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Oh yeah ...I know. There was just another stopgap funding bill...lol. Like that shouldn't remind me. :)
Lol...of course it would be a common sense issue. That's derp' on me :)
Yes it is, in September. The SEC's fiscal year ends on the 30th.
Yes, for September. The US government's fiscal year ends on September 30, so the SEC crams as many enforcement actions as possible before the end of the year to pad their stats.
October is almost always very bare on the enforcement front.
Jesus....is this normal to have so many releases at once?
The SEC cuts a deal with another messy SPAC:
1. These proceedings arise from WM Technology’s untrue and misleading reporting of “monthly active users,” or “MAU.” WM Technology is a public company that operates an online marketplace connecting cannabis users with cannabis businesses. Respondent became a public company through a June 2021 de-SPAC transaction. Until August 2022, WM Technology publicly reported only one metric that measured the strength of the consumer, or user, activity on its online marketplace: MAU, which WM Technology described as a “key operating” metric in its periodic filings with the Commission. Both during the de-SPAC transaction and after WM Technology became public, WM Technology misleadingly reported substantial and continued MAU growth and emphasized the strength and growth of its user base in its public filings and earnings calls.
2. When reporting MAU publicly, WM Technology described “monthly active users” as the number of unique users opening the WM Technology mobile app or accessing the WM Technology website during the course of a calendar month, and further explained that the number of MAU was determined by counting the total number of users that had “engaged with” the company’s website during the final calendar month of the given period. In truth, a large and increasing percentage of the users of the WM Technology site were instead persons who visited a third-party site, and who were then automatically shown the WM Technology site by way of a “pop under advertisement (which appeared under their browser windows). Consequently, these purportedly “active” users did not volitionally seek out the WM Technology site, and, in most instances, they took no action whatsoever on the site. Despite the reported growth in MAU, WM
Technology’s user engagement metrics were stagnant or declining. WM Technology’s former chief executive officer and its former chief financial officer were advised of the declining user trends on the WM Technology site and the fact that these non-engaging users were making up an increasingly large percentage of WM Technology’s total MAU. They understood that only a very small percentage of users acquired by pop-under ads actually interacted with the site, and were told that WM Technology was using paid traffic, and pop-under ads specifically, to hit MAU targets. WM Technology’s former CEO and former CFO failed, however, to reasonably follow up on this
accelerating trend, failed to disclose that the calculation of MAUs included an increasing percentage of non-engaging users whose only contact with the site consisted of having a pop-under ad open on their device, and negligently continued to sign WM Technology’s SEC filings and make public statements that reported inflated MAU numbers touting the company’s growing user base.
3. Based on the foregoing and the conduct described below, WM Technology violated Sections 17(a)(2) and 17(a)(3) of the Securities Act and Sections 13(a) and 14(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, 13a-13, 13a-15(a), and 14a-9 thereunder.
[...]
https://www.sec.gov/files/litigation/admin/2024/33-11309.pdf
SEC Charges Former CEO of Tech Startup SKAEL with $30 Million Fraud
Washington D.C., Sept. 24, 2024 — The Securities and Exchange Commission today announced fraud charges against Baba Nadimpalli, the co-founder and former CEO of SKAEL Inc., a San Francisco-based private technology company that developed business automation software.
According to the SEC’s complaint, from January 2021 through February 2022, Nadimpalli raised more than $30 million from investors by falsely claiming that SKAEL had millions of dollars in annually recurring revenue, which was more than 10 times the true amount. The complaint also alleges that Nadimpalli falsely suggested to investors that SKAEL’s customers included a number of well-known companies, and, further, that Nadimpalli forged bank statements to show nonexistent payments from customers. Nadimpalli also allegedly spent hundreds of thousands of dollars of SKAEL’s money on his own personal expenses, including payments on his house and car...
https://www.sec.gov/newsroom/press-releases/2024-146
https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-146.pdf
SEC Charges Crypto Companies TrustToken and TrueCoin With Defrauding Investors Regarding Stablecoin Investment Program
Companies also charged with unregistered offer and sale of securities
https://www.sec.gov/newsroom/press-releases/2024-145
The complaint:
https://www.sec.gov/files/litigation/complaints/2024/comp-pr2024-145.pdf
Eleven Firms to Pay More Than $88 Million Combined to Settle SEC’s Charges for Widespread Recordkeeping Failures
One additional firm will not pay a penalty because it self-reported, self-policed, and demonstrated substantial efforts at compliance
https://www.sec.gov/newsroom/press-releases/2024-144
The firms are:
Stifel, Nicolaus & Company, Inc. agreed to pay a $35 million penalty;
Invesco Distributors, Inc., together with Invesco Advisers, Inc., agreed to pay a $35 million penalty;
CIBC World Markets Corp., together with CIBC Private Wealth Advisors, Inc., agreed to pay a $12 million penalty;
Glazer Capital, LLC agreed to pay a $2 million penalty;
Intesa Sanpaolo IMI Securities Corp., agreed to pay a $1.5 million penalty;
Canaccord Genuity LLC agreed to pay a $1.25 million penalty;
Regions Securities LLC agreed to pay a $750,000 penalty;
Alpaca Securities LLC agreed to pay a $400,000 penalty;
Focused Wealth Management, Inc. agreed to pay a $325,000 penalty; and
Qatalyst Partners LP will not pay a penalty.
I'd pay money to watch a series of just Katie Holmes and Nicole Kidman sitting on a couch drinking and talking shit about Tom Cruise.
Yep, I do know that. Just saying that just about all the rhetoric you see on iHub, especially from those who have been pumping a stock, is just that, they flip to either feigned anger about the company or despondence about a loss after they’ve flipped their stock.
Stock related suicides are real.
There may be 1 or 2 real marks posting here after the wheels fall off, but most of it is just more pretending. Have to convince those marks that they didn't dump on them, otherwise they won't follow them to the next pump and dump.
I agree 99% with that. But I still find a few that cry when a stock crashes.
You are mistaken. None of them believe any of the claims, they're just relentlessly pretending to in order to dump their stock.
Yes sir. Bashers are liars and pumpers tell the truth! 🤣😅😂
Truth telling is frowned upon by some.
AND BY BASHING I MEAN JUST TELLING THE TRUTH ABOUT WHAT SCAM THE STOCK AND THE AZZHATS THAT ARE PUMPING IT ARE -- and those idiots might just take it higher. Who knows? Maybe .25 cents or even higher??? What is the ceiling on STUPIDITY? Hard to tell!
It still happens. Look at Cannabis Solutions Inc (PK)(IGPK). I "bashed" with facts and it went from .002 a few months ago to .0099 Friday. The pumpers believe the claim that it is a billion dollar Chinese company and will not R/S or increase the A/S even with a SS that is practically maxed out. They also believe they will get audited financials by the end of the month.
Authorized Shares
4,650,000,000
09/20/2024
Outstanding Shares
4,501,817,059
09/20/2024
Here is a classic post.
linkvest
Member Level
Re: cojoboy post# 82872
Monday, September 23, 2024 12:31:35 AM
Post#
82873
of 82883
Exactly and IGPK has over 10,000 employees and about projected $100 million in Revs this year.. No brainer to me.
I don't remember it, but people bash stocks because they're going up even though they're scams. And sometimes they continue to do so.
Look at GME. It had nothing going for it. It had a HUGE run BECAUSE it was being pumped by people who knew nothing about the market.
Hmmmm... didn't know about this one.
I doubt he will be doing ANYTHING with ACCR -- as far as I know he's just a shareholder.
so remember this post?
I started bashing a stock (about a month ago) being hyped here on iHub and X when it was .015-.02 and the damn stock went over .08 cents. It closed Friday at .06/.067. I'm still holding half the shares I bought and riding on the house. I've been kinda busy but I spoze when I have time I can go bash it some more -- AND BY BASHING I MEAN JUST TELLING THE TRUTH ABOUT WHAT SCAM THE STOCK AND THE AZZHATS THAT ARE PUMPING IT ARE -- and those idiots might just take it higher. Who knows? Maybe .25 cents or even higher??? What is the ceiling on STUPIDITY?
"Avoid Greek shippers." Or (any) shippers. I rigidly adhere to about 15 rules like that. Both my kids have a copy of my investing rules.
The overarching idea: Buy Quality and Diversify.
I personally would always avoid Greek shippers.
DRYS. Forgot that bowser. Lord! DRYS and those big failing Irish banks. In my case, I only buy jumbo American blue chips.
"Buy quality and diversify."
Yep... DRYS did even more splits. I think eight of them in less than a year. That was, of course, before Nasdaq adopted these (fairly) new rules.
MULN did THREE reverse splits in 2023:
1:25 on 4 May
1:9 on 11 August
1:100 on 21 December
And then one this year:
1:100 on 17 September
https://companiesmarketcap.com/mullen-automotive/stock-splits/
Through these schemes, the SEC's complaint alleges,
I thought Harvard played in the IVY League and not the SEC.
Let me know when the news breaks. I once had a junk email but lost track of it.
He was married to Jamie-Lynn Sigler who played Meadow on The Sopranos.
That's what a 1:100 reverse split will do.
$6,000 52 week high now $6
Many times yes...and the rules of practice had to be amended almost a decade ago given the off balance weighted in favor of the SEC. Further...and exactly to my point is the October suit:
https://www.sec.gov/files/litigation/litreleases/2023/application25880.pdf
Depositions are conduction in just about every civil case brought. By the SEC or another plaintiff.
It's part of the discovery process which means they don't have enough information. The only attempt here is to trap him with his testimony. I am fully aware of the process...and fully understand that this is supposed to expose any possible surprises pre trial et al.. It's my opinion that they clearly do not enough information and need a closer.
They need to use the testimony against him if possible. Which is fine....
Just my opinion.
On Tuesday 17 September, Mullen Automotive (MULN) did a 1:100 reverse split. Last year, the company did three reverse splits, the last at the end of December. Needless to say, shareholders were unhappy. Since the split, the stock price has dropped like a rock.
And then after 5 p.m., MULN filed an 8-K:
On September 16, 2024, Mullen Automotive Inc. (the “Company”) received formal notice from the Listing Qualifications department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that, based upon the closing bid price for the Company’s common stock, par value $0.001 per share (the “Common Stock”), for the previous 30-consecutive business day period, the Company no longer satisfied the minimum bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”).
The Staff further indicated that, based upon the Company’s implementation of one or more reverse stock splits within the past two years at a cumulative ratio of 250 shares or more to one in contravention of Nasdaq Listing Rule 5810(c)(3)(A)(iv), the Company’s securities were subject to delisting unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company plans to timely request a hearing before the Panel, which request will stay any further suspension or delisting action by Nasdaq at least pending the ultimate conclusion of the hearing process.
As previously announced and described in Item 5.03 below, effective with the open of the market on September 17, 2024, the Company implemented a reverse stock split at a ratio of 1-for-100 shares (the “Reverse Stock Split”), which resulted in a closing bid price of at least $1.00 per share for the four consecutive business day period ended September 20, 2024. In order to evidence full compliance with the Bid Price Rule, the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10, but generally not more than 20, consecutive business days. If and when applicable, the Company will request the Staff’s issuance of a compliance determination and cancelation of the Panel hearing. There can be no assurance that the Staff will accede to the Company’s request or, in the event a hearing is required, that the Panel will grant the Company’s request for continued listing on Nasdaq.
https://www.sec.gov/Archives/edgar/data/1499961/000182912624006389/mullenautomotive_8k.htm
Emphasis mine.
MULN opened at $11.8501 on the 17th. On Friday the 20th, it closed at $6.649. I certainly wouldn't put money on the bid price remaining above $1 for 20 days post split. Maybe it can't even stay there for 10.
And in the meanwhile, once the company had filed that 8-K, it filed an S-8 to register stock that had been gifted to Michery for "milestones" he'd achieved.
Nope. Doesn't mean they don't have enough evidence. It means he refused to turn up for his deposition, as he's done before.
That's interesting. A.J. DiScala is also slimy, and has insisted ever since he was charged that he's some sort of victim. He has Hollywood good looks, and attracted some support...
"Completion of the Transaction resulted in the sale of substantially all of the Company’s assets, and the proceeds thereof will be used entirely to satisfy a portion of the claims of the Company’s secured creditors net of transaction costs. The Company no longer has an operating business or any material assets, and the foregoing sale sale does not involve a Deed of Company Arrangement being proposed to creditors.
The Administrator has advised the Receivers that it is presently the Administrator’s intention to hold the second meeting of creditors in the Voluntary Administration on or around September 27, 2024. On the basis that a Deed of Company Arrangement is not expected to be proposed and that the Company and its three Australian subsidiaries in Voluntary Administration remain insolvent, the Administrator considers it is likely that resolutions will be passed for the winding up of the Company and its three Australian subsidiaries at that meeting.
Your company will be liquidated and will be "wound up" - meaning it will be dissolved. Tritium DCFC Ltd. will no longer exist and the shares are entirely worthless. All proceeds of the sale go to pay creditors. Common stock gets nothing and will be cancelled as part of the wind down dissolution of the corporation.
Congratulations on the total loss of your investment in the common stock of DCFCQ !
das Ende
So they don't have enough evidence. Third time is a charm.
🇺🇸 I present this calendar as a Public Service:
https://www.justsecurity.org/88039/trumps-legal-and-political-calendar-all-the-dates-you-need-to-know/
Paulie's Pixel Palace
DCFCQ Form 6-K Business Sale Agreement
09/20/2024
https://www.otcmarkets.com/filing/html?id=17848654&guid=X4L-kp38d5wqJth
https://www.otcmarkets.com/stock/DCFCQ/disclosure
One of the "et als" in that case went to high school with a good friend of mine. We've been following the case somewhat since it was first filed.
My friend said the co-defendant was a slimeball 40+ years ago and he wasn't surprised that the dude got involved in penny stock scamming.
Some people learn how to steal from an early age.
That is undoubtedly true.
SEC says Elon Musk should be sanctioned if he keeps dodging Twitter depositions
https://www.cnbc.com/2024/09/20/sec-says-musk-should-be-sanctioned-if-he-keeps-dodging-twitter-depositions.html
DD Support Board and Fraud Research Forum
This forum is a place for ALL to share and build research and due diligence.
This is not a forum for recommending stocks to buy or sell. It is for information sharing only.
Please do not use this forum to promote stocks.
Feel free to build on the research already done by others or to present fresh new research.
Please start all informational posts with the ticker symbol of the stock.
Important links:
Another place to read some of nodummy's research:
http://promotionstocksecrets.com/
Great Forum for Litigation and Court Docket updates not posted on this board:
www.investorshub.advfn.com/boards/board.aspx
SEC trading suspensions:
http://www.sec.gov/litigation/suspensions.shtml
SEC press releases:
http://www.sec.gov/news/press.shtml
SEC administration proceedings:
http://www.sec.gov/litigation/admin.shtml
SEC litigation releases:
http://www.sec.gov/litigation/litreleases.shtml
Most recent SEC flings:
http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=&type=&owner=exclude&count=40&action=getcurrent
Great Website for basic information about the laws surrounding penny stocks
http://www.securitieslawyer101.com
Stock Dilution Scam:
A share dilution scam happens when a company, typically traded in unregulated markets such as the OTC Bulletin Board and the Pink Sheets, repeatedly issues a massive amount of shares into the market for no reason, considerably devaluing share prices until they become almost worthless, causing huge losses to shareholders. Then, after share prices are at or near the minimum price a stock can trade and the share float has increased to an unsustainable level, those fraudulent companies tend to reverse split and continue repeating the same scheme.
Pump and Dump Schemes:
"Pump and dump" schemes, also known as "hype and dump manipulation," involve the touting of a company's stock (typically microcap companies) through false and misleading statements to the marketplace. After pumping the stock, fraudsters make huge profits by selling their cheap stock into the market.
Pump and dump schemes often occur on the Internet where it is common to see messages posted that urge readers to buy a stock quickly or to sell before the price goes down, or a telemarketer will call using the same sort of pitch. Often the promoters will claim to have "inside" information about an impending development or to use an "infallible" combination of economic and stock market data to pick stocks. In reality, they may be company insiders or paid promoters who stand to gain by selling their shares after the stock price is "pumped" up by the buying frenzy they create. Once these fraudsters "dump" their shares and stop hyping the stock, the price typically falls, and investors lose their money.
http://www.sec.gov/answers/pumpdump.htm
The key is understanding
The key is understanding that pink sheet stocks are not investments - 99% of them will lose value over the long run and never accomplish most of their forward looking pumping statements they put in press releases or on their websites. Never believe the hype - always be skeptical of everything you hear.
The people mostly making money with pink sheet stocks are promoters, front loading pumpers with big followings they can dump on, crooks, some of the flippers, and sometimes the very lucky.
Pumpers only tell you to buy stocks that they already own. Pumpers only tell you to hold stocks because they want to make sure you hold longer than them.
They make money by pumping the stock and getting other people to buy then dumping their shares on the followers.
If you really want to take the risk of trying to make money trading pink sheet companies then you have to understand how the game works and never ever hold long term - take profits when you can. Pump and Dumps dominate the IHUB forums.
Trading pink sheet stocks is a sick game full of lies and deceit where people take advantage of the inexperienced and naive stealing away their life savings for their own personal gains.
Very little respect or morals exist in stinky pinky land.
The Consequences of an SEC Suspension:
Complete list of SEC suspended stocks and SEC Admin. Law Judge registration revocations from January 1st, 2010 to May 9,2020:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155531213
More information on Suspended Stocks
http://investorshub.advfn.com/SEC-Suspensions-&-Revocations-25334/
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