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Dick Weed (lol!) in some trouble. Courtesy of samsamsamiam:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=107926936
SEC Charges California Lawyer and Two Massachusetts Men Behind Scheme to Manipulate Stock of Sports Ticket Broker
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370543376662#.VFwqpvnF9Pc
FOR IMMEDIATE RELEASE
2014-250
Washington D.C., Nov. 6, 2014 — The Securities and Exchange Commission today charged an attorney in Orange County, Calif., and two men in Massachusetts behind a pump-and-dump scheme that defrauded investors in a Boston-based ticket brokering business.
The SEC alleges that Richard Weed, a partner in a Newport Beach law practice, facilitated a scheme to pump and dump the stock of CitySide Tickets Inc., which he helped structure into a publicly traded company through reverse mergers. Weed created backdated promissory notes and authored false legal opinion letters that enabled Thomas Brazil and Coleman Flaherty to obtain millions of purportedly unrestricted shares of stock in the company. Investors were then blitzed with a false and misleading promotional campaign touting CitySide Tickets as a budding national leader on the verge of acquiring smaller ticket firms across the country and positioning itself as an attractive takeover target for Ticketmaster. As the company’s stock price increased on the false hype, Brazil and Flaherty sold their shares to unsuspecting investors for illicit proceeds of approximately $3 million, and Weed was well-compensated for his role in the scheme. Shortly thereafter, the market for CitySide Tickets stock collapsed and the company eventually went out of business.
In a parallel case, the U.S. Attorney’s Office for the District of Massachusetts today announced criminal actions against Weed, Brazil, and Flaherty.
“CitySide was billed as the hottest ticket in town and investors were encouraged to get in the game when the playing field was actually tilted against them,” said Paul G. Levenson, Director of the SEC’s Boston Regional Office. “Weed exploited his position of legal authority to enable Brazil and Flaherty to get the stock needed to pull off the scheme, and he served as an officer and director of CitySide to help them secretly control the company.”
According to the SEC’s complaint filed in federal court in Boston, all of the false promotions painted a rosy, optimistic picture of a company that was actually in dire financial straits. For example, one promotional alert falsely claimed that CitySide Tickets was “in the process now of swallowing up 5 smaller ticket resellers that could send next year’s profits through the roof.” In reality, CitySide Tickets lacked the means for such acquisitions. The alert further embellished that the company’s growth from purportedly swallowing up smaller fish in the ticket-selling market would make CitySide Tickets “an irresistible takeover target for Ticketmaster, the biggest fish of all.” The alert estimated that a Ticketmaster acquisition of CitySide Tickets “could easily jump this under-50-cent stock to $2.50 - $3.50 overnight.”
The SEC’s complaint charges Brazil, Flaherty, and Weed with violating antifraud provisions of the federal securities laws and related rules. The SEC is seeking disgorgement of ill-gotten gains from the scheme plus interest and penalties as well as penny stock bars and permanent injunctions against further violations of the securities laws. The SEC also is seeking to bar Weed from serving as an officer or director of any public company. Weed lives in Newport Beach, Brazil lives in Topsfield, Mass., and Flaherty lives in Hingham, Mass.
The SEC’s investigation was conducted by Andrew J. Palid and Mark Albers of the SEC’s Boston Regional Office and supervised by Michele T. Perillo. The SEC’s litigation will be led by Martin F. Healey. SEC attorney Eric A. Forni has been appointed a Special Assistant U.S. Attorney in the parallel criminal case. The SEC appreciates the assistance of the U.S. Attorney’s Office for the District of Massachusetts, Federal Bureau of Investigation, and Financial Industry Regulatory Authority.
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http://www.sec.gov/litigation/complaints/2014/comp-pr2014-250.pdf
Dick Weed. Couldn't happen to a more deserving guy. I am LMAO! IGNT was one. LOL!
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Been over a week since Big Tom stepped down and Big Emil stepped up yet no updates to the Nevada SOS to this effect. Very curious. I mean, with such a stellar board and 'strong management team' you'd think they'd be on top of things. Of course I wonder if there hasn't been an authorized share increase as well that has yet to be noted.
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CATA. Lol! Here's another dubious distinction for CATA:
Deposit Chills
CUSIP Security Description Symbol Date of Chills
14888Y103 CATALYST RESOURCE GROUP INC CATA 03/28/13
http://www.clearstream.com/blob/65974/04319797d7d56c1f27ce928f118ce280/dtcc-deposit-chills-pdf-data.pdf
Looks like this house of cards is 'bout ready to blow over, and I am LMAO! LOL! I love to read the 'positive spin' posts, you know, how this investigation, and big Tom movin' on, are good things. Even this most recent press release contained the magic words all penny stock speculators love to hear: "...a significant increase in shareholder value...". LOL again!
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YAMOU (yet another Memorandum of Understanding). I am LMAO! This one says:
...the Company has signed a Memorandum of Understanding with Piedras Y Metales Carvajalto, an Honduran company, to acquire four gold concessions (Platanares, Potosi, Malanova, and Chichipate) with a total acreage of 4,000 hectares and estimated gold deposits of 600,000 troy ounces in Santa Barbara, Honduras for an undisclosed amount of cash...
...the company will...arrange the required financing from institutional investors...
LOL! That is just too funny. LOL! again. It takes about 5 minutes of research to find out this is a nonsense stock just like PHIL and VNMC and all the other tickers that have gone before. Bout the only thing CATA has going for it recently is a set of momentum touts attempting to move it.
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The Fahman playbook is being executed over at VNMC which at last report had cash assets of $255. Here's a snippet from today's release which you should really read in its entirety, along with the preceding PRs, along with all the PRs for PHIL and CATA to get a good understanding of the likelihood of this happening:
The combined projected revenues for the Wonogiri gold mining project and the NTT joint development for the first two years of operation would be $40,650,831 and $85,279,385 whereas projected net profits would be $6,163,068 and $13,458,906, respectively
Fair market valuation...
Also in the CC transcript I could help but be intrigued with this little nugget:
DR. SAWYER:
...Somewhat related to this issue we have interviewed 3 firms that provide independent fair market valuations that would be necessary for consideration of any offer that is submitted to the shareholders for approval...
...Senior Vice President of the Pasadena, California-based investment banking group, Pacific Pearl Group, provided the company with the valuation documents indicating that their aggregate valuation performed on Ingen was $17M-$28M...
Really? From the CC transcript:
DR. SAWYER:
...We have been considering becoming a fully reporting company and achieving a listing on a higher exchange level of reporting. One of the requirements for moving up is an audit and we have identified an accounting firm that is well known and have begun discussions with them to perform this audit...
Uplisting. The siren song of the pink sheets. LOL!
Five bucks? That's about 3300 shares of CATA, the company with the patented gold recovery process, right? The one that's a gazillion times better than anything else. LOL! LOL some more!
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I used to bash him quite a bit back in 09 re AXTG for whom he was IR. LOL! I used to call him Putz. I'm LMAO just typing that. I sent him this back in late 2010, but never received a response:
Putz, you mixed up in this? LOL!
http://www.sec.gov/litigation/complaints/2010/comp21779.pdf
51. During this period, the stock promoters were issuing press releases, faxes
and emails regarding Axis Group and the company’s sales and sales prospects. The
trading volume and price of Axis Group stock increased accordingly and provided
a market into which the Defendants could and did sell their Axis Group stock.
1. Have they received a Wells notice yet?
2. Since only the worst turd stocks get slapped with DTC chills, especially ones that have dragged on as long as VPLM's has, what explanation do they have for this?
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Anyone else still waste their time reading Bustlin' Ingen's filings? Annual report out. Same ole Same ole.
Who thought the ATMC aquisition was consumated and that 'Ingen Accounting for Profits From Telecom Wireless Division' was happening? [not me]:
On April 29, 2013, the Registrant and its Board of Directors, and majority shareholder(s) adopted the PURCHASE and AGREEMENT OF ACQUISITION (the "Acquisition") dated April 29, 2013, with ATMC Inc., a Nevada corporation (“ATMC”).
ATMC Inc. (A Nevada Corporation) is an Inter
...
As of May 31, 2014, the Company is considering abandoning this acquisition
Third Party accredited investor has agreed under the AGREEMENT FOR SETTLEMENT, RELEASE, AND ASSIGNMENT OF NOTES to acquire the Notes, in full for $300,000 and to make payments on behalf of Ingen to the Funds to induce the Funds to discontinue and/or release claims they have or may have against Ingen. Both parties have agreed to resolve this agreement once Ingen has resolved its matter with DTCC regarding removing DTCC “Chill”. The Company has hired legal counsel that has satisfied the DTCC request and is now waiting for DTCC to remove the “Chill”.
Subsequent Events
Ingen evaluated subsequent events through the date these financial statements were issued for disclosure purposes.
On February 4, 2014, the Company entered into an employment agreement with Mr. Sand issuing him a convertible note in the amount of $100,000 in exchange for employment services over a 12 month period. The note bears an interest rate of 12% and is convertible into the Company’s common stock at a discount rate of 50% to the market trading price of the security at the time of conversion. The Company booked this issuance as a prepaid expense and is deducting the $100,000 over a 12 month period. As of May 31, 2014, the prepaid amount for the services is $66,667 and the Company has accrued $4,000 in interest on the note
NOTE 4 - PROPERTY AND EQUIPMENT
Property and equipment is summarized as follows:
Dies, Molds & Tooling 143,908
Leasehold Improvements 44,796
---------------------------------------
285,359
Less accumulated depreciation ( 143,908)
---------------------------------------
Property and Equipment, net $ - 0 -
Finally, some real DD on this board. And wicked clever at that. Bout the first I've seen since being turned on to this stock. Thank you for sharing. I am still LMAO!
"Lawful Intercept technology is currently patented by a company named Voip-pal.com under the USPTO Publication #: 20100150138"
That sentence in the Wikipedia entry for Lawful Intercept was added by a user with the IP address 24.205.45.48 on May 31, 2013:
http://en.wikipedia.org/w/index.php?title=Lawful_interception&diff=557716073&oldid=555953193
That IP Address is associated with Charter Communications Investor Relations Company:
https://who.is/whois-ip/ip-address/24.205.45.48
http://phx.corporate-ir.net/phoenix.zhtml?c=112298&p=irol-irhome
It's my own belief that IRPs and PR companies should declare their conflicts when they edit Wikipedia pages.
"Other than tweets that are later removed can you cite any third party (?) evaluation of these patents value and use?"
So in response to Victor Mason Is Right's question above, the answer is that there is no third party evaluation of this claim.
Let us not forget the DTC Deposit Chill. This has apparently been in place for over a year. Probably the main reason this thing hasn't been royally dumped yet: insiders can't deposit their shares. LOL!
Curious thing about the Digifonica share counts. From the previous 'quarterly report', Big Emil held 295,500,000 shares. From the most recent 'quarterly report', we read that Big Emil received an additional 86,523,561 shares for anti-dilutive purposes (lol!). Firing up the HP I find that the sum of those two large numbers is 382,023,561. Yet I also read in the most recent 'quarterly report' that Big Emil holds a mere 365,470,456. That's ~16.5 million shares missing. Where could they be? Not sold, for heaven's sake! He promised not to sell until all you were rich, right?
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New 'quarterly report' out. Always an interesting read. Here's what I took notice of:
vv) During April 2014, the Company issued a total of 86,523,561 of common shares at a price of $0.12 per share pursuant to the anti-dilution purchase clause of the Digifonica (International) Limited (seller) share purchase agreement
List any restrictions on the transfer of security: Depository Trust & Clearing Corporation (DTCC): chill on stock
deposits.
total shares authorized: 990,000,000 as of: June 30, 2014
Total shares outstanding: 984,875,570 as of: June 30, 2014
I wonder who wrote that up. No disclaimer. Looks like a heap of nonsense to me:
Financial
Guidance
Projected revenues & profits:
FY 2014:$26,327,600 & $2,584,530
FY 2015:$157,310,400 & $ 15,310,620
FY 2016:$184,620,800 & $ 18,189,990.
A nonsense trade on a nonsense stock. It's simply...nonsensical? LOL!
Well, who'd a thunk it? The Big Director General of Belize got back to me (emphasis his, lol!):
Dear <redacted>,
Talisman Financial Inc. is an international business company incorporated in Belize but it is not licensed by the IFSC to provide any of the international financial services.
Please take note and exercise caution.
Regards.
GIAN C. GANDHI
DIRECTOR GENERAL
International Financial Services Commission
I'm sure you believe this statement:
when Microsoft and Walmart entered the market they were both under $0.50 a share.
One of my rules (well, actually more of a guideline) is never to get into a battle of wits with an unarmed opponent. I'll try to remember that here. I already explained to you the status of Philand Ranch. Kaput.
mythical_phenix Wednesday, 05/21/14 07:56:30 PM
Re: WarChest post# 12378
Post # of 12718
LOL! Excellent DD! Philand Ranch is kaput. Like all the other ventures you may have read about...
You certainly should be done looking by now. Let's estimate the time required:
1. Review the '3 years of filings'. LOL! 1 minute.
2. Review the recent SEC filings. 0 minutes. There are none.
3. Peruse the website. 0 minutes. Ain't one.
4. Review all recent press releases. 0 minutes. Ain't none.
5. Review all previous press releases where promises came to fruition. 0 minutes. Nary a one.
Total time: 1 minute.
What's the deal? No deals.
Speculation on what will come? Hmmm. More of the same.
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This little blurb is from the most recent 10Q (for a period some two years ago) filed by The Phi Group (PHIL) one of a number of 'companies' controlled by Big Henry Fahman (others of note are CATA and VNMC at the moment):
FUNDING AGREEMENT REGARDING PETROBRAS BONDS: On February 4, 2014 the Company signed a Funding Agreement with The Dieterich Group and Robert M. Terry to provide up to $300,000, more likely increasing to $400,000 in funding, on a best efforts and non-exclusive basis to underwrite the collection efforts being undertaken on a series of 500 bonds originally issued by Petrobras, a Brazilian corporation focused on oil and gas exploration and development. These bonds are currently owned and controlled by Starboard Financial, a Nevada LLC. In the most recent valuation report, each of these bonds had a published discounted value of $750,000 including 7% interest through February 2008 and a possible published redemption face value of $2,300,000. According to the Funding Agreement, the Company will receive a total recovery of 10 times its investment in funding and 12.5% of the net proceeds, assuming the entire funding is provided by the Company and/or its investors, from the bond collections after deduction of trading or selling expenses, and expenses of the Brazilian agents once Starboard Financial and Brazilian parties have received the first $20,000,000 recovered.
Curious thing about the Belize financial services company.
After firing up the HP to add up all Big Emil's shares, I happened to notice this in the most recent 'financial filing':
Talisman Financial Inc.
70,000,000 7.89%
76 Dean Street, Belize City, Belize
(Controlling Individual: Justin West, President)
Seems like a good chunk of shares. Of course I googled "Talisman Financial" and various combinations of "76 Dean" and Belize, and Big Justin, but the only real hits were the VPLM doc and some IHUB posts.
Belize takes their financial service industry very seriously. They have a decent website that lists all the companies licensed to provide various financial services. I just could not find 'Talisman Financial' listed anywhere on there. Curious. I did send them an email, though, inquiring about this matter. I'll be glad to share any response I get, if any, from them.
http://www.ifsc.gov.bz/
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Curious thing about the Malaak voluntary share lockup. In the press release I read:
Mr Malak was a co-founder of Digifonica Intellectual Properties Limited, which was acquired by Voip-Pal in 2013. Mr. Malak received over 350 million restricted shares of Voip-Pal stock for the acquisition of Digifonica, representing about 40% of the Company. Under Rule 144 those shares are now eligible to become free trading.
I am just LMAO every time I read someone post about the '3 Years of Filings'!!! For anyone reading this board that is not a scam artist, or some hapless momentum player, have a look at what the '3 Years of Filings' actually is (Florida SOS database). Three, one page documents, with the name and address of the 'company', and the 'officers'. Nothing more. What is really funny is that the mailing address of the 'company' in the latest filing is Big Henry's house, which he sold before the effective date of that filing.
http://search.sunbiz.org/Inquiry/CorporationSearch/ByName
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I am just chucklin' away reading about Bolt, one of my all-time favorite scammers. Thank you so much for posting that. Love the then-and-now mug shots!
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New shares just tricklin' out now. Only a few million in a five weeks or so. Not much use for those shares now, eh? LOL!
IGNT Security Details
Share Structure
Market Value1 $268,584 a/o
Shares Outstanding 671,460,837 a/o Jun 29, 2014
Float 602,286,922 a/o Jun 29, 2014
Authorized Shares 8,000,000,000 a/o Aug 28, 2013
Par Value No Par Value
Shareholders
Shareholders of Record 671 a/o Jun 15, 2014
Is this the resume you are referring to?
http://www.tesawyer.net/HTMLobj-3426/TESawyer_resume_-2013.pdf
That is truly an accomplishment. As opposed to this, from the most recently filed 10-Q:
FUNDING AGREEMENT REGARDING PETROBRAS BONDS: On February 4, 2014 the Company signed a Funding Agreement with The Dieterich Group and Robert M. Terry to provide up to $300,000, more likely increasing to $400,000 in funding, on a best efforts and non-exclusive basis to underwrite the collection efforts being undertaken on a series of 500 bonds originally issued by Petrobras, a Brazilian corporation focused on oil and gas exploration and development. These bonds are currently owned and controlled by Starboard Financial, a Nevada LLC. In the most recent valuation report, each of these bonds had a published discounted value of $750,000 including 7% interest through February 2008 and a possible published redemption face value of $2,300,000. According to the Funding Agreement, the Company will receive a total recovery of 10 times its investment in funding and 12.5% of the net proceeds, assuming the entire funding is provided by the Company and/or its investors, from the bond collections after deduction of trading or selling expenses, and expenses of the Brazilian agents once Starboard Financial and Brazilian parties have received the first $20,000,000 recovered.
Courtesy of BigBake1, in a response to my question of 'what exactly does the suspension of all services with the exception of Custody Services' mean:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=103730113
The Suspension of all DTCC services is not a TRADING RESTRICTION, it is simply a denial of SETTELEMENT services at the DTCC. However, many brokers can clear their own trades in a security as they have their own clearing services. These brokers tend to close out their open positions for their customers and clear only trades that were already in the system before the suspension notice took effect. You will see some volume for a few days and then it gets pretty illiquid quite quickly.
There will be spurts of volume for a few months as some shareholders will in fact write off the worthless security stuck in their account. These "penny for the lot" transactions must be recorded to FINRA on the consolidated tape.
Take a look at any previously Global Lock security and you will find the same pattern of volume the first few days and then it bleeds right off to absolutely nothing.
These recent suspension are due to a FINRA action in which someone was issued shares by the company or shell, the company provided opinion to convert to free trading using an exemption from registration. Turns out these shells (companies) have no exemptions available due to their shell status and thus the shares sold into the market are illegal. I have forgotten how many different shells are involved at this point, but I think it is somewhere close to 20 at this point.
Yes, thank you, good info on what the DTCC does. However, I'm still befuddled on what happens when they don't do all that. Using LVGI has an example, the 'suspension of all services...' hasn't stopped it from trading 100Million+ shares since the notice. I'm just curious if anyone can clearly explain the ramifications of this notice to a hapless penny stock maven wannabe?
Thanks for the excellent info, but what, exactly, does the 'suspension of all services, with the exception of Custody Services' mean in terms of trading the turds? I'd love for IGNT (and others of course) to be permanently squashed, but short of an SEC revocation of the stock, this doesn't seem to do that. So what does it do?
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LOL! Instead of a thaw, it got the big 'ole freeze-out!
Remember this ridiculous press release from 30 December 2013?
RIVERSIDE, CA--(Marketwired - Dec 30, 2013) - Ingen Technologies Inc. (PINKSHEETS: IGNT) (http://ingen-tech.com), the holding company of two subsidiaries; a medical device manufacturing company selling its patented medical products worldwide, and a newly acquired growing wireless telecom business providing services to major telecom companies worldwide, announced the results of the shareholder conference held on December 16th, 2013.
The major highlight of the shareholder teleconference was the approval to accept the option of taking the company to the OTCQB. Gary Tilden, Chairman, and David Hanson, Director conducted the shareholder meeting.
More recently, the company is also strongly considering a listing on the American Stock Exchange (AMEX) pursuant to discussions and the evaluation of a Memorandum of Understanding with Benchmark Advisory Partners.
"This teleconference was an opportunity to reach out to our shareholders and investors to discuss specific changes that, over time, will create better liquidity and exposure of Ingen. The company has resolved the majority of its debt issues, as well as being in the process of removing the DTCC 'CHILL' on its stock," stated Gary Tilden, Chairman. Mr. Tilden further stated, "Both of our subsidiaries are in profitable market sectors with growing industry economics, where increased revenues are beginning to become apparent. This growth should result in stronger shareholder value for our current and future shareholders. The move to the OTCQB or AMEX will only enhance the progress already being made."
Courtesy of Renee:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=103659877
June 23rd, 2014: IGNT, CTYX, LVGI: Please be advised that effective June 23, 2014 DTC has suspended all services, with the exception of Custody Services, for the below referenced issues.
http://www.dtcc.com/~/media/Files/pdf/2014/6/23/1286-14.ashx
I'm really enjoying reading this board!
One of the 'longs' sent me a message a while ago, asked if I wouldn't look into this company a bit, see if I could turn up anything untoward. Non SEC reporting pink sheet company with game-changing technology. That was 'bout all the research I needed to do right there.
I did want to share a true story with you all though. A scam I followed (this one took a few years to play out, but it was really entertaining) had a doctor on their Board of Directors (doctors are notorious suckers for these kinds of things). I actually checked this guy out: verified his credentials, called his office, did some background checking, etc. etc. It was all good. So I sent him some emails (anonymously of course) pointing out some pretty sketchy things the company was doing, asked him why he was involved in something like that. He responded, all defensive, saying all those things where normal, I was the only person who had ever contacted him about this company, blah blah blah. After a couple of these exchanges, he threatened to 'report me'. LOL! Of course I sent him a few more. He was the first board member to resign when the CEO was arrested for fraud. Naturally I sent him a final 'ha ha told you so' email, but never heard from him again.
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I just have to chuckle reading this. You must be one of the most hapless posters I have ever encountered in all my years of playing internet message board. I already explained to you, in more detail than you deserved, why I occasionally post on the pink sheet message boards. See if you can dig that up. While you are hunting, why don't you tell us again about the patented gold recovery process CATA has been waiting years to unleash on the mining industry. You know, the one that is 1000 times better than anything anyone else has. Tell us the patent number too, which you must know from your exhaustive due diligence, so we can all reap the benefits.
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