Oh what a tangled web ...
David Otto was convicted, fined, forbidden to engage in anything to do with stocks for 4 years - something like that.
Then Purdon unloads a BS scam company of his (they all are) called Kaleidoscope Venture Capital, which provided satellite TV to apartment buildings in Seattle. Motto: "Any station you want, as long as it's static".
Didn't matter what they did, all Purdons companies do is put out PRs and unload stock.
The shell of KLDO was bought by a guy named Ron Tate, who must have had a large surplus of KY jelly he needed to find a use for, because Purdon bent him over good. As in here, take on my millions in debt.
So what moron would by a company worthless shell from Purdon and take on all that debt? (Ron was trying to take his idea about sign-in kiosks at health clubs public) Did Tate get some bad advice somewhere?
Well, thanks to Ole Wingie here the SEC found out that the address of KLDO and the address of David M. Otto matched right down to the suite number.
The clincher was that the SEC had a new complaint about someone they already had a judgement against, I guess.
But other complaints to the SEC go in a pile of a bazillion complaints. I remember seeing a 60 minutes segment or something, report is at SEC investigators office asking about a complaint, she put a pained expression on her face and said any individual complaint is one of thousands they get daily, and a lot of them are legitimate.
They gotta go after the fish, Purdon is just a tiny piece of pond scum in the grand larcenous universe of penny stocks and non-penny stocks.
Hey, look at the complete assholes over at Wells Fargo, or the entire collection of complete assholes that is Wall Street circa 2007.
And our beloved congress says there is too much regulation, and Mr. P. Ryan says there's really no need for the CFPB they just get in the way - the day before the CFPB announces the Wells Fargo screw-fest.
A couple of years ago there was talk of getting rid of penny stocks altogether, but with Republicans in charge that will never happen. Free markets and all.
Anyhow, just about 95% of the people who "invest" in penny stocks know that they are all scams, and they ARE ALL SCAMS. It's a casino in a cesspool and they are all trying to suck the other 5% dry. Of course in the 95% are a good percentage of absolute morons who can kid themselves into anything, they are the golden geese who always come in too late and end up with the bag when the music stops. This is why Scotty Boy is jones-ing for the next pump - he's got the bags.
You can read filings and reports (such as there are) to see who got what shares, wherever you see 'Grandview' that's Purdon. When he was running the weed scam he had QEDN borrow money from Grandview (so he gave himself a loan), default on the loan, and issue free trading shares back to Grandview. He even went so far as to give restricted shares back to QEDN and then re-issue them as free trading shares in the middle of the weed pump.
That's gotta be illegal, but hey, it's chump change to the SEC.
Wherever you see Makmann you can substitute Purdon, he had his hand up Tom's butt and was working him like a puppet. Tom's dead, so no more comments from him.
