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Shareholders come and go but penny CEO's just keep 'promising'. How many penny CEO's ever fulfill their promise of great wealth?
With nothing more than a web site, message boards and tall lies, any con artist can make a product or service 'appear' real, when it's true 'usefulness' is zip. After the dump, the CEO reverse splits the stock and bagholders lose everything and have no one to sue due to all the carefully couched disclaimers and warnings. They just tuck tail and move on, mumbling something about 'my bad'.
The share price goes to .0001 and the company doesn't even have the trouble or expense of filing BK??
The traders and MB's love the pumps and become 'supporters' of the whole process.
Under Surveillance: AWSL Chairman Has Some Skeletons in His Closet
by Melissa Davis - 12/16/2009 6:49:44 AM
* Click here to start/join a discussion of this article or send tips for future news stories.
Gilles Trahan, the chairman of both Atlantic Wind & Solar (AWSL.PK) and MSE Enviro-Tech (MEVT.PK), better hope that investors don’t start judging him by the company he keeps.
After all, Trahan has ties to Basil Meecham – a past target of securities regulators – that date back at least eight years. The two men remained connected as Facebook friends as recently as last month, although they have since taken steps to block visitor access to their personal information. The Street Sweeper captured evidence of that Facebook friendship weeks ago, however, in anticipation of such changes.
Meanwhile, past ties between Trahan and Meecham remain a matter of public record. The paper trail starts during the early years of this decade, when both men worked for a doomed penny stock company known as Symphony Telecom. The company employed Trahan as its chairman and CEO, public filings show, while it paid Meecham (with 1.5 million shares of its own stock) for providing “consulting services” to the firm.
The same company retained Mario Giangioppo – a disbarred attorney – as its legal advisor, The Globe and Mail revealed, before later changing its name. While running for political office in 2003, the newspaper noted, Giongioppo wound up dropping out of the race when his past came back to haunt him...
http://www.thestreetsweeper.org/undersurveillance.html?i=65
PennyStockChaser Fails to Outrun the SEC
by Melissa Davis - 6/30/2010 8:21:40 AM
PennyStockChaser, a promotional website that caught the attention of TheStreetSweeper seven months ago with its breathless recommendations of dubious microcap companies, cannot run away from government authorities any more.
The U.S. Securities and Exchange Commission cracked down on PennyStockChaser this week, filing charges against the website, its two owners – Carol McKeown and Dan Ryan – and two investment firms under their control. In its formal complaint, the SEC accused the defendants of “clandestinely selling millions of shares” in the same stocks that it was urging investors to buy. All told, the SEC estimates, the defendants pocketed at least $2.4 million from their so-called stock-scalping scheme.
“McKeown and Ryan used all the modern methods to communicate with investors, including the PennyStockChaser website, email, text messages, Facebook and Twitter,” Eric Bustillo, director of the SEC’s office in Miami, stated when announcing the charges on Tuesday. “Yet (they) failed to adequately communicate that their rosy predictions for touted stocks were accompanied by their sales of those very same stocks.”
According to the SEC, PennyStockChaser promoted more than 65 different penny stocks during 2009 alone. When TheStreetSweeper originally examined PennyStockChaser back in November, it calculated that the website had already received almost 200 million free trading shares – after just seven months of operation – in the companies it was paid to tout.
As it turns out, however, PennyStockChaser apparently received even more stock than the website actually disclosed. The SEC now claims that PennyStockChaser collected far more shares of Atlantic Wind & Solar (OTC: AWSL.PK) and MSE Enviro-Tech (OTC: MEVT.PK) – the very companies scrutinized in TheStreetSweeper’s past coverage of the website – than it reported to the public. Of the $2.4 million realized by PennyStockChaser through its scalping scheme, SEC figures indicate, roughly $1 million came from sales of AWSL and MEVT alone.
Fueled by PennyStockChaser’s paid touts, the SEC says, AWSL soared from 70 cents a share last July to $4.84 a share just three months down the road. AWSL had fallen to $3 when TheStreetSweeper published its story in November, less than a month after the stock peak, and has plummeted to just $2 a share since that time.
MEVT fared even worse. That stock, which jumped from 35 cents to $1.30 after PennyStockChaser touted the company, now fetches a mere 10 cents a share.
AWSL and MEVT feature other common traits as well. They share the same chairman – examined in detail by TheStreetSweeper in a previous story – and the same investor relations firm to boot.
Even PennyStockChaser lumped the two companies together when bullishly touting their shares.
“The same guys who brought us AWSL have brought us MEVT,” PennyStockChaser cheered during the height of the big company promotions last fall. “AWSL has made members a fortune, and we are sure MEVT will do the same … The stock could see a move to the $5 (range) and make members big money – if they move fast.”
Apparently, PennyStockChaser had already begun to make its own move by then. Through related entities, the SEC claims, the website’s owners sold 360,000 shares of AWSL for $780,600 in proceeds. They also sold 533,334 shares of MEVT, the SEC says, for another $240,000 in gains.
The SEC has now frozen the defendants’ assets, however, and is seeking full disgorgement of any ill-gotten returns. It hopes to secure penny-stock bars against PennyStockChaser – which liked to promote itself as the most popular website for “hot penny stock tips” – and its two owners as well.
To contact Melissa Davis, the author of this story, please send an email to editor@thestreetsweeper.org.
http://thestreetsweeper.org/article.html?c=3&i=879
IR companies sell stock they were paid with all the time
Removing ones ability to make a living is hardly a slap on the wrist. All Dan Ryan knows is how to exploit penny stocks.
He will have to figure out a way to scam others outside of his comfort zone. In a new area where he is uncomfortabale and unskilled.
Heck, his so called "skills" in the penny market have pretty much been shown to be horrible by the SEC as he couldn't even run a promotion company within the rules and regulations.
But if you really want to defend such action by saying it's no big deal and promotion companies sell stock all the time then I guess it shows exactly who you align yourself with. Deception and fraud are bad BRIG. In case you didn't know.
Don't let your dislike of certain posters force you to back the crooks when they get caught. It only makes you look like a crook too.
Oh ok....no big deal then
That's exactly how it will play out. And I think everybody knows that. PSC was as crooked as promoters come from top to bottom. The "boiler plate" SEC litigation release contains facts that are gathered through subpoenas to brokers not a "guessing game".
Their investigations are lengthy and when they drop the hammer their ducks are all in a row.
I highly doubt they will even want to go to court with this. Instead they will settle this out of court as quickly as possible. Those clowns do not want to see the inside of a court room on this one. If they even try to argue this the result is maximum penalty. If they settle out of court they get a little bit of a break and they don't have to admit guilt.
So, they will settle or they are truly stupid.
in this case, the indictment specifically mentions that the "IR company" lied about the number of shares they received, even though they disclosed their compensation in some places on the internet.
So, even disclosing compensation isn't good enough. Accuracy is required. As it should be.
This will be a really good Twitter and Facebook test case.
That's funny because that hasn't happened has it? In fact it hasn't even gone to court yet. That's just boiler plate the SEC uses every time.....doesn't mean that's how it will play out before it's over.
Typical response from you I see.
Yes they do. But when one steps outsides the rules and regulations with their own disclosure requirements it does not become just a matter of openly selling their shares.
It turns into illegal scalping and if you think having your bread and butter stock promotion site shut down, your assets frozen and the SEC looking to strip you of $2.4 million plus interest and penalties on top of that as a slap on the wrist then so be it.
Oh, and the SEC is going to prohibit them from ever engaging in this activity again.
In addition to the emergency relief already granted by the U.S. District Court the Commission also seeks a preliminary injunction and permanent injunction, along with disgorgement of ill-gotten gains plus prejudgment interest and the imposition of a financial penalty, penny stock bars against the individuals and the repatriation of assets to the United States.
Completely wiping them off the penny stock map, taking away the money they raised illegally plus interest and penalty is hardly a "slap on the wrist".
PSC will get a slap on th wrist at best....IR companies sell stock they were paid with all the time
agreed...America could use a few lessons...even our banks comb you over many times before they lend one a buck or two...
the old VSE days have cleaned up their act...but it still goes on,
its still legal , to issue options, cheap Private Placements shares, flow thru, etc...to let friends and family in on deals, only to unload them when the press releases start to print...
The world financial powers need to get together and close shop on tax free havens...period...
Until that is done, steal as much as you can continues...
well, smartness to the next level would have taken care of that....
keep a few million around here for them to take back, with the mother lode in still existing tax free havens and they sail off in the sunset when all said and done...
maybe a weee slap...I mean look at the top 5 CEO's ectin jail recently...only get about 5 to 7 years and they still pleaded innocent...
SEC, America has no balls to fix its problems in this regard..
greed continues in day to day business..
ewww....please don't mentioned "happy ending", when i look at that picture...
PSC apparently ran a jingle contest on YouTube or somesuch
Sleeves - Penny Stock Chaser
http://www.youtube.com/watch?v=tHz7r4HInCc
but doesn't shrek 5 have a happy ending?
Message in reply to:
The iBox looks like a Movie Poster for Shrek 5
They have already successfully frozen his assets.
The OSC, AMF and SEC have entered into a new era of cooperation.
Hopefully prison time is in the cards for Danny boy.
jmo
YOu cant hide in Canada, The MYTH is the naked shorting Vancouver brokerage houses. The reality is securities regulations tighter in canada
Tell me something....What do you really think will happen to a group that is charged in the U.S. but holds a business in another country like Canada? Not much I would assume Dan will get a fine and still be in the business that made him rich. I think the only really big change will be he will not be in the spotlight like he was.
Just my opinion do not twist it lol.
Perhaps the can use the (we did not understand the U.S. laws defense )lol
More....LOL
Name:
PennyStockChaser.com
Channel Views:
888
Joined:
August 20, 2009
Website:
http://www.pennystockchaser.com
About Me:
PennyStockChaser is composed of a team of research analysts, stock brokers, investment bankers and traders. With over 40 years of experience amongst us, we work hard to ensure you receive accurate information on our stock picks in a timely manner. PSC focuses on OTCBB, OTC, penny stocks, big board stocks and stock alerts. In addition, we provide companies with investor relation services.
PSC aims to ease your investing endeavors by conducting thorough research on the stocks and their companies. It is our goal to ensure all our members are first to receive information on the best stock picks. At PSC, our members best interest is always our first priority!
2009 was a great year for PSC. We alerted to more than 65 stocks with an average gain of more than 380%; with some picks making gains of 4600%!! With new and innovative ways to get the information to you first, we predict 2010 to be a greater success. For your convenience, we have made our picks available to you through our Daily E-mail Alerts, Twitter, Facebook, and SMS alerts!
here's a classic here.....http://www.youtube.com/user/Pennystockchaser
The iBox looks like a Movie Poster for Shrek 5
And there are actually people who are sad to see them taken down because of the MOMO they created. Turning a blind eye to the illegal activity in itself out of pure greed to capitalize off of the uneducated and gullible newbies who actually think what PSC was saying was legitimate, truthful and honest.
It kind of shows just how low the penny market has sunk over the past 5 years or so. It is getting worse, not better. However, there have been some actions by the SEC over the past couple of months that are promising. High profile cases against penny stock lawyers and promoters that may help curb the interest of taking part in these type of activities.
They frontload and get paid to promote and they have shares to sell into yur buying. their claims are false
just funny how they represented themselves before they were outed
Ok folks let's adhere to you and read the posts from admin
I don't want this board shut down
yeah and that thing on his arm looks like Fiona after the curse kicks in
that is priceless - "a telemarketing job at downshire capital"
great back story there, thanks for sharing.
PSC dude looks like SHREK lolololol
Send your proof in a PM to admin and copy me as well.
as a free member, you have pm to admin available - start there.
Message in reply to:
I have proof. Where do I go?
I have proof. Where do I go?
Thanks, Generic - that pretty much sums it up.
The Mods need everyone's cooperation in keeping this board about this case. Speculation about other iHub users and any alleged involvement is against the rules.
Mods/MS, appreciate any help in applying the above guidelines.
Fair warning to all:
Don't want to see anyone posting here end up in the iHub jail... please read below
-------------
Posted by: IH Geek [Dave]
Date: Friday, July 02, 2010 10:20:13 AM
#msg-51938062
You do understand what a PM is, yes? If not you had better learn before making your next reply.
I don't see any iHub aliases specified in that release. As I said previously, you can PM me the info if there is public record of charges against an alias who has publicly disclosed their name and/or that they are the target of such charges.
---
Posted by: IH Geek [Dave]
Date: Thursday, July 01, 2010 11:45:40 AM
#msg-51902617
These charges named an alias here?
You can PM me the info if there is public record of charges against an alias who has publicly disclosed their name and/or that they are the target of such charges.
---
Posted by: rickyracer
Date: Thursday, July 01, 2010 11:39:35 AM
In reply to: IH Geek [Dave]
#msg-51902191
Dear Dave,
The guy pumping the stock on board was charged by the SEC. How is that off topic?
All the money in the world cant fix that ugly
no stained blue dress, or cigar to run a DNA test on, either, I suppose.
Converge Global Issues Statement Regarding SEC Complaint Against PennyStockChaser.com
Jul 2, 2010 8:00:00 AM
TORONTO, CANADA -- (MARKET WIRE) -- 07/02/10 -- Converge Global, Inc. (the "Company") (PINK SHEETS: CVRG), today issued the following statement regarding the U.S. Securities and Exchange Commission's allegations that PennyStockChaser.com engaged in fraudulent stock promotional activities. Converge Global was named by the SEC as being one of several subjects of the PennyStockChaser's promotions.
"Converge Global did not hire, retain or authorize PennyStockChaser to conduct any promotional activities of any kind on its behalf.
"Converge Global does not condone PennyStockChaser's alleged practices as described in the SEC complaint and supports the SEC in its efforts to protect the interests of investors."
About Converge Global, Inc. www.convergeglobalinc.com
Converge Global, Inc. is a junior mining company engaged in the acquisition, exploration and development of mining properties in North America containing principally gold as well as other precious metals.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Converge Global, Inc. with members of its management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Contacts:
Converge Global, Inc.
1-800-723-5030
contact@otcconnections.com
www.otcconnections.com
december was Dan Ryan
thanks for the post. how could one possibly know those aliases are really him?
example: i exchanged private messages with a non-disclosing paid tout (before the IRP program a couple of years ago) it was pretty clear that one login was being passed around to different people... or it was one person that was a serial liar.
the person typing the private messages didn't even remember me calling them names in previous PMs, and didn't know enough about the web site to go back and look up PM history...
but even more entertaining is that I got 3 different backstories about "his" life. one day he was a guy living in florida with a wife and 3 kids. a couple of months later, he was a college student in Buffalo, NY. before the alias got booted, he became a she -- a housewife in New Jersey. lol
so, bottom line: unless you have proof, like a SEC indictment or other legal document that ties an alias or aliases to a natural person, it's kind of hard to prove that what may be commonly re-posted internet fodder is actually true.
Wish I could have fun with this all day but the starter beckons me
One must assume its a frontloading operation. Playing email picks is playing with fire so be fully prepared to lose it a lot.
then you've got this connection. AWSL and MEVT.
companies that are operated by Gillies Trahan, with a suspect past.
they were part of the fraud...check it out...
the SEC investigation will most likely expand to these two companies and the misleading press releases they were part of.
> 46. Atlantic's stock price and trading volume increased significantly as a result of the Defendants' promotional campaign. Atlantic's closing stock price went from 70 cents per share on July 22, 2009 to $4.84 per share on October 22, 2009. Days later, Atlantic's closing stock price decreased to $2.70 per share. Atlantic's daily trading volume also increased, ranging from 13,812 shares on July 22,2009 to more than 1 million shares on October 22,2009.
>47. Between September 1, 2009 and January 27, 2010, Meadow Vista received 430,000 shares of Atlantic. It sold 360,000 shares for between $1.49 and $3.37 per share for approximately $780,600 in net proceeds.
> 53. The Defendants have also failed to disclose in some cases the full amount of the compensation they receive for touting stocks on PennyStockChaser.
>54.For example, from September 2009 until January 2010, the website said PennyStockChaser had received 140,000 shares ofAtlantic's stock from a third party. In reality, an Atlantic affiliate had transferred 430,000 shares of Atlantic stock to Meadow Vista in exchange for touting Atlantic's stock on the website.
55.
Furthermore, the PennyStockChaser website states it received 350,000 shares of MSE's stock from a third party. In truth, an MSE affiliate transferred 483,334 shares of MSE's stock to Meadow Vista on October 21,2009 in exchange for touting MSE's stock on the website.
Sorry buck. No one "deserves" to get duped! You can certainly say that folks were forewarned or had enough info to see the truth but to say they deserved it is giving license to the dupers.
HUMM anyone who got duped deserved it - sorry - pick plays are loser picks. I was all over them in November and traceked their lack of success for months. I called it a frontload many times then with no knowledge of such but seems all of our gut feels were dead on. However you really dont have to be a genius to make that call.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=44092693&txt2find=PSC
Posted by: Buckey Date: Wednesday, December 02, 2009 9:05:43 AM
In reply to: A deleted message Post # of 13127
a caution on PSC picks. They all gap on open. Most make a wee or little run and within days have lost a lot of their value. I have tracked every pick the last month BRYN is certainly one that might of made some folks some but of you played alltheir picks you would definitely be out money - Of course if one is so lucky as to short them they made out ok.
Just a caution thats all. They frontload and get paid to promote and they have shares to sell into yur buying. their claims are false
When I see that picture, I think of Young Frankenstein. LOL
Kind of makes me wonder about the terms of Carnes' plea agreement in his SEC case.
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PSC, PennyStockChaser, was a penny stock promotion company touting their picks for about a year.
The SEC has shut them down.
“As alleged in our complaint, McKeown and Ryan used all the modern methods to communicate with investors
including the PennyStockChaser website, e-mail, text messages, Facebook, and Twitter
yet failed to adequately communicate that their rosy predictions for touted stocks were
accompanied by their sales of those very same stocks.”
said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.
"The agency charged a Canadian couple, Carol McKeown and Daniel F. Ryan,with four counts of fraud for using their Penny Stock Chaser Web site and Facebook and Twitter feedsto promote a half-dozen companies’ stocks.What the two did not disclose to their followers, according to the complaint, filed in federal court in southern Florida,is that they were regularly selling shares in the companies they were hawking, a practice known as “scalping.”" | "According to the S.E.C.’s complaint, Ms. McKeown and Mr. Ryan began Penny Stock Chaser in the spring of 2009, promoting themselves as a husband-and-wife team that led a group of skilled stock pickers. Over the past year, their firm touted the stocks of at least 65 American companies. (The S.E.C. is pursuing the case in Florida because many of the couple’s trades were made in Boca Raton, although they were based in Montreal.)" |
the new york times piece quoted above. |
"The agency contends that the duo received "millions of shares" of the touted companies through their two corporations, Downshire Capital Inc. and Meadow Vista Financial Corp., as compensation for touting stocks, then sold the stocks while the website simultaneously predicted massive price increases. The SEC says the couple and their companies have likely realized at least $2.4 million in sales proceeds from the scheme." from the wall street journal write up. | "The government is seeking injunctions against the two, along with the disgorgement of ill-gotten gains, plus interest and a fine as well as penny-stock bars against them and repatriation of assets to the government. " |
sec complaint | montreal gazette |
sec press release | timothy sykes |
Litigation Release No. 21580 | the street |
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