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May 17 8-K
Mr. Gillespie is currently reviewing the information for the quarter ended March 31, 2024 and should have it ready for filing sometime next week.
Same CEO. Same POS stock.
Can't even flip it to make money any longer.
Yield sign on filings, lack of work, always in stealth mode….seems like
not much has changed. Must be still drug down from Covid….👻
Looks like we could be close to a rebound. $CMGO a knack of a pump after the dump. If it hits 0.00085 I am a candidate to buy big.
Current management has been fleecing shareholders longer than that!
Stick boy has been bashing the stock for more than a decade.
One thing is consistent. Pmbs is always here.
I still own a couple mill here.
Did I miss an Annual and Quarterly Report from these guys?
How this thing isn't trips I don't understand.
Nothing going on here.
Anyone here?? What is going on? Is there any hope??
Washington D.C., May 3, 2024 —
The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. The SEC also charged the Respondents with falsely representing to their clients that the firm’s work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm’s work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm’s audits complied with PCAOB standards.
To settle the SEC’s charges, BF Borgers agreed to pay a $12 million civil penalty, and Benjamin Borgers agreed to pay a $2 million civil penalty. Both Respondents also agreed to permanent suspensions from appearing and practicing before the Commission as accountants, effective immediately.
“Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “As a result of their fraudulent conduct, they not only put investors and markets at risk by causing public companies to incorporate noncompliant audits and reviews into more than 1,500 filings with the Commission, but also undermined trust and confidence in our markets. Because investors rely on the audited financial statements of public companies when making their investment decisions, the accountants and accounting firms that audit those statements play a critical role in our financial markets. Borgers and his firm completely abandoned that role, but thanks to the painstaking work of the SEC staff, Borgers and his sham audit mill have been permanently shut down.”
The SEC’s order finds that, among other things, the Respondents failed to adequately supervise and review the work of the team performing the audits and reviews; did not properly prepare and maintain audit documentation, known as “workpapers;” and failed to obtain engagement quality reviews, without which an audit firm may not issue an audit report. According to the SEC’s order, of 369 BF Borgers clients whose public filings from January 2021 through June 2023 incorporated BF Borgers’s audits and reviews, at least 75 percent of the filings incorporated BF Borgers’s audits and reviews that did not comply with PCAOB standards.
The SEC’s order further finds that, at Benjamin Borgers’s direction, BF Borgers staff copied workpapers from previous engagements for their clients, changing only the relevant dates, and then passed them off as workpapers for the current audit period. As a result, the order finds, BF Borgers’s workpapers falsely documented work that had not been performed. Among other things, the workpapers regularly documented purported planning meetings – required to discuss a client’s business and consider any potential risk areas – that never occurred and falsely represented that both Benjamin Borgers, as the partner in charge of the engagement, and an engagement quality reviewer had reviewed and approved the work.
The SEC’s order finds that the Respondents engaged in improper professional conduct and violated, and caused violations of, the antifraud, recordkeeping, and other provisions of the federal securities laws. Without admitting or denying the SEC’s findings as to each of them, BF Borgers and Benjamin Borgers both consented to an order, effective immediately, pursuant to which they are ordered to pay civil penalties and are denied the privilege of appearing or practicing before the Commission as an accountant, as discussed above. In addition, they are censured and must cease and desist from committing or causing violations of the relevant provisions of the federal securities laws.
The SEC’s investigation was conducted by Taryn Lewis, Jake Schmidt, and Ann Tushaus of the Chicago Regional Office, and was supervised by Brian Fagel.
Everytime I make an observation wrapped in doubt they push the stock up. The bags out the cat.
I hear the CEO's criminal trial begins in January. Lots of recycling and catering time in the future!
Well you know their mantra. The volatility is insider created. If the kingpin isn't around to keep the finger on the pulse. Who would want their family members to be tainted with such dealings. $CMGO at 0.0014 today, how soon to be pressed up past 0.0020? The money go round pays the bills.
I'm surprised the FOG hasn't responded. I hear trial dates will be set soon.
Any update on that SEC case. They found Bankman-Fried guilty enough in quick time. What's happening with Glenn's conspiracy case going?
It has reached its band bottom, looks like it's worth a punt if you believe in the $CMGO vol play.
A little birdie told me the Oil Tech company stopped paying people...including their attorney, who dropped them.
#ThePeopleYouKnow
#CriminalsStickTogether
Having a convicted felon as CEO is 1 red flag.
Any guesses on the oil tech and how much more money the shylock CEO has lent to that company?
#FixItUpChappie
It always helps the stock to tail off if you don't report. After the pump. Volatility is their product.
It's amazing how a company with no evidence of performing any type of business cannot find the time to report to the SEC.
Intermittent internet access in jail?
They must be overwhelmed with advertising jobs.
The Company was unable, without unreasonable effort or expense, to complete its financial data within the prescribed period and file the Annual Report on Form 10-K for the year ended December 31, 2023 because of additional unexpected work required to audit. The Company needs additional time to complete its financial statements and believes that the Annual Report will be completed and filed within the fifteen-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended.
With $CMGO, all anyone ever does is wait. Except the CEO, his family, and the FOG. It's profitable there, for sure.
Wait and see what happens next.
No big sell off today, so I wouldn't expect it tomorrow.
They should be on time. It doesn't seem much has been going on and the CEO will just copy and paste from last year's.
Any guesses on when the 4th quarter and annual reports are coming out
What's it been, 118 days since any word from the company? How many to go?
$CMGO
#CEOFailure
Ouch. Now there's a drop. [sarcasm]What a great CEO $CMGO has.[/sarcasm]
#FixItUpChappie
Aren't we due a PR telling everyone how awesome the CEO is and either a.) shareholders can expect the greatest quarter ever, sometime in the future or b.) the oil company is thiiiiiiiiiiis close to having something viable.
How much more money did $CMGO lend to those who pleaded guilty to the SEC charges?
#FixItUpChappie
T-minus 94 days and counting until the CEO has to say something about all the catering.
#FixItUpChappie
Only 95 days until the CEO has to tell shareholders how bad XA is doing.
#FixItUpChappie
Anybody seen the schedule for the next pump? Loading seems to be in the works.
#SameOldFunAndGames
Would the $CMGO CEO call this manipulation?
97 days until he has to tell shareholders something.
#FixItUpChappie
98 Days and Counting until the CEO has to tell shareholders something...
#FixItUpChappie
#XACantEvenCaterAnymore
Nothing but heavy, dumping, and closing light painting
Just think! Only four more months of silence until $CMGO reveals anything new.
#FixItUpChappie
#LaughingStockCEO
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About CMG Holdings Group, Inc.
CMG Holdings Group, Inc. (https://www.cmgholdingsinc.com/) is a Chicago holding company whose primary operating subsidiary is XA – The Experiential Agency, Inc. (http://www.experientialagency.com) - which engages in the alternative advertising, digital media, experiential and interactive marketing, and entertainment sectors. XA is involved in production and promotion, event design, sponsorship evaluation, negotiation and activation, talent buying, show production, stage and set design, and data analysis and management activities. The business also offers branding and design services, including graphic, industrial and package designs across traditional and new media, public relations, social media, media development and relations, and interactive marketing platforms to provide its clients with customary private digital media networks to design and develop individual broadcasting digital media channels to sell, promote, and enhance their digital media video content through mobile, online, and social mediums. XA serves clients across the marketing communication industry. Separately, CMG Holdings Group owns Lincoln Acquisition Corp., a subsidiary formed to manage its portfolio investments.
Glenn Laken grew up in Valley Stream N.Y. He graduated high school in 3 years. He went to C.W. Post College and graduated in 1975. He met his wife of 37 years Barbara while at college. The have 2 children Alexis, and Glenn Laken II. Alexis is a clothing designer in N.Y. with 2 of her own lines Contrarian and Prodigal Sons. His son is a attorney in Chicago with the international firm of Kirkland and Ellis. Glenn is an avid weightlifter and exercise fanatic, and has been lifting for 45 years, and routinely logs an hour a day on the exercise bike.
Glenn started in the financial industry in 1979 began on the floor of the NYFE. From there he became a partner at Conklin Cahill a NY stock exchange specialist firm, he spent 5 years there and had a commodity trading division that became very successful. From there Glenn went on to work for a legend in the business John Mulhearn of Jamie Securities a hedge fund with almost a billion dollars under management in 1984. Mr. Laken was the head commodity trader for the fund. In 1985 Mr. Laken moved to Chicago he set up a very large floor brokerage operation on the floor of the Chicago Mercantile Exchange. and shortly after he was approached by a Saudi investor to start a clearing firm. Under Mr. Laken’s guidance the firm had over 600 floor traders and 100 offices around the country. After almost 3 years Mr. Laken sold his share of the firm and went back to trading for himself. For the next decade Mr. Laken advised many companies and strategies for beating the markets.
In 1999 Mr. Laken purchased the fabled Cigarette Racing Team boat company which had fallen on hard times, in a 3 year turn around play a purchase for 6.25 million was turned into a almost 22 million dollar sale. Mr. Laken has been advising small public companies and startups for the last 5 years and is involved currently with CMG Holdings Inc.
SEC Charges 18 Defendants in International Scheme to Manipulate Stocks Using Hacked US Brokerage Accounts
https://www.sec.gov/news/press-release/2022-145
Washington D.C., Aug. 15, 2022 -
The Securities and Exchange Commission today charged 18 individuals and entities for their roles in a fraudulent scheme in which dozens of online retail brokerage accounts were hacked and improperly used to purchase microcap stocks to manipulate the price and trading volume of those stocks. Those charged include Rahim Mohamed of Alberta, Canada, who is alleged to have coordinated the hacking attacks, and several others in and outside the U.S. who allegedly benefited from or participated in the scheme.
According to the SEC’s complaint, in late 2017 and early 2018, hackers accessed at least 31 U.S. retail brokerage accounts and used them to purchase the securities of Lotus Bio-Technology Development Corp. and Good Gaming, Inc. The unauthorized purchases allegedly enabled fraudsters, who already controlled large blocks of Lotus Bio-Tech and Good Gaming stock, to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds. According to the complaint, Davies Wong of British Columbia, Canada, and Glenn B. Laken of Illinois, respectively, controlled the majority of the Lotus Bio-Tech and Good Gaming stock that was sold while the hacking attacks were being carried out, and Mohamed coordinated with Wong, Laken, and others to orchestrate the attacks. The complaint also alleges that Richard Tang of British Columbia, Canada, was involved with both the Lotus Bio-Tech and Good Gaming schemes.
“This case illustrates the critical importance of cybersecurity and of our ongoing efforts to protect retail investors from cyber fraud,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “The SEC remains committed to rooting out this type of wrongdoing. Investors should also take precautions, including choosing strong passwords, using different passwords for different accounts, and using two-factor authentication when available.”
“Our complaint details a brazen and sophisticated scheme, with hackers using international accounts and dummy accountholders to hide their tracks,” said Nekia Hackworth Jones, Director of the SEC’s Atlanta Regional Office. “As this case demonstrates, the Division can uncover misconduct even when it crosses borders and is concealed behind multiple layers of obfuscation.”
The SEC’s complaint charges violations of the antifraud and beneficial ownership reporting provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934 and names two relief defendants who received proceeds from the hacks. The SEC seeks the return of ill-gotten gains plus interest, penalties, bars, and other equitable relief. The SEC’s investigation is continuing.
The SEC’s investigation has been conducted by Joshua Dickman and Lucy Graetz of the Atlanta Regional Office, Andrew McFall of the Washington, D.C. Office, and Patrick McCluskey of the Philadelphia Regional Office, with the assistance of Marlee Miller and Owen Granke of the SEC’s Office of International Affairs. The case is being supervised by Acting Chief of the Crypto Assets and Cyber Unit Carolyn Welshhans, Market Abuse Unit Chief Joseph Sansone, Justin Jeffries and Natalie Brunson of the Atlanta Regional Office, and Amy Flaherty Hartman of the Chicago Regional Office. Robert Gordon and William Hicks of the Atlanta Regional Office will lead the SEC’s litigation, supervised by M. Graham Loomis.
The SEC appreciates the assistance of the Financial Industry Regulatory Authority, the Alberta Securities Commission, the Australia Securities and Investments Commission, the British Columbia Securities Commission, the Calgary Police Service, the Cayman Islands Monetary Authority, the Dubai Financial Services Authority, the French Autorité des Marchés Financiers, the Hong Kong Securities and Futures Commission, the Mauritius Financial Services Commission, the Ontario Securities Commission, the Quebec Autorité des Marchés Financiers, the Royal Canadian Mounted Police, the Securities Commission of the Bahamas, the Sûreté du Québec, the Superintendencia del Mercado de Valores de la República Dominicana, the Swiss Financial Market Supervisory Authority, and the United Kingdom Financial Conduct Authority.
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