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Rest assured, the CEO, his daughter, the FOG, and toxic lenders continue to make money.
#InTheRedLikeABloodBath
#FixItUpChappie
Well, the fact he is a convicted felon (fraudulently inducing individuals to make investments) who has been indicted by the SEC as part of an International Scheme to Manipulate Stocks" may be why companies do not want to do business with $CMGO. Or, it may be his daughter accused NBC/Universal of helping to steal money. It seems the business for the competitors continues to grow. Hell, they were able to put on an event for Peacock and Tinder, in the CEO's backyard.
The financials posted were horrible!
Lmao. Glenn blames the government he voted for and will again. Typical democrat. SMH
Can't. Stop. Laughing.
For the first 9 months, they're in the red for almost $250K. With the Revenue to Expense ratio, they're going to still end up paying to do business for fiscal year 2023. Management has no idea how to run a business.
#FixItUpChappie
#TheOnlyOnesMakingMoneyAreTheFamily
Well, there is the criminal indictment by the SEC against the CEO for "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...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."
The CEO must have forgotten about this since the 10-Q still lists $CMGO owning "the equivalent of 14,076,200" shares of $GMER.
WITH ALL THE POSITIVES I POSTED,I AM LOOKING FOR MINIMUM .01 PPS BY END OF APRIL.WHEN THE ANNUAL REPORT IS DUE END OF MARCH AND Q4 WILL BE TREMENDOUS.SO BETWEEN NOW AND END OF APRIL.WE WILL BE MOVING UP.BIGLY IMO.
NOW READ THIS::::::1, AND 2.
Loan Receivable
1)On November 15, 2019 the company entered into an agreement to a line of credit (LOC) with Pristec America Inc. (Pristec). The LOC was for $75,000. As of December 31, 2019, the Company had loaned to Pristec $67,500 at an interest rate of 12%, the loan matures in twelve (12) months. As of December 31, 2020 the Company loaned an additional $32,500 and extended the loan for another 12 months until December 31, 2023. Pristec is a late stage technology company that has 108 worldwide patents for the cold cracking of crude oil and other oil products. The Company has been granted the right to convert this loan into 100 shares of stock at price of $1,000. At the discretion of the Company, the Company has the option of entering into a revenue sharing at the same terms. Total amount owed including interest is $125,430 and $123,430 as of September 30, 2023 and December 31, 2022, respectively.
2)On June 24, 2020 The Company entered into an agreement with New Vacuum Technologies LLC(NVT) whereby the Company loaned NVT $50,000. During the year ended December 31, 2021 the Company loaned an additional $999,201 to NVT. NVT repaid $60,000 to the Company. The loan was originally due on December 24, 2020 at an interest rate of 10% per annum. The loan was extended on December 24, 2022 until December 24, 2023. The loan was verbally extended until December 24, 2023. The total amount owed including interest is $1,459,209 and $1,391,334 as of September 30, 2023 and December 31, 2022 respectively.
THE STOCK IS AT ROCK BOTTOM AND SHARES ARE GETTING THIN.NOW READ THE BEST PART HERE ABOUT CMGO
THIS IS TREMENDOUS FOR THE COMPANY MOVING FORWARD.ALMOST $15 MILLION DAMN AND THEY EXPIRE IN 7 YEARS,
HUGE BENEFIT:::I KNOW FIRST HAND,.FROM MY PRIVATE COMPANY.TREMENDOUS BENEFIT.READ BOLD.
Income Taxes The Company has a net operating loss carried forward of $14,578,808 available to offset taxable income in future years which commence expiring in 2030.
CMGO IS TREMENDOUSLY UNDERVALUED.WE WERE AT THESE PRICES BEFORE AND IT ROCKED IN TO CENTS.WITH THE NEWS COMING ABOUT Q4,HUGE REVENUES,AND SOME OIL NEWS.THIS THING IS GOING TO GO BALLISTIC.MMs HAVE BEEN TRYING THEIR BEST TO KEEP HER DOWN WITH SOME BS OFFERS OF 150K AND 200K.LMAO.THEY ARE GOING TO GET SHAFTED MAJORELY.
SO 9 MONTHS REVENUES IS $625,568 PLUS ANOTHER $1,5 TO $2 MILLION FOR Q4 AROUND $2,2 TO $2,5 MILLION FOR THE YEAR 2023.=MORE REVENUES FROM YEARS OF 2022 AND 2021
Revenues $ 2,033,712 $ 1,618,874
WHEN THE PPS WAS TRADING IN CENTS.
IF WE TRADED AT 4 TIMES REVENUES=LET US SAY WE MAKE $2,5 MILLION IN REVENUES FOR 2023.WE SHOULD BE HAVING A CAP OF $10 MILLION OR PPS OF .0228.WE ARE TRADING AT .002???LOL.ENORMOUSLY UNDERVALUED.
READ THE FOLLOWING POSTS COMING.
it's been good long time since SS has changed.
something has got to be going on inside the co.
With recent Q filed and latest tweet, it looks as if XA is having a nice 4th quarter, and more details coming regarding the oil tech.
OS and AS hasn't changed in how long now?
Looks like someone is setting up here
WAITING FOR THAT STUPID MF TO DROP THEM.THEN BUY THEM BACK IN THE .01 AREA.
Or, you know, to get that $0.01 valuation, go ahead and buy them.
;)
THE POS THAT PUT A BLOCK AT .0018 AROUND 5 MILLION SHARES.HE NEEDS TO KNOW THAT THERE ARE 30 MILLION ON THE BIDS FROM .001 TO .0014.DUMP THEM WITH ONE SHOT YOU FREAKEN IDIOT AND GET IT OVER WITH.
How many criminal charges have been brought against HudsonGray? To the best of my knowledge, at least two less than the CEO of $CMGO. Is it one less than the President of XA?
It's strange that the former employees have no problems crowing about the work they have completed: https://www.instagram.com/hudsongraynyc/
How's XA do with this? Seems another turd has hit the floor.
#FoxInTheHenHouse
#FixItUpChappie
#Felon
#WhatsXACookingCuzTheyAintMuchMoreThanCaterers
Perhaps Universal, Comcast, NBC and all the others chose to go with a company who has only been called "thieves" by the CEO and his relatives/cronies instead of a company with a convicted felon at the forefront who seems to be indicted on charges again. Maybe they don't like being blamed in the press for something they did not do.
Most aren't surprised $CMGO can't get it up.
#FixItUpChappie
Couldn't even do a real pump and dump...What a garbage stock...
Wrong again.
LION.BUYER BE AWARE???SELL AT .0017S???LMAO.STOCK IS UP .0022 NOW.KEEP UP THE GOOD WORK.WE WILL SEE WHEN WE TYPE .01S AND .02s.KNOWING SOME IDIOTS WHERE SELLING IN THE .0011 TO .002.LOL.
ORCA
Member Level
Re: PlayMoneyBS post# 139516
Wednesday, October 18, 2023 9:44:22 AM
Post#
139517
of 139522
((((((Buyer beware. Sell while you can make a double, because it will not last.)))))PPS IS AT .0017X.0019.YOU SAID SELL,BECAUSE IT WILL NOT LAST.I AM GOING TO REMIND YOU IN THE FUTURE WITH YOUR VERY SAME POST.WE WILL SEE WHAT HAPPENS.
PAID PUMPERS????WHO WERE THEY????
THANKS FOR YOUR POST.SOME IDIOTS READ IT,AND HIT THE BIDS.LMAOOOOOO.I ADDED ANOTHER 400K AT .0019.KEEP THEM POSTS COMING.THERE ARE A LOT OF IDIOTS IN THIS WORLD.SELLING AT THE BOTTOM WHEN THE COMPANY WILL HAVE THE BEST Q IN HISTORY.UNFREAKEN REAL.THE STOCK SHOULD BE TRADING IN CENTS.AND IT WILL.IMO.THERE IS NO IFs,
Boy, got awfully quiet in here.
$2 Million in revenues for XA, huh? What might that look like on their financials?
According to their own $CMGO filings:
A bit more than $88K in net income (almost 6% to the bottom line).
But, uh oh, still have to support Daddy! What was the last quarter like?
Oh. Still in the red. Damn. Maybe the CEO will take some more loans for his legal problems or to lend out to others with their own legal issues.
Can't make this shit up.
#FixItUpChappie
THAT SAYS WHAT?????LMAO
Thank you for reaffirming this:
I’ve seen the actual certification. And yes, while all your questions seem to defy logic, it doesn’t mean that there aren’t any reasons why such questions come about that seem to defy logic. The current method of improving the viscosity of heavy crude is a very expensive thermal process. The fact does lie in that the cold cracking method is nothing new and there have been numerous unsuccessful attempts using different cold cracking methods. However, the method used by the Austrian company Pristec AG uses electricity to create frequencies that break down molecular bonds to improve viscosity at a fraction of the cost of current thermal processes. The reliable sources I’ve received information from were heavily invested in Pristec America, a New Jersey company involved with Pristec AG in the demonstration of the technology at an oil terminal in Estonia where they obtained a 90% improvement in the viscosity of heavy fuel oil and the elimination of certain toxic metals and impurities, certified by one of the world’s leading testing, inspection, and certification companies. Unfortunately, the question of where the toxic metals went became an issue. Refineries and oil terminals were concerned these metals eliminated from the crude would reappear adhered to the inside of the piping system in a different form resulting in the possible corrosion of their facilities’ entire piping system causing huge losses in repairs. Without the answer to that question, a rollout of the technology was impeded and investor funds for further research were eventually undermined by the SEC investigation resulting from Pristec America’s mismanagement and misappropriation of investor funds that also bankrupt the Austrian company. It seems the same owners of Pristec America are now trying a different version of the technology under NVT, but I haven’t any idea what they expect to accomplish. Last I heard, a reputable asphalt-producing company in New Jersey purchased the original Austrian patents and sued NVT for patent infringement. In summary, there must be some value in this technology when millions must have been spent on the purchase of the patents and all the litigation involved that anyone can read online. At the end of the day, the initial attempts to roll out a possible extremely lucrative technology were thwarted and maybe undermined forever, by greed, mismanagement, and gross professional incompetence.
((((((Buyer beware. Sell while you can make a double, because it will not last.)))))PPS IS AT .0017X.0019.YOU SAID SELL,BECAUSE IT WILL NOT LAST.I AM GOING TO REMIND YOU IN THE FUTURE WITH YOUR VERY SAME POST.WE WILL SEE WHAT HAPPENS.
PAID PUMPERS????WHO WERE THEY????
Sounds right. That's when the FOG and paid pumpers were touting settlements in the tens of millions. Much like touting the greatest quarter since the CEo took over $CMGO. Then, the truth was revealed and you can see how the insiders made out and those who are still here missed out. Buyer beware. Sell while you can make a double, because it will not last.
#PumpAndDump
THE ONES THAT AFRAID TO LOSE THEIR HARD EARNED MONEY THEY SHOULD NOT PLAY PENNY STOCKS.THE ONES THAT PLAYED SMART,BELOW TELLS THE STORY.WHAT HAPPENED.
IN DECEMBER 27TH-2018 AT A LOW OF .0015S.THREE MONTHS LATER MARCH 22ND-2019 IT RUN TO A HIGH OF .0294=AROUND 1,900 % RUN.LOOK BELOW THE LOW AND HIGH TO VERIFY.
Dec 27 2018 0.0016 -0.0001 -5.88% 0.0017 0.0017 0.0015 5,887,072
Mar 22 2019 0.0243 -0.0022 -8.3% 0.0278 0.0294 0.024 11,597,171
MEGA RUN BELOW NUMBER TWO.FROM A LOW OF .0023 IN MARCH 23RD -2020 TO A HIGH OF .0294 IN SEPT 1ST 2020.SO IN 5 MONTHS IT RUN AROUND 1,200%.LOOK BELOW LOW AND HIGH.
Mar 23 2020 0.0034 0.00 0.0% 0.0034 0.0034 0.0023 816,511
Sep 01 2020 0.0143 -0.0107 -42.8% 0.024 0.0294 0.014 60,770,588
I have been here for all of them I know
A MUST READ POST::::CHECK TO SEE WHAT HAPPENED EACH TIME THE STOCK WAS THIS LOW OF .0015s.AND I THINK WITH THE BEST NEWS WE GOT TODAY, WE WILL BE VISITING THAT .0295 s PPS AGAIN.IMO.
MEGA RUN NUMBER ONE.WHEN WE WERE TRADING AT THE SAME PRICE AS OF TODAY:0015s.
IN DECEMBER 27TH-2018 AT A LOW OF .0015S.THREE MONTHS LATER MARCH 22ND-2019 IT RUN TO A HIGH OF .0294=AROUND 1,900 % RUN.LOOK BELOW THE LOW AND HIGH TO VERIFY.
Dec 27 2018 0.0016 -0.0001 -5.88% 0.0017 0.0017 0.0015 5,887,072
Mar 22 2019 0.0243 -0.0022 -8.3% 0.0278 0.0294 0.024 11,597,171
MEGA RUN BELOW NUMBER TWO.FROM A LOW OF .0023 IN MARCH 23RD -2020 TO A HIGH OF .0294 IN SEPT 1ST 2020.SO IN 5 MONTHS IT RUN AROUND 1,200%.LOOK BELOW LOW AND HIGH.
Mar 23 2020 0.0034 0.00 0.0% 0.0034 0.0034 0.0023 816,511
Sep 01 2020 0.0143 -0.0107 -42.8% 0.024 0.0294 0.014 60,770,588
Here here blablabla over and over glad I never sold still holding many millions!!!! Good luck
LOL.I GUESS YOU JUST LEARNED ABOUT THE STOCK MARKET???EVERY SINGLE STOCK BIG BOARDS SMALL BOARDS IS BUILD ON PROMOTIONS AND PUMPS.EVERY SINGLE COMPANY,OR BUSINESS WHETHER RESTAURANTS,MUSIC BANDS,EVERY F$CKING THING YOU CAN IMAGINE. GET;S PROMOTED,PUMPED,TALKED ETC.OR WHAT EVER THAT BUSINESS IS DIES.IF NO ONE KNOWS ABOUT IT.
WAKE UP.I KNOW YOU GOT BEEF WITH THE COMPANY 5 THOUSAND POSTS.SINCE 2013.YOU NEVER LET GO.YOU WANT FAILS,SO YOU CAN SAY YOU TOLD US SO..YOU GET SATISFACTION FROM SEEN INVESTORS LOSING MONEY.AND MANY FREAKEN IDIOTS LISTENED TO YOU BEFORE WHEN THE PPS WAS IN THE .0015s AND .002sAND THEY MISSED TWO MAJOR RUNS.1)1,900% AND ONE 1,200%.I FEEL SORRY FOR THESE IDIOTS THAT SOLD AT .0011 TO .0016S RECENTLY,TO SEE THE PPS GO TO CENTS AGAIN?? WITHIN A SHORT TIME.EVERYTIME YOU SEE THE STOCK MOVES UP,YOU GO CRAZY.YOU PROBABLY DID NOT SLEEP THE LAST TWO NIGHTS.SINCE THE UPDATES.LOL.UNBELIEVABLE.
A MUST READ POST::::CHECK TO SEE WHAT HAPPENED EACH TIME THE STOCK WAS THIS LOW OF .0015s.AND I THINK WITH THE BEST NEWS WE GOT TODAY, WE WILL BE VISITING THAT .0295 s PPS AGAIN.IMO.
MEGA RUN NUMBER ONE.WHEN WE WERE TRADING AT THE SAME PRICE AS OF TODAY:0015s.
IN DECEMBER 27TH-2018 AT A LOW OF .0015S.THREE MONTHS LATER MARCH 22ND-2019 IT RUN TO A HIGH OF .0294=AROUND 1,900 % RUN.LOOK BELOW THE LOW AND HIGH TO VERIFY.
Dec 27 2018 0.0016 -0.0001 -5.88% 0.0017 0.0017 0.0015 5,887,072
Mar 22 2019 0.0243 -0.0022 -8.3% 0.0278 0.0294 0.024 11,597,171
MEGA RUN BELOW NUMBER TWO.FROM A LOW OF .0023 IN MARCH 23RD -2020 TO A HIGH OF .0294 IN SEPT 1ST 2020.SO IN 5 MONTHS IT RUN AROUND 1,200%.LOOK BELOW LOW AND HIGH.
Mar 23 2020 0.0034 0.00 0.0% 0.0034 0.0034 0.0023 816,511
Sep 01 2020 0.0143 -0.0107 -42.8% 0.024 0.0294 0.014 60,770,588
It's always a good indicator the pump and dump is in full swing!
#FixItUpChappie
$GoMarissa
#FunnelPublicRelations
#NewSchemeSameSuckers
Recent news sounds great! So glad to see you back on the board Ferg!
Yep. It's 2023. We're still waiting on your evidence.
Meanwhile, all the way back in June of 2023, the District Judge was kind enough to point out "(T)he cold cracking
technology had never (his emphasis) been proven to be commercially viable."
Source: https://www.courtlistener.com/docket/7826888/170/securities-and-exchange-commission-of-the-united-states-v-laura/
Here are the facts: The current CEO of $CMGO has been indicted by the SEC and is awaiting a criminal trial. Again.
XA has been virtually non-existent the entire year.
The CEO of $CMGO borrowed money via convertible debt to then lend out to this oil tech company (who have just had Consent Judgements filed against them and are not waiting on Court to decide on the amounts for disgorgement of ill-gotten gains, prejudgment interest, and a civil penalty).
The toxic debt may be converting right now.
This company has a history of touting supposed prospects that never turn out to be what is implied.
#PumpAndDump
Yeah, your talking about the 2008 IP. It's 2023 now. lol.
You're welcome to provide evidence, any evidence that the technology works and is doing what has been claimed. How about investors wait to buy up shares being sold until that's been done?
In the meantime, no experts are necessary, just the tiniest bit of due diligence. Remember what that is?
Investors can start here.
https://fossil.energy.gov/epact/cold_cracking_report.pdf
What was it the SEC said in the lawsuit they actually won?
YOU TOO.THIS IS THE BEGGINING.I COULD NOT BELIEVE THE NEWS.BEST EVER.STOCK WILL GO BANANAS IN TIME.IMO.
A LOT OF NOISE ON TWITTER ABOUT CMGO.THE CHEAP SHARES WILL BE EATEN UP.THEN WE MOVE ON 100K AND 200K BUYS.
CHECK LINK.READ POSTS.SOME POSTERS HAVE 30K FOLLOWERS??LOL.
https://twitter.com/search?q=CMGO&src=recent_search_click
OTC_Quinten
@OTC_Quinten
·
16m
Epic day in the #OTC 🔥
$SING: +40%, $48k volume
$BLEG: +60%, $139k volume
$BMXI: +42%, $59k volume
$AABB: +22%, $153k volume
$EBET: +25%, $192k volume
$CMGO: +80%, lower volume
Joe Cazz
@Jcazz17
·
24m
$BLEG $CMGO Set up nicely with big catalysts coming 💪
Due Diligence Virtuoso
@stock_hacker
·
6h
$CMGO had a PE of .0020 and .0030 in 2021/2019. The average PE Ratio for advertising in 30x. This Quarter alone likely larger then 2021 or 2019.. So lets just use .0025 x 30x = CMGO .075.. #INVESTMENT #FUCKFLIPPERS
Jenn
@jennyjunechris
·
20m
$CMGO Nice 😁
Quote
Jenn
@jennyjunechris
·
Oct 16
Good morning 😎
Possible continuation plays: $BDCO, $ZEVY, $CNBX, $CNER, $SDRC
Increased trading volume Friday : $SMGI, $CDSG, $CAPV, $FRZT, $CEOS, $DTGI, $SNWV, $INQD
News coming per company tweets: $GEGI, $CMGO
https://stocksandgains.com/watchlist-10-16-23
Show more
Kebrik the Profit
@kebrik
·
6h
Today's movers: $CRCW, $CMGO, $BLEG, $MGUY, and $CNER
Dr. Doom
@choppa_getin
·
Oct 15
$CMGO when nobody wanted it...
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Seananigans
@OTCseananigans
·
Oct 16
$CMGO news coming this week per CEO. Heavily undervalued currently.
Jenn
@jennyjunechris
·
Oct 16
Good morning 😎
Possible continuation plays: $BDCO, $ZEVY, $CNBX, $CNER, $SDRC
Increased trading volume Friday : $SMGI, $CDSG, $CAPV, $FRZT, $CEOS, $DTGI, $SNWV, $INQD
News coming per company tweets: $GEGI, $CMGO
https://stocksandgains.com/watchlist-10-16-23
Seananigans
@OTCseananigans
·
20h
Better than expected $CMGO news. 1.5 mil in revs in a single quarter and the market cap is still under 1 mil!
I doubt it stays that way by EOD tomorrow. Anything under .002 is a steal in my opinion.
Quote
CMG Holdings Group Inc. (CMGO)
@CMGONews
·
21h
$CMGO We are very proud to announce that XA is going to finish the year (4th Q) with it's best period in the last 8 years. The last quarter will gross between 1.5 and 2.0 million dollars. This will be generated by one of our oldest customers and a new customer who
Seananigans
@OTCseananigans
·
25m
Nice EOD action for $CMGO. Not only was I right that it would hit .002, but it tapped .0028 because it was so thin!
Should carry into tomorrow. LFG
Sear
ORCA ADDED .0016s AND .0019s PARCIAL.SOME STUPID IDIOT HIT THE BIDS AT .002 ONE MINUTE BEFORE CLOSE.UNREAL.
CMGO
CMG HOLDINGS GROUP
Open
Partial Fill
Buy 999,999
819333/999,999
Limit $0.0019 Day
3:54 PM 10/17/2023 3:54 PM 10/17/2023
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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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