Leet Technology Inc (LTES)

[Sobek]

Just posting what I see and yes, it's very disheartening because their business is going to thrive, I don't doubt that. Unfortunately all I see from management actions is they're setting up the common shares to pay off the debt and line their pockets by diluting the crap out of the commons. There's nothing here for retail imo.

Moving into profitable territory with your lender 10% vested means share reductions, debt consolidation, and preferred placements. Not even remotely close to what they're doing imo. And no matter how I kick the DD, there's only one way it's going and they've already crossed the line imo.

My mistake was I gave these guys the benefit of the doubt:

The CEO
http://www.bizapedia.com/ca/LWIN-CONSULTING-LLC.html suspended FTB

Entity Name: AUTHORIZED TAX RELIEF
Entity Number: C3154944
Date Filed: 07/18/2008
Status: FTB SUSPENDED
Jurisdiction: CALIFORNIA
Entity Address: 3303 WILSHIRE BLVD. STE 1200
Entity City, State, Zip: LOS ANGELES CA 90010
Agent for Service of Process: LAWRENCE WAINER
Agent Address: 3303 WILSHIRE BLVD. STE 1200
Agent City, State, Zip: LOS ANGELES CA 90010

FTB Suspended or FTB Forfeited:
The business entity was suspended or forfeited by the Franchise Tax Board for failure to meet tax requirements (e.g., failure to file a return, pay taxes, penalties, interest).



The CEO's brother

Mr. (Michael) Wainer has been convicted of a non-securities related crime on July 29, 2010 for Felony violations of Penal Codes Sections 631a, 484g(a), 530.5(a), 530.5(c)(3) in the Superior Court of the State of California, 12720 Norwalk Blvd., Norwalk, CA, 90650. He served 40 months in state prison plus restitution of $150,000.

To save you time, the convictions were identity theft and financial fraud.

https://www.sec.gov/Archives/edgar/data/1586495/000149315215000311/formsc13d.htm




The marketing manager and/or founder???
Thomas J Feight. His fiance, who's a celebrity, blasted all over the web he is the founder and marketing manager of the company but according to FINRA... he's not supposed to be anywhere NEAR a publicly traded company. Just google Tommy Feight and MJ Javid, it lights up like a Christmas tree with all her quotes in the celeb gossip columns.

http://brokercheck.finra.org/Individual/3169520

FINRA has permanently barred this individual from acting as a broker or otherwise associating with firms that sell securities to the public.

https://www.finra.org/sites/default/files/DisciplinaryAction/p007438.pdf

Thomas Jayson Feight (CRD #3169520, Registered
Representative, Howard Beach, New York) submitted a Letter
of Acceptance, Waiver, and Consent in which he was barred
from association with any NASD member in any capacity.
Without admitting or denying the allegations, Feight consented
to the described sanction and to the entry of findings that he
aggressively solicited his member firm’s customers to purchase
shares of stock in a company with questionable business
operations, virtually no assets, and little or no revenue. The
findings also stated that Feight failed to research the company’s
financial condition and knew virtually nothing about the
company. In addition, the findings stated that Feight used
high-pressure sales practices; made repeated telephone calls;
knowingly and recklessly employed fraudulent
misrepresentations, including baseless price predictions and
guarantees; and omitted to state material facts about the
precarious financial condition of the company to induce
customers to purchase shares of the company. NASD also found
that Feight’s knowing and reckless false claims to customers he
solicited included the flatly untrue assertion that respected
institutions were investing in the company, that he had attended
meetings with bankers who would obtain financing for the
company and, that its per-share value would rise to $5.00 in six
months and double in a year. Furthermore, NASD found that
Feight failed to inform his customers that he knew almost
nothing about the company and had no basis for making his
strong and repeated recommendations to customers to purchase
shares of the company. The findings also stated that Feight
admitted in on-the-record testimony that he failed to inform
himself, and thus his customers, of the precarious financial
condition of the company, including the fact that its most recent
SEC filing showed its total cash-on-hand was only $356 and
contained a “going concern” clause. (NASD Case
#CMS030261)

Seriously, I'm done posting here. Best of luck to all, see you around on the boards.