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I am immensely fortunate. Currently, the flagship entity of my family office, "SONG," functions as a REG A+ II reporting issuer under the SEC. Consequently, any lapse in SEC reporting by SONG, regardless of cause — even a failure by a third-party audit firm, akin to the Borders case — would jeopardize our eligibility for proprietary quotes in accordance with the relatively recent updated Rule 15c2-11. When I initially acquired the public vehicle for a reverse merger with my company, Pro Music Rights, Inc., the OTC Markets Group assessed a fee of $12,000 USD, asserting their approval based on the company's "good standing" and absence of outstanding issues, ensuring compliance with "Pink Current Standards." However, post-merger, they inexplicably delayed action for nearly four months. During a Category 4 hurricane in my residence of Naples, FL, they abruptly transferred us to the expert market without prior notice. It was only almost a week later that they cited the previous entity's failure, five or more years prior, to file audited financial statements as grounds for the move. Consequently, we undertook the daunting task of auditing five or more years of records for a company that ceased operations upon our merger. Despite completing these audits — which pertained to a defunct entity we sought to disassociate from — they still refused to reinstate our proprietary quote eligibility. Subsequently, we engaged a Market Maker's assistance, a Herculean feat given current restrictions prohibiting Issuers from compensating Market Makers for filing Form 211s. In brief, following over 14 months of arduous efforts, and with the intervention of my local congressman, Byron Donalds, our reinstatement was finally sanctioned. However, from my extensive experience as a trader, investor, and manager of OTC issuers, it is abundantly clear that the prevalence of unscrupulous third-party service providers is alarming. A significant warning sign for me is the failure of any third party to raise potential concerns regarding "SONG," an extensively distressed US Public Performance Rights Organization owed over $700 million USD through contractual licensing agreements, which my company aims to recover predominantly via litigation, without a historical precedent for financial adjustments or collections due to almost 100% being delinquent. Additionally, our recent diversification into acquiring royalty-generating intellectual property stakes complicates matters further. Any audit firm claiming to complete our audit within 2-3 weeks, given the complexities of verifying hundreds of millions of dollars in contractual agreements and revenue recognition under US GAAP, as well as navigating our family office's unique 3(a)(10) arrangement with "SONG," which applies the 3(a)(10) exemption directly to underlying shares rather than merely to convertible instruments, raises immediate suspicion. Moreover, any firm willing to undertake such a task for a mere $20,000 USD fee seems incredulous.
On a somewhat unrelated note, I fondly recall the days when the OTC was more of a small community. While it always had individuals claiming fraud where there was none or hyping up investments with little substance, people used to take the time to present their cases on why they believed something was fraudulent or legitimate. However, it seems like these days, especially post-Covid, there's an influx of newcomers in the space, many of whom, in my opinion, lack the risk profile to trade anything OTC-related due to the highly speculative nature of the market. It's a shame that many retail brokers allow novice investors to dive into the OTC without understanding how the market operates.
Moving on to another unrelated topic, the formation of a Venture stock exchange is worth noting{ https://www.dreamex.com / https://www.congress.gov/bill/117th-congress/senate-bill/3097 ) . I believe that once the Venture stock exchange becomes operational (expected late 2024 or by Q2 2025), it could signal the final blow to the US OTC cash equities market. The OTC space has become a nightmare for almost all parties involved, including investors, traders, issuers, management, broker-dealers, clearing firms, and even regulators.
Regarding the future of the US OTC market, given my years of observing the market, I see it facing significant challenges. The rise of alternative trading platforms, regulatory complexities, and the increasing scrutiny on OTC securities could reshape the landscape dramatically in the coming years.
I would also love to get your thoughts on how the OTC has changed over the years and where you think it will end up in the future
Sweating their ass off in Boston tonight..lol.
Yes...thanks for the name. Did a quick image look up and there it was. Already found that C-SPAN vid...thought there were more. Not sure if you are aware, he attempted suicide years back due to health etc.
https://www.westword.com/news/jay-marvin-radio-legend-health-battle-death-16090978
C-SPAN
https://www.c-span.org/video/?24837-1/jay-marvin-radio-talk-show-simulcast
Oh yes, Jay Marvin. I didn't realize he'd died.
Remember that radio personality...the extreme far left one? He past fairly recently....didn't you call his work once(station)? That cat apparently had a real rough health ride. I forget his name...but I think he came out of Chicago. Didn't he attempt to sue you...and fail miserably. I'm going back now...but he was pretty much...I don't know the correct word to use...um...boisterous. I'm being polite.
I don't want to be disrespectful of him...but he may have been a bit of an ass, as in, his on air personality and beliefs. LOL...not sure why I am thinking about this now. It's just popped into my head after you wrote that reply to Jake. Weird ...
ps..he actually has a clip or two on C-SPAN I believe
I agree Janice those that dug up on scams have rarely crossed the line that our old friends have ( the pumper scum bags). The stuff I was subjected to was really disgusting. I still keep almost a zero internet profile after that. The good news is that most of the haters of me are now dead, in jail or broke as most of them were scum bags. NOt a single one has ever apologized. May they all rot in hell
I have no Idea on SONG .
the term "punk" comes to mind
i heard that some people are saying that you were grown in a lab and don't have an actual grandmother
I'm sorry you've been subjected to all that, Jake. Threats are never the answer in any situation. And those sent to your family members are appalling. Unfortunately, the growth of the internet has not come without societal problems.
It's been a long time since I looked at IFLM, and I don't think I've ever read the SONG board. But I do know that nodummy and most of the rest of us on the DD board don't dig for or spread personal information, and certainly don't deal in threats or harassment. In addition, IHub's been pretty quiet since the OTC market got whacked by the amendments to Rule 15c2-11. I think it's reasonable to say that the threats you're receiving now are from people who're posting about you and your companies now. And that those people are probably active on other sites.
You had a lucky escape. From what the SEC says, Borders just made up some of its workpaper. And they didn't retain all the material they were supposed to keep for seven years after every audit. So all those issuers will have to start pretty much from scratch with a new auditor. One that will be hard to find.
Wowser! The first four tickers are or were in the case of EBET listed NASDAQ
SOLY I’m not familiar with it as well as TOBAF
The other three I’ve witnessed pump and dumps of short duration with a message forum buzz prior to the day the shares are run up
I will paste a 10 day at hourly intervals for Volcon (Jesus, what a name)
As one can observe there was a pump and dump 10 days ago
Imagine what the Ihub magpies were posting
Since Cromwell Coulson’s stock market has been under SEC siege even before the pandemic traders have migrated to trade third NASDAQ shares
When I view the new 52 week lows list from the Barchart what I have noticed is that website doesn’t include stocks priced below 25 cents
And these are the stocks traders who focus on companies getting delisted or about to go belly up
It is not at all unusual to watch traders chase up the price by 100 to 200 %
he is a real character. and a kid.
Why you guys do this to me? hang that carrot . .0001 stock going after IHUB posters $416 in bank. what is gods name did those posters say ? something crazy like this pos is going to .0001?
I am not even sure I ever heard of this stock before but I have no choice but to goo look.
Interesting that they imply they have some sort of royalty interests in a bunch of performers 2 of whom are very high on my list of talent. Halsey and Miley Cyrus in particular are very talented.
Go Boston! Maroon for a 4 peat!
Additionally, "NoDummy" is included on the list due to past actions, including sharing personal information and false accusations{
lol. idiot. what false allegations, jake? sharing personal info is not a crime. not only do you have no standing, you're just plain wrong.
It's rather ironic that this happened today. I was just in the process of obtaining pricing for a PCAOB audit firm for some of my affiliated entities. After receiving exorbitant quotes (starting at 1M USD and up) from the Big 4 firms, I reached out to that specific firm, even though we never even asked for a firm timeline. They claimed that if we hired them and paid $20,000 USD, they would complete the full audit within 2-3 weeks maximum. However, anyone familiar with my company's financials knows that such a timeframe for a full PCAOB audit would be utterly impossible. This discrepancy was a major red flag for us, leading us to reconsider moving forward with them & thank goodness that we never did move forward with them
Hello Janice,
I want to provide you with complete transparency regarding the recent developments. While I have no knowledge of "NoDummy" making any statements about SONG, I need to clarify the motivations behind our actions. Our objective is not financial gain; instead, we are seeking subpoenas to unveil the identities of those behind certain accounts.
Previously, accusations against me didn't really matter to me as I knew that they lacked any substance & I knew I wasn’t doing anything that I was being accused of. However, the situation has escalated recently.{particularly when I was tasked by my board of directors to announce a insanely aggressive reverse stock split after my personal attempt to negate the need for one failed miserably) There has been a distressing surge in death threats and horrifying notes sent to my family members. For instance, a particularly alarming threat was directed at my elderly grandmother, stating intentions of violence, including an appalling suggestion of sexual assault and setting her on fire. These threats extended to other family members, such as my wife and mother, among others.
Consequently, my legal team is diligently working to pursue individuals who have engaged in such online harassment both currently & in the past. Our aim is to obtain orders of protection to cease these reprehensible behaviors. It's crucial to emphasize that this isn't driven by personal vendettas but rather a necessary response to protect vulnerable family members.
Additionally, "NoDummy" is included on the list due to past actions, including sharing personal information and false accusations{although that was many years ago). Given the anonymous nature of these parties engaging in this malicious conduct and the escalating threats towards family members and associates, I cannot afford to take any risks. Furthermore, these individuals have targeted other executives at Music Licensing, Inc., their families, and even unrelated third parties they suspected of having connections to me or my affiliated entities.
So ultimately we just want the harassment and threats to stop & to set a clear precedent that My affiliated entities as well as myself will not tolerate such reprehensible behavior, harassment, threats, & cyber stalking, etc
By the way....this has now become a single subject...and big scam:
UPDATE: The Minnesota Myth, who are owned by the commissioner’s wife, have yet to receive any payment.
— Spring Football Zone (@SpringFBZone) May 4, 2024
Lee Hutton was supposed to come to practice tonight to deliver payment to players, but he failed to show up.
More below. #AFL pic.twitter.com/I6Qpg7CgLB
By the way...everyone in Boston is sweating their asses of currently..lol. They'll probably get it...but I am Team Canada all the way. Oilers first :)
Honesty...just for once. They can't be that stupid and blind..eh? I hope not.
I wonder if the Borger clients have to report that their former financials can't be relied upon.
Oh yes. They do. Marcum had a ton of clients, too. They were, at least in 2021, the seventh-largest auditor in the States.
That idiot pumper who thinks he's Zack Morris is back? The f***? I thought he was going to jail
That is tons of fun! First, DWAC realizes it's chosen the wrong auditor in Marcum. That was a year ago:
https://www.sec.gov/files/litigation/admin/2023/34-97773.pdf
And now Borgers, TMTG's auditor--which they fiercely defended in the past few weeks--has his head on the block. Really, WHY did the SEC allow this merger to happen?
This is usually the case ... "He was one of the few auditors that took new clients" Once you are set..you don't have the ability to bring in new clients. You simply don't have the time and capacity.
What do you expect from clowns?
I'm a big animal fan.
that's what noem said.
Incredible..eh? Now the AFL apparently has nothing to do with Humbl. I can't believe those idiots actually say that out loud.
I'm curious. What did nodummy ever say about SONG? Or about you? He's posted very little at IHub in the past four or five years.
Sure stinks of a SLAPP suit to me.
Perhaps one or more of the targeted individuals lives in an anti-SLAPP state? That would be fun.
SEC Charges Rhode Island Stock Promoter with Microcap Fraud
The companies in question are SOLY, CNSP, EBET, VLCN, TOBAF
https://www.sec.gov/litigation/litreleases/lr-25993
The Securities and Exchange Commission today announced charges against Cranston, Rhode Island resident Ahmed Alomari and MCM Consulting, the entity Alomari controls, for fraud and other securities law violations related to their promotion of the stocks of at least five microcap issuers.
The SEC alleges that from at least March 2019 and continuing to February 2022, Alomari used such outlets as Twitter, Instagram, Facebook, investor chatrooms, and text blasts to promote these microcap stocks without disclosing the source or amount of compensation he received from, or on behalf of, the issuers for his promotion of their stocks. The SEC further alleges that Alomari personally invested in some of these issuers' securities, then surreptitiously sold the stocks while publicly recommending that investors buy them. This conduct included two initial public offerings in which Alomari allegedly invested and quickly sold all his shares for at least $1.4 million in profits. According to the SEC's complaint, Alomari also was able to publicly sell shares he had earned from his promotional services based on false representation letters confirming that the shares were available for public trading. The SEC alleges that Alomari directed his wife, whom he named as the sole officer of MCM Consulting, to sign the false representation letters.
The SEC's complaint, filed in the U.S. District Court for the District of Rhode Island, charges Alomari and MCM Consulting with violating the anti-fraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, the anti-touting provisions of Section 17(b) of the Securities Act, which prohibit promotion of a security without disclosure of compensation received for the promotional activity, and the registration provisions of Section 5(a) and (c) of the Securities Act. The SEC's complaint additionally charges Alomari with violating Section 20(b) of the Exchange Act by violating the anti-fraud provisions through or by means of his wife. The complaint seeks, as to both Alomari and MCM Consulting, permanent injunctions from violating the charged provisions of the federal securities laws, disgorgement, prejudgment interest, civil monetary penalties, and a penny stock bar. The complaint also seeks a bar against Alomari from acting as an officer or director of a public company.
The SEC's case is being handled by Richard Harper, Jeffrey Cook, Alexandra Lavin, Jonathan Menitove, Ryan Murphy, and Celia Moore of the SEC's Boston Regional Office.
Cheers!, thanks for the article;
.. seems to be a thing..
The Financial Services Commission said its Securities and Futures Commission decided during a meeting on Friday to fine the Hong Kong unit of French investment bank BNP Paribas and its securities affiliate operating in Korea as well as HSBC's Hong Kong arm 26.52 billion won ($20.35 million) for violating the Capital Markets Act's regulation banning naked short selling. The two banks will also be referred to prosecutors.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174349831
You may be right, I think I found the link from someone in the red
And a number of American Get Shorty types have jumped on the bandwagon.
Well then, that's fine.
you are going to lose, jake.
Hello Janice,
The reason you didn't make this list is that several years ago, during our conversation, you informed me that you had a pet guinea pig. I've also had them as pets before; I'm a big animal fan. Additionally, this legal action aims to stop cyber stalking, something that you have not engaged in as it relates to my family, my affiliated entities, or myself (at least, to my knowledge).
lol. it looks like nodummy still has it.
Sheesh. But I see I didn't make the cut. Am I losing my touch?
Interesting thought. Would it make the scam OTC companies, especially the SEC reporters, start looking over their shoulder?
I wonder if the Borger clients have to report that their former financials can't be relied upon.
"Trump Media’s auditor is really bad at spelling his own name.
Meet Ben F orgers (we wish we were making this up)"
"https://www.ft.com/content/2556fab5-d168-4d68-aedb-9be4b5ab739d
The founder of the accounting firm hired by Donald Trump’s social media group has used 14 variations of his name in filings with the industry regulator, far more than any other US auditor, according to a review of public documents.
Ben F Borgers, whose accountancy firm BF Borgers inspects the finances of Trump Media & Technology Group, has filed Form APs to the US Public Company Accounting Oversight Board using the names Ben F Brogers, Blake F Borgers, Ben F Vonesh and Ben F orgers, among 10 others — some of which look like simple spelling mistakes — according to Public Company Accounting Oversight Board data."
https://www.ft.com/content/2556fab5-d168-4d68-aedb-9be4b5ab739d
"Huge shortage of PCAOB registered auditors?" The kinds of quality issues I buy never have problems finding highly credentialed CPAs. The Big Four firms are always competing among themselves
My own standards are far beyond the bare minimum. All of my stocks are audited by Big Fours. Minimum market size:~$10 billion. Usually NYSE listed. Never startups.
Ben Borgers, CPA, CVA, Managing Partner
https://www.bfbcpa.us/about-us/
That is nice and all, but let me let you in on a little secret that many people don't know.
There is a huge shortage of PCAOB registered auditors in the USA. Of the 350 registrants that Borgers audited, I am sure that most, if not all, chose him not because he was easy, crooked (as if anyone knew) or even cheap (he wasn't, BTW). He was one of the few auditors that took new clients and was available for engagement to meet the SEC requirements.
I am not at all sure that all of the 350 Borgers clients will be able to find a new auditor quickly, if at all. There just aren't that many available slots out there.
But hey, if you are a CPA with public company auditing experience, no better time to start your own firm - there are 350 registrants who are dying for your services.
HMBL is pathetic at best! LOL The champion pumper there went into hiding.
I posted about three others I follow.
And FWIW, the great George Sharp, the OTC WHIZZ just screwed investors again by filing a Form 15 to deregister the WNFT stock.
Here are my three top ones.
NHMD, the old pancake in the can scam. In September
they were supposed to go into business with a John K Park on Sugar, chicken paws and then jet fuel. NHMD ran and is now trading @ .0004. It is SEC delinquent and Park never consummated the merger,
John Park then moved on to SPZI and is touting the same items plus others. OTCM slapped a shell risk on them.
SPZI: Bloxcross and JP 3E Holdings to Launch Global Platform for Trade FinancePress Release | 04/30/2024
SPZI: JP 3E Holdings, Inc. Retains Accell Audit & Compliance, PA to Audit the Financial StatementsPress Release | 03/21/2024
SPZI: JP Energy Global Sets Shipping Dates of Chicken Paws - $182,000,000 Revenues upon ShipmentPress Release | 02/09/2024
JP 3E Holdings (OTC: SPZI) and Archeo Futurus, Inc. enter Strategic Alliance AgreementPress Release | 02/08/2024
SPZI (now JP 3E Holdings, Inc.): New $617,500,000 Fully Executed Sugar Commodity Contract Press Release | 02/05/2024
4
SPZI: JP 3E Holdings, Inc. Secures US Department of Homeland Security EB-5 Program and Procures the Acquisition of CIG InternationalPress Release | 01/19/2024
SPZI: Five New Fully Executed Commodity Contracts; Year to Date Total $303 MillionPress Release | 01/05/2024
CORRECTION; SPZI: Three New Fully Executed Commodity Contracts; Year to Date Total $90.2 MillionPress Release | 12/29/2023
SPZI: Three New Fully Executed Commodity Contracts; Year to Date Total $90.2 MillionPress Release | 12/29/2023
SPZI: $53.4 Million Fully Executed Commodity Contract ClosedPress Release | 12/26/2023
Some good DD on Park reveals many red flags. Here are just a few. His company got nailed for counterfeit N 95 masks. He has over $4 million in judgements and he is running a billion dollar empire out of a one bedroom condo in Somerset NJ. The NYC address is a mailbox location in K Town.
And finally, IGPK which is a supposedly billion dollar Chinese company looking to go public. OTCM just slapped a Grace Period, Dark or Defunct tag on them.
"Sham Audit Mill’: SEC fines, permanently suspends BF Borgers"
"In its 2022 PCAOB inspection report published in November, all 11 of BF Borgers’ audits inspected included deficiencies. The firm has received mainstream attention this year as the auditor of former President Donald Trump’s media company.
https://www.complianceweek.com/regulatory-enforcement/sham-audit-mill-sec-fines-permanently-suspends-bf-borgers/34753.article
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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