Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
It's officially over, ubiq is dissolved.All of your investments have been spent on an ultra luxurious lifestyle and defense law firms on retainer to over $1.5 million per year to handle the dozens of fraud law suits against them. They both have black american express credit cards that must spend 250 thousand dollars a year.The mansion, exotic cars, lavish vacations all first class and 5,000 dollars per night rooms,5 star restaurants every night combining 400 dollar wines and their own wine locker at Morton's steak house and buying a multi million house in Hawaii.All of your monies have been spent and no reserve nor exit strategy. Their in house accountant Brendin Garrison will turn evidence against them to save his ass for engaging in "creative accounting" all these years. Due diligence people? Visualize this, tithers from televangelist Creflo Dollar's flock, senior citizens sitting at the breakfast table crying and dumbfounded that these sleazy people stole their nest egg and retirement fund gone....watch American Greed...They are the poster children of the greediest.Irony?? They got the narrator of American Greed Stacy Keach to attend their annual Christmas Gala at their Mansion in Ocean Ranch complete with big security bouncers..I have the photo of Chris and Connie posing with him. Sprocket is antiquated and worthless, no assets except for the difficult family trusts to penetrate. Eighty million but 180 million in a lifetime of fraud. Defense strategy will be "research and development" "many companies raise millions and fail and you signed off with the risk factors hidden in a PPM or a LLC subscription agreement".
Ubiquity is down to four people now
Chris Carmichael
Connie Carmichael
Brendan Garrison
Whoever that girl is who answers the phone (probably one of their kids)
How many of them know anything about VR or software or patents?
Would the last one out please turn off the lights (and the security cameras)
LOL!
I hope Ubiquity shareholders begin to sue Chris and Connie Carmichael as individuals and Ubiquity as a whole. I just hired my attorney. There is no excuse for not filing financials FOR YEARS, these are simple cash in/cash out financials - its not like this Company ever made a profit. Plus, the numerous lawsuits for fraud, bad hires of executives, missing funds, and millions of shares being traded on the OTC when no one has tradable shares. Do I need to go on?
Any of you burnt shareholders from ubiq or any other victims from previous XS networks can find a captive audience with Chris Carmichael at the 4th tower at UCI med center in Anaheim Ca. Possible panic attacks, possible that finally some ruined investor tracked him down and "tuned him up"or feigning an illness conveniently as his future freedom along with Connie's is impending doom.All of your money is spent. Why would he go to UCI for free when Mission Hospital and Hoag in Newport Beach are the best and UCI is for indigents. By the way, the nurse station told me he is fine.UCI Med Center @ 714-456-7890
The SEC declined to comment on whether or not it was continuing to look into Ubiquity.
http://www.ocregister.com/2017/08/23/irvine-base-ubiquitys-stock-officially-revoked-by-sec/
Say, a little mixed up here
how did the "compliance" for UBIQ turn out?
JJDUB, are you serious???
These people are complete frauds and will be arrested soon by the FBI!
Ubiquity accepted the settlement because THEY HAD NO CHOICE!!!!!!
I expect Mr. Carmichael to begin to placing blame any moment now as the Feds and Class Action lawsuit by shareholders is filed.
Curious, when you said "the right steps", what exactly did you mean?
because UBIQ was REVOKED by the SEC today
Sorry, but shares in UBIQ have been REVOKED by the SEC
they will no longer trade - ever
current common stockholders of scam company UBIQ are stuck with shares in a private company
the only way to sell is to fine another buyer and have the company attorney allow the transfer of shares...which might not happen, at least for any price above $0.0001/share
The whole thing was a scam
What happens now?
revoked by SEC...no longer trades
What happen to the symbol?
I logged into my Scottrade account and it switched to UBIQ###
Oops! - UBIQ has been REVOKED by the SEC
UBIQ revoked:
https://www.sec.gov/litigation/admin/2017/34-81450.pdf
You missed it. Its was the best.
Gee, wonder when the next stockholders meeting will take place, if ever!
Omg. How can they get away with this?
Ok if any of you investors started out investing in the Carmichael's XS Network Inc. between 2000 and 2001, they raised and blew through another 20 million dollars on that one too. How'd they get away with spending the majority of funding on themselves.Once again, zero revenue. Can any one say...FBI?
Everything you said about Carmichael's are true. But jjdub is a investor that still believes this isn't a scam. I used to be the same when Chris called me everyday telling me what huge deals they just signed. Until I saw the truth that it is just a dog and pony show.
No JJDUB is a normal guy....I should know
You all have been swindled. Each and every one of you will never see a cent.Chris and Connie Carmichael have spent and socked away more than $80 million dollars. Many of you know that as early investors you were churned by Chris to roll your early investments in American Appaeral Group, 360 sumpn', Hard Core, Sponsor Me, Ubiquity Holdings, Ubiquity Broadcasting and now Ubiquity Inc.and God knows how many fake companies they raise money for. Super Sophisticated and how many of you have been "Reloaded" and asked you to wire the giant amount of funds.The "Sprocket" is laughable and antiquated and worthless but for years, they leased the dead ip to Ubiquity for another 60 thousand a month on top of exorbitant salaries and flat out raping the fund as their piggy bank. Narcissistic Sociopaths.The huge beautiful space with signage off the freeway has been crickets from day one.I can continue ad-nausium but urge you all to reply.
Yes, shares are worthless by any reasonable measure.
Not saying this with any agenda, just looking at the financial statements (which are not audited) and I would encourage you to do likewise.
- UBIQ has never produced any revenue, ever.
- They have taken an impairment charge and written their intellectual property (i.e., the patents) down to $0. They are worthless.
- By my estimate they have raised at least $30 million via private placements. If you trace through their financials all this money has basically gone to the Carmichael's directly and through what look to be very high overhead charges that are probably supporting their lifestyle.
- Between 6/30/16 and 6/30/15 the outstanding shares have more than doubled, massively diluting everyone. We don't know where this stands as this is a year old number.
- They are in default in over $3 million in borrowings. Where did the borrowed money go, it didn't get used to build a business. In other words they owe a lot of money and no way to pay it. A forced bankruptcy is possible.
- Look at the long list of litigation against the firm -- where there's smoke there's fire if you read the claims against them.
- They claim to have a restructuring plan that is based on selling another $5 - 10 million of stock to pay off the debt. Would you give them money looking at this track record?
- They have agreed with the SEC that the shares should be deregistered.
- On a more qualitative level, think about all the grandiose press releases (Sprocket on iPhone, Gift Sender, movies from their studio, imminent upgrade to the NASDAQ that was always a lie as they were never close to meeting listing requirements, and on and on) that all amounted to nothing.
- This is the easy stuff to cite, there is way more in their filings. Some things that are contradictory lies by Chris Carmichael. But I suspect you get the gist.
Against these facts from their own SEC filings ask yourself is there even a light at the end of the tunnel - highly improbable.
Jjdub in all seriousness what is going on. Are the shares worthless ? I seriously don't know what everyone is talking about
Fantastic!!!!
You send me the info!!! Exciting times!!!??
JJDUB, I have some oceanfront property in Utah for you to invest in! Call me.
Ridiculous question
People have invested in 1000s of companies whose shares have become worthless....They didn't initially invest thinking this would be the case
So if the patents are worthless, what did people in the past invest in?? and why people would invest into them??
UBIQ Problems exposed.
Their issue is not just that they aren't compliant it is the content of the filings.
Including:
- They have now written the IP down to be worthless. So much for their vaunted patents.
- The still have no revenues after all these years.
- They owe people a ton of money and have no way to pay it.
- The lawsuits continue to mount.
- They're plan to restructure is based on getting new investors to pay off the debt - for a business that has no business. How does that work?
- There are materially contradictions in the most recently filed 10-Q, they aren't audited.
- It will be interesting to see if they can get an audited statement out. Ha ha.
Good luck, but this is a dead duck and the Carmichael's have no one to blame but themselves.
UBIQ is not giving up! With today's q that leaves only one q and then the K, followed by 2 q's for 17!
If they do this they will become compliant...this is only good for share holders!
Deregistration is a timing question.
UBIQ has agreed to what the SEC wants. It now goes to the full Commission. Once that happens it will stop trading on a public exchange. Bureaucracy moves slowly sometimes.
I don't understand...I thought the listing had been pulled yet it still appears to be trading?
Matt,
Although quite a few of the shareholders are concerned about Ubiquity and its business practices, I think it is a bit presumptuous to say that SCM is leading the charge for legal proceedings against Ubiquity and the Carmichaels. On the other hand, it is safe to conclude that a professional firm such as SCM would in fact gather all of the facts and then evaluate the situation after the regulators have reviewed the circumstances surrounding Ubiquity. Only at that time would a professional firm such as SCM weigh their options. I haven't heard anything regarding any single entity "leading any sort of charge" against Ubiquity. Additionally, I am sure that the regulators will evaluate settlement options before collectively rendering a decision. We will have to stay tuned and see what happens....
Unlikely...
A class action law firm will assume UBIQ probably has only a $1m O&D policy ( policys are not public info) and the principals have all their assets hidden anyway.
Since the company has no assets other than some patents, which are hardly negotiable for much... nobody will take the case because they cant determine theres anything recoverable. Who's gonna come out of pocket just to pay a forensic accountant?
THe easiest path to a class action is having the SEC/FBI do the work for you. Lay out the case and evidence then maybe, with a lot of luck, discover assets to go after - a real long shot
However, if that miracle occurs, then the second miracle is standing in line for what crumbs, if any, are available to common shareholders
My best hope for common shareholders is seeing these criminals brought to justice. I doubt shareholders receive anything more than peanuts, if that, in the way of financial awards
Techinvest80, you are right on the money with your conclusion.
Ubiquity shareholders should begin the process of a class action suit against Chris Carmichael, Connie Jordan, Brenden Garrison, Shelby Solomon, Webb Blessley, Nick Mitsakos, and Gregg Jaclin personally.
Also, hitting up V-Stock, and Hall and Company's insurance riders for gross malpractice.
I understand from a few investors SCM might be leading the charge to get this done.
She can pay because this whole thing is bs.
They have no financial reports, no product and no ethics.
Carmichael / Connie can keep paying an enormous number of legal bills because they've moved YOUR hard earned cash into fine motor vehicles and trust accounts.
Legal Worries!
I guess Connie Jordan is kind of rattled. Word has it, she's on the lookout for yet again, legal help.
My question is simply is this:
If you can't afford to to pay your current legal bills, Why on earth would another firm agree to represent you and your company?
Let's just wait and see! Again, something just ain't right here......deeply concerned!
The Saga never seems to stop, the hits just keep on coming. Ubiquity seems to once again be in the headlines.
Just recently the SEC rendered in their findings and concluded that the CEO and his executive board have made it a habit of not being truthful in financial documents, nor are they able to produce accurate financial accounting's. Furthermore, they have no proper procedures in place to ensure Financial accountability and protect the best interest of their shareholders. In fact, they've solicited a ton of money from investors and groups and claim all kinds of successes; when in actuality they owe a ton of money. This latest bit of news on the recommendation of the SEC has prompted Mr. Carmichael and Miss Jordan to deregulate. One may ask themselves, particularly, if you're an investor or potential investor thinking about investing your hard-earned dollars with this sketchy group, why deregulate?
Personally, if it were me, I go straight to the SEC! Classic wolf in sheep's clothing scenario! As someone who has been in the investment world for quite sometime, one begins to wonder why even invest with a company who owes a considerable amount of money to note holders, landlords, lawyers and creditors.
Ubiquity and the executive bored have certainly have left investors and shareholders hanging out to dry. They have acted recklessly with no regard for the best interest of the shareholders. All the while, they still continue to live beyond their means and personally support their lavish lifestyles.
Just a thought. It makes one wonder??? What's next......
OC Register - Ubiquity is on the brink of financial ruin
http://www.ocregister.com/2017/07/28/irvine-based-ubiquitys-stock-revoked-by-sec/
UBIQ: SEC Stay Order:
https://www.sec.gov/alj/aljorders/2017/ap-4926.pdf
The Securities and Exchange Commission instituted this proceeding with an Order Instituting Proceedings, pursuant to Section 12(j) of the Securities Exchange Act of 1934, on March 20, 2017. The Division of Enforcement’s motion for summary disposition, filed pursuant to 17 C.F.R. § 201.250(b), and responsive pleadings are pending. See Ubiquity, Inc., Admin. Proc. Rulings Release No. 4902, 2017 SEC LEXIS 1997 (A.L.J. June 30, 2017). The Division and Ubiquity, Inc., have now jointly moved for a stay pursuant to 17 C.F.R. § 201.161(c)(2), stating that Ubiquity has submitted a signed settlement offer, which provides the full relief that the Division seeks in this proceeding and which the Division intends to recommend favorably to the Commission. Accordingly, the proceeding will be stayed, contingent upon compliance with 17 C.F.R. § 201.161(c)(2).
The Carmichaels aka the scumbags self delisted.....this really screws over all their investors.
Start filing the suits now and make sure to go after the Carmichaels personally (which you can legally do).
https://www.sec.gov/alj/aljorders/2017/ap-4926.pdf
Read the latest SEC filing closely. He has been discredited as an independent party.
Shareholders Beware!!!!![color=red][url][/url][tag]insert-text-here[/tag][/color]
Once again, there's information in the latest financials which indicate that Carmichael has been given a lien over the assets of the company. Under normal circumstances, this process requires shareholder approval. It's very ironic, that Carmichael and Jordan are members of the board. Carmichael himself is a Director. From what I can tell, there's absolutely no due diligence here. Rather, this RECKLESS behavior has conflict written all over it!
I guess Carmichael thinks he's absolved himself from being a party to any legal action.
This is certainly one for the regulators! Stay tuned.......
Everything Eventually Comes Out In The Wash.....
In light of the most recent SEC final ruling, concerning the Ubiquity poppycock, I would be very shocked if the vendors themselves aren't discussing options and seriously considering filing suit against Carmichael, Jordan, Garrison and Frueh.
It will be very interesting to see what developments occur in the coming days.
So sad what they did to so many people I hope they are prosecuted
SEC Reply to UBIQ Just Posted
Read it here...
https://www.sec.gov/litigation/apdocuments/3-17884-event-15.pdf
A complete lie in the 10-K
So, UBIQ adds a paragraph saying that Carmichaels had loaned the company $14MM in 2015 and 2014. Yet, nowhere in the cash flow statements or balance sheets does this money appear. It is a complete fraudulent statement - have fun lawyers.
Also, that same paragraph says that he filed a UCC to secure his loans. Yet in a subsequent paragraph it says:
The Company had certain notes payable outstanding to related parties as of December 31, 2015 and 2014. During the years ended December 31, 2015 and 2014, the Company borrowed $1,204,905 and $225,000 from Chris Carmichael for which payments were made of $599,732 and $225,000, respectively. As of December 31, 2015 and 2014, Christopher Carmichael was owed $605,172 and $0, respectively. The amounts were unsecured, incurred interest at 8% per annum and due on demand.
This directly contradicts the paragraph claiming he loaned the company money and now he claims he is secured. They cannot both be correct.
This is how the Carmichael's 'invest" in the company. They get a cash advance from AMEX running fake invoices thru Paypal and other services and then have the company pay off their personal AMEX's.
DONT YOU GUYS READ ROBERT WALTER ARTICLES????? JESUS CHRIST MAN, HE CLEARLY OUTLINES THE FRAUD. DO YOUR HOMEWORK. THIS GUY HAS INCREDIBLE INSIDE SOURCES.
https://seekingalpha.com/article/4075584-ubiquity-inc-recent-sec-filings-press-release-raise-troubling-issues
Followers
|
29
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
9289
|
Created
|
09/04/12
|
Type
|
Free
|
Moderators |
Market Value1 | $32,345,901 | a/o May 09, 2016 | |
Authorized Shares | 800,000,000 | a/o Sep 30, 2015 | |
Outstanding Shares | 154,815,056 | a/o Sep, 30, 2015 |
9801 Research Drive
Irvine, California
92618
Mon - Fri: 9:00 am - 6:00 pm PST
24 hours a day / 7 days a week
949.489.7600
"Wolf of Penny Stocks" got $45,000 for Pump-N-Dump Promotion
Buyer beware
OTC Magic Running Paid Pump-N-Dump promotion Oct 2016
$ 7.7 MILLION JUDGEMENT against UBIQ.
http://www.ocbj.com/news/2016/dec/21/ubiquity-pay-77-million-suit
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |