.

Interestingly, UAHC has the same address as Tonaquint.

UAHC has its own extraordinary history that's too much to go into here.

In any case, whenever you look at the companies that John's various entities have funded you get a list something like this:

SAPX
SFMI
XDSL
MWIP
TAUG
NVNC
SWET
SDRG
PMBS
BONU
CSKH
EPAZ
BONZ
FLPC
DIDG
ECOB
CBAI
NBRI
HLXW
ARSC

And those are only a SAMPLE.

I finally got tired of looking them all up!

The only thing they have in common is an average price around ZERO.

I suspect most of them don't even trade anymore.

You have to wonder how can a guy make money lending to companies with minimal assets, no profits, and usually not even any revenues.

Oh, wait!

I forgot, all those loans were in the form of CONVERTIBLE bonds -- like the one CTTC just issued to Tonaquint.

The SEC says:

"Because a market price based conversion formula can lead to dramatic stock price reductions and corresponding negative effects on both the company and its shareholders, convertible security financing with market price based conversion ratios have colloquially been called "floorless", "toxic," "death spiral," and "ratchet" convertibles."

Oh, I get it!

PIPES, toxic convertibles, making money lending to broke publicly traded companies, fraud, etc etc -- it's so much clearer now. "