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imo "Ole Yeller", Koppleman, taxpayer board deals, were THE reasons to buy this stock!
That is a very sad rule, I didn't know, and as much as I am happy to see the government get involved with criminal action, I have been critical of SEC since they did that, destroy the shareholder by taking it off the market. When does the government actually help PEOPLE? especially who were defrauded?
Not now?, ...and where were they all along? all the while the criminal lives large in his mansion.
Also if not for the awesome television news coverage detailing, and basically outlining the case for them, and pointing out that the taxpayer also got f-ed, imo, the SEC would not be here.
I said it before and I'm going to say it again, as long as it is not against the law to think this, and to say it in open public forum...
The SEC SUCKS...
Thanks for answering my question, concerning Yellow...just read it.
Roger certainly looks like a dirty rotten scoundrel. He looks like a carny worker, imo. Look at his face. You can get a lot of info, just by looking at a person.
Jake and Manu were harder to decipher, but after their time in PRISON, they will look more the part.
Could be a slight chance of getting some of our money back.
Bernie Madoff had to return money to those investors.
Probably, Manu, and Jake will have to turn over all assets......!
WE SHALL SEE.
I mean is there even a chance we get any money back? I'm holding a 30k bag that I can't even sell for tax hit from this POS being in grey's. Kum and Shapiro should get jail time but instead they may just get a slap on the hand and a fine that will be paid with all our money. Doesn't make sense.
Nice to see these scums charged with a crime. Maybe it will deter the next scam artist.
I would be very surprised to see any $$ come back to shareholders, but I am actually surprised to see this criminal action--- so you never know.
Would be nice to get a few cents back on the dollars of investments!!
FRY F'N BAZZTARDS! FRY.
I hear the sizzle.
No chance of getting any money back I assume.
FRY!
NEWS: ''Movie Studio'' Executives Charged With Microcap Fraud
http://www.otcmarkets.com/news/otc-market-headline?id=611540
Newsfile Corp.
Newsfile Corp
Washington D.C.--(Newsfile Corp. - September 23, 2016) - The Securities and Exchange Commission today charged three company executives with defrauding investors in a purported project to construct the largest movie studio in North America at a suburban location outside Savannah, Georgia.
The SEC alleges that Manu Kumaran, the founder and former chairman and CEO of a startup movie production company called Medient Studios and later Moon River Studios, schemed with his successor CEO Jake Shapiro to make an assortment of false and misleading statements in press releases and corporate filings. They allegedly claimed that construction was underway and projected dates by which the studio would be operational while knowing full well they did not have anywhere near sufficient funding to begin building the touted "Studioplex." In addition, Kumaran, Shapiro, and Roger Miguel – the CEO of a separate successor public company called Fonu2 that also operated under the name Moon River Studios – are alleged to have backdated and falsified promissory notes as part of a scheme to issue common stock in exchange for financing.
The SEC further alleges that while the Studioplex never materialized and the company eventually shuttered without releasing a single movie or video game, Kumaran and Shapiro nonetheless enriched themselves in the process. According to the SEC’s complaint, Kumaran spent an average of $1,700 per day of company funds on his globetrotting travel and personal expenses from April 2014 to June 2014 after claiming publicly that he did not draw a salary and assuring shareholders that all funds were being used to benefit the company. Shapiro allegedly misappropriated company funds for personal use after becoming CEO and lived in a house worth nearly a million dollars that was paid for by the company.
Miguel agreed to settle the charges against him without admitting or denying the allegations. He agreed to be barred from participating in any penny stock offerings or serving as a public company officer or director for five years, and the court will determine monetary sanctions at a later date. The settlement is subject to court approval. The litigation continues against Kumaran and Shapiro. The SEC's complaint was filed in U.S. District Court for the Southern District of Georgia.
Three company directors who are not alleged to have participated in the fraud were separately charged with violating federal securities laws by failing to timely report their stock transactions in the company while serving on its board. Former New York Democratic Governor David A. Paterson and music producer Charles A. Koppelman each agreed to pay $25,000 penalties to settle the charges against them without admitting or denying the findings. An administrative proceeding was instituted against Matthew T. Mellon II, a businessman and former chairman of the New York Republican Party Finance Committee. The matter will be scheduled for a public hearing before an administrative law judge, who will prepare an initial decision stating what, if any, remedial actions are appropriate.
"We allege that Kumaran and Shapiro preyed upon investor interest in the movie industry and financed their own lifestyles rather than build the promised Studioplex,” said Walter Jospin, Director of the SEC’s Atlanta Regional Office. "Koppelman, Paterson, and Mellon allegedly failed in their personal responsibility to comply with the beneficial ownership reporting requirements of the federal securities laws."
The SEC’s continuing investigation has been conducted by Joshua M. Dickman of the Atlanta office under the supervision of Aaron W. Lipson and William P. Hicks. The litigation to determine the merits of the allegations against Kumaran and Shapiro will be led by Wm. Shawn Murnahan and M. Graham Loomis with the assistance of Shannon Statkus from the U.S. Attorney’s Office for the Southern District of Georgia. The SEC appreciates the assistance of the U.S. Attorney’s Office for the Southern District of Georgia.
http://www.newsfilecorp.com/newsinfo.php?i=22716&f=96
The state of Georgia was hoping to create jobs. Way to go Jake for ruining everything! Fraudster.
Anything that actually helped the shareholder, imo, Jake was against. He could give a flip. He lied lied lied all the time....lies and more lies!
LOCK THE BASTARD UP ALREADY!!!!!!!!
Also really how hard it is to release a movie Yellow on dvd.. I can get the part that maybe the theater distribution is tricky.. but dvd? Plus with nowadays twitter/facebook etc you can promote a movie for free.. I bet that every single actor in the movie would tweet a release info for free.. and Melanie Griffith and others had tons of fans.. heck, make her daughter mention it.. Yellow was easy money to be made imo and Jake were not able to even do that. .. freaking joke is this guy.
It's true what you say; he got a sweetheart deal, and could have just followed the plan with all that money and made a success out of his own business model. One in which all could participate and could today be on TV for building an awesome movie studio. PR's might be coming out for the new movies, etc.
The person is rotten to the core, and knows no other ways.
He lives in a GRAND VICTORIAN MANSION.
He is surrounded by an entourage at all times.
Of course he knows how to make money!!! Lol...off of people who really work for a living.
The six million could have been used for building supplies, payments, roads,etc...all in the legal moral way.
The studio would have been well on its way to being finished, if he had chosen the right way. By doing so, more money would have jumped in. The stock really would be a dollar per share by now, and it would be a win win situation for the shareholders.
Jake chose the greedy way.
Good luck on your trades!
Here's the new sound bite clip link here
I agree, perfect AMERICAN GREED story, especially when brags about how he and the Wolf of Wall St bought each others companies out, I'm sure a fraud/scheme of great proportions, oh wait totally legal, that nobody ever heard about until now maybe even, in his gloating. Maybe even where he got his present day ideas. Then the ability of the TV shows to go there and see just valueless open woods, other than for hunting and for fishing, and, wow, what a great story. With over 6 million in one year only gone missing, with none spent on the project.
Also where else can property be bought out by the same guy who bankrupted a company, by the very same guy under a brand spank'n new company with no debt then just stonewall everyone and NOT PAY them. Of course all the time diluting the stupid shareholder; that's the scam where the big money comes from, right?
BTW if Attorney Bowen lived anywhere near me, I would hire him for every legal need, so well spoken and smart.
So yeah, starting to look like a flight risk with the heat turned up; probably afraid to leave his house with his a@@ broadcast all around the community, b(&@#
When said "it's all in the filings", she might have responded that the filings are delinquent and the companies and shareholders dead, though.
Thanks for keeping us up to date pennywiserr, and GL in your trades.
Too many people got scammed!
It is not going away!
I think this also will eventually....*AMERICAN GREED* weekly T.V. Fraud show that airs weekly.
Not good to take take take...and never give.
link to 1st story THANKS so much for this pennywiserr.
Can't wait for "Moon River runs dry Part II" tonight in just a few hours, and yeah maybe if it makes the TV news, and now comes back for the sequel, and still doesn't go away, maybe, just maybe...
Part 2 of Moon River Runs Dry will air on WTOC, Savannah, GA. news at 6:00P.M. Thursday, July 14.
This one should be even more interesting than part 1.
Ahhhhh....hopefully, getting closer and closer to jail time!!!
He came down to Georgia looking for some money to steal.
He accomplished that! Yes, imo, he is getting the big boot out of here!
Jake getting run out of Georgia?
I see that that new studio company Jake started in California doesn't appear to be registered as a business in California.
After his big problems with Georgia, I doubt many would ever want to business with the guy. Now FONU has gone dark, just like he did with MDNT. It is not clear whether either MDNT or FONU will file any financials again.
FONU ticker, post number 14650, by Mundella.....maybe Jake sold *Ole Granny Yeller* to his new studio.
The wonder of wonderzzzzz of *Jake The Tall Hat Snake* never cease to amaze me.
I don't know, but Jake, according to a recent post on FONU ticker, has supposedly opened up a new studio in California.
There now.....I hope this makes your day.
Yeah, he just has a talent for scamming the shi$$$$$ out of people!!!!!!
If remember correctly, Manu after running into the ground with Jake then didn't get compensated properly, so Oh Boy the SEC shuts down the company from trading, right? or might have been shareholder lawsuits, or all of the above, so my point is just that the SEC takes off the market due to phony baloney monkey business, taxpayer fraud whatever, etc that they were investigating, or obviously were looking into because they suddenly took it off the OTC market right?, and at that very same time, they were "investigating" these a-holes, at the very same time, then business as usual biggest movie studio in the world under yet another different ticker and a bunch of new suspiciously intertwined entities, with the design of controlling certain assets while free to walk away from whatever debts accrued, violate whatever Federal and State employment laws with impunity so on, now voluntarily taken off the market by themselves, hilarious
Also I suppose keep all the assets and taxpayer charity; wonder what happened to 'ol 'yeller? so on, Who does that belong to now IDK
Contract law only applicable to Jake and his various LLC's but obviously not honored or enforced for us lowly shareholders. Jake and Manu so very important, you and me not so much.
Surely the SEC only concerns itself with protecting the liar and scammer, and making sure their rights are not violated, because presumably they did nothing wrong, and we were just plain stupid to fall for it and deserve to be losers. I think that's the message, at least the one I'm receiving loud and clear from SEC. Here, and other tickers as well.
Manu, Jake, and Roger just seem to keep rolling along.
They never pay for all the many lies told to share holders.
I don't understand how or why they keep living in the free world.
Action Type: Commercial Registered Agent Resignation
Document Number: 20160256821-93 # of Pages: 2
File Date: 6/6/2016 Effective Date:
(No notes for this action)
Yes, MDNT shareholders would be well served now to get defunct FONU shares. Why not? They are worthless, so give em to MDNT sharesholders now... LMAO
Didn't they deregister so the SEC would not revoke the registration for being severely delinquent in SEC filings?
While the SEC may revoke the registration, it cannot do so if the company voluntarily deregisters, I believe.
The SEC may revoke the registration of stocks. In some circumstances, the SEC may revoke the registration of a defunct company's stock. Section 12(j) of the Exchange Act authorizes the SEC to revoke the registration of a security if the issuer fails to comply with the federal securities laws. Broker-dealers may not execute any trades in stocks whose registration has been revoked pursuant to Section 12(j).
A defunct company may not have a transfer agent. In some situations, the defunct company does not have a transfer agent. Although the federal securities laws do not require a company to have a transfer agent, if a company does not have a transfer agent, investors are unable to receive or transfer their stock certificates. Sometimes the SEC has considered a company's lack of a transfer agent as a factor in determining whether to revoke the registration of stock pursuant to Section 12(j) for the protection of investors.
If they are no longer registered, does the SEC actually ever revoke the ticker?
It probably means that the 10 million shares FONU owes MDNT shareholders may never be registered or given to MDNT shareholders.
Would be kinda funny if shareholders sued to return all the assets that Shapiro looted (IMO) from MDNT and have them returned to MDNT.
MDNT shareholders never received consideration (10 million shares) for all the so-called assets that Jake transferred to FONU.
The scam is over and done - SEC will eventually revoke shares registration and they will never trade again... MDNT and FONU
That's all..
and this for us means?
Termination of Registration of a Class of Security Under Section 12(g) (15-12g)
Date : 06/28/2016 @ 4:56PM
Source : Edgar (US Regulatory)
Stock : Fonu2 Inc. (PL) (FONU)
WTF!?!?!? This can't be.. Is this coming up from the dead? Account fluffed up a bit.. nice to see it off rock bottom price.. any thing i should know about or will i get slapped back to reality tomorrow?
IM RICH!!!!
.001
Somebody is playin around here or has fat fingers
:))
They are in default in Nevada, and their resident agent resigned.
Business Entity Information
Status: Default File Date: 09/10/2007
Type: Domestic Corporation Entity Number: E0630092007-2
Qualifying State: NV List of Officers Due: 09/30/2015
Managed By: Expiration Date:
Foreign Name: On Admin Hold: No
NV Business ID: NV20071085989 Business License Exp: 09/30/2015
Additional Information
Central Index Key E063009200
Registered Agent Information
Registered Agent Resigned
Occasionally. on the grey market, a trade gets matched. Maybe Manu is trying to make a comeback?
He was already deposed by the SEC. Maybe he'll need to visit the US. Shapiro must be sweating more than a little. He was executive financial officer for a long time before he became CEO and then the SEC suspension occurred.
Someone bought $20.00 worth of shares (200,000 x .0001 = $20.00)
If a symbol doesn't trade for a period of time I believe the SEC will remove ticker.
Someone may have just made a small trade to keep the ticker alive for potential future use, probably by a totally different company...
just a guess...
What do you make of today's stellar 9900% gainer?
Here's the link to the WTOC News video concerning Moon River. Good luck guys
http://www.wtoc.com/clip/12462793/wtoc-prime-moon-river-runs-dry
So SEC is still investigating Moon River Studios? Apparently the IRS is, too. Justice department next?
We all know Manu had a deposition interview with the SEC, but maybe Jake is being looked at for his role, since he was the executive financial officer under Manu and was the CEO when the SEC suspended Moon ?River Studios for securities fraud?
Maybe this is also part of the reasons FONU is now not filing financials?
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