Here's the exact complaint I filed with the SEC against SIAF in case you missed it ..........
Sino Agro Food Inc. (SIAF) is a Chinese fraud on a massive scale. Even though SIAF trades on the OTC, they have been able to swindle away millions and millions of dollars away from extremely naïve investors through years and years of fraudulent press releases, always dangling a carrot. It wasn't until the latest charade that I decided to put my foot down in attempting to help prevent the growing shareholder base from being defrauded out of millions more.
In early 2010, Sino Agro was a pinksheet company that wasn't fully reporting. Starting on January 29, 2010, the company (with the assistance of Chad Sykes) began to repeatedly put out false information about the timeline of becoming a fully reporting company. This repetitive false and misleading information surrounding the audit dates enticed people to buy the stock in anticipation of the company becoming fully reporting, meanwhile the company was dumping millions and millions of shares based on this fraudulent information.
The following PR's ALL spoke about the imminent completion of the audit to become fully reporting and take notice of the dates of expected completion ....
January 29, 2010 - http://sinoagrofood.investorroom.com/index.php?s=43&item=60
"Company efforts to become fully reporting and quoted on the OTCBB continue to move forward on schedule. Financial reports for 2008-2009 are currently under review with audits expected to be started in late February."
March 10, 2010 - http://www.businesswire.com/news/home/20100310005533/en/Sino-Agro-Food-Corporate-Update#.U6gl8bkg85t
"The audit process has begun with the majority of review work completed. The Company has begun preparing its non-financial information required under Regulation S-K, Standard Instructions for Filing Forms under the Securities Act of 1933."
March 30, 2010 - http://www.businesswire.com/news/home/20100330006460/en/Sino-Agro-Food-Files-Information-Disclosure-Statement#.U6gmYbkg85t
"The Company’s auditor has completed their onsite visits of operations. Work is being done to complete the final draft on both 2008 and 2009 annual audit reports. The Company expects the audits to be published in the next 2 – 3 weeks"
April 1, 2010 - http://sinoagrofood.investorroom.com/index.php?s=43&item=50
"Later this month we expect to release audited annual reports for both 2008 and 2009. This will provide the market with 4 years of audited financial statements for review in determining an investment opportunity"
These statements in each PR above are egregious lies. Why ?
On May 24th, 2010, I called SIAF's auditor (Madsen & Associates at #801-268-2632) and spoke with Ted Madsen. I was suspicious about the statements SIAF made repeatedly along with the massive selling of stock coiciding with the false and misleading PR's. What Madsen (no longer SIAF's auditor) told me to my surprise was nothing less than shocking.
Here is a post I made detailing the conversation .......
I learned from the auditor that the statements made above by the company were absolute lies. First of all, Ted Madsen sent a signed engagement letter to SIAF on April 9th for audit work to be performed for the years 2008 and 2009 and he told SIAF that his projected completion date for 2008 and 2009 would be August 1st and not before he could make an on-site visit later in July.
The company KNEW this all along, yet they were putting out false PR's in late January, throughout the month of March and again on April 1, stating that audits would be completed by early April, meanwhile Madsen & Associates' services hadn't even been engaged yet. LOL. Are you kidding me ?
Now are you ready for this ? As of May 24th, 2010, Ted stated that he had not yet received the signed engagement letter back from SIAF.
Shareholders (including myself) lost a great deal of money based on the company's fraudulent statements, as we were enticed to buy the stock in thinking the audit would be completed at any moment when in fact the auditor's services hadn't even been engaged as of May 24th and the company was informed early on that the auditor wouldn't be able to make the trip to China until mid-July at the earliest, yet the company repeatedly led shareholders and potential investors to believe that the audit was almost finished when it was months away from even being started.
As if this isn't bad enough (I am the only one with this information from the ex-auditor), the perpetual lies have continued, as the company further enticed the public to buy stock with a PR on September 19, 2012, stating a cash dividend would be paid on May 30, 2014 (I believe this date may have been altered by the company) and of course when May 30, 2014 rolled around, NO dividend was paid ......
Meanwhile, after this PR about cash dividends and other numerous false and misleading PR's about uplisting to various exchanges, unsuspecting individuals continued to buy the stock as the company continued to dump millions and millions of shares into the market.
What gets even more troublesome is the fact that there's a high-level employee of American Airlines/U.S. Airlines that is soliciting the company's (SIAF) stock amongst thousands of employees through out the airline industry. He updates investors of SIAF through the alias "hyperboy262626" on Investorshub.com .......
All of his postings can be read at the above link and he was responsible for organizing a recent meeting in Charlotte (one of U.S. Air's airline hubs) in which he arranged for SIAF's CEO to fly in from China to pitch the stock to hundreds of airline employees. When the CEO was asked about the identity of this "hyperboy262626" in the company's last conference call, the question was avoided and they quickly moved on to another subject.
Meanwhile, airline employees across America continue to pour in millions and millions of dollars into the company without having a clue about the blatant and massive fraud perpetrated by SIAF and many other Chinese companies trading on U.S. exchanges. I called American Airlines with a warning about this individual and they said a company security specialist would get back with me. To this date, I have heard back from no one.
I will gladly testify about the massive fraud committed by Sino Agro Food Inc. and I haven't even touched on the other numerous false and misleading statements made year after year. I was the only one who had personal knowledge about what the ex-auditor stated about timelines, etc. about the original audit and feel like this is the most important fact to disclose to the SEC, establishing the very long trail of fraud this company continues to engage in.
On May 25, 2010 (morning after I discovered the massive fraud), I received an e-mail from the company's IR representative, Chad Sykes (well known for having represented many pump and dump pink sheet companies), stating they would get to the bottom of things. Following receipt of his e-mail, I received a call from the company's CEO, as detailed here in this post I made that same day ....
Shortly after this, I received a call from the company's legal counsel, The Sourlis Law Firm (Joe Patricola & Philip Magri) threatening me with a lawsuit in which I revealed in this post here .....
The attorney I was working with ended up not filing a suit against the CEO and the company because he stated he was too busy starting a Title company. The suit threatened against me by the company's law firm was never filed and I never heard from them again.