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.
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.
The only thing this is getting ready to do is file for bankruptcy and defend themselves against both civil (already happening) and criminal charges.
There is no new management team. Just the same crooks that have been scamming investors for years.
UBIQ is a fraud is what is going on.
They have many grandiose announcements but have never produced any revenue or products.
They are delinquent in their SEC filings. They falsified their auditor's signature and had to withdraw a 10K.
They are serial issuers of privately placed stock, they keep the money for themselves.
The Former Chairman and Interim CEO was arrested and charged with securities fraud.
It is likely that more civil and criminal charges are coming.
Another UBIQ Lie
In the news story you cite, Carmichael states that "The government auditors checked him". No they didn't. The government doesn't audit or background check company executives. Total fabrication.
Delisting is Imminent
Sell while you still can.
Another UBIQ Lie????
Where is the supposed new CTO on their website? He's not listed, why not?
insert-text-here
Why is the new Board Member not on the website?
insert-text-here
The list of lies by this company is so long. This is the poster child for securities fraud.
Carmichael Lies Again!!
Did you notice the lie in his quote? Where he says government auditors checked Mistakos out. There is no such program.
So many lawsuits, no assets to recover. More coming and likely criminal fraud charges.
A jurisdiction without an extradition treaty gets my vote
Typical UBIQ. No concern for their shareholders unless they can scam money from them.
You do realize Mitsakos resigned after he was charged with fraud and arrested, don't you.
They have no money
to pay back the over $2 million they borrowed. So why bother showing up in court??
Agree, this is the beginning of the end for them with the FBI not far away.
Someone else to sue, who may have money.
Great Day, Not Really
Well for a company with no revenues, no SEC filing, no CEO, so many lawsuits I've lost count, no audited financial statements for more than a year, another lost business relationship that they owe hundreds of thousands of dollars they don't have and the stock, which barely trades, to be down only a few percent. Not bad.
The end of this fraud is in sight. And yes, Chris and his wife will likely go to jail where they belong.
CEO-less Now, Oops.
As expected, Mitsakos resigned last week. He's off to jail. Next on the list the Carmichael family. See ya in court.
Criminal & Securities Fraud Charges
Of UBIQ's Chmn and CEO have everything to do with this company.
UBIQ is a fraud, the Carmichaels are clearly frauds and more charges and lawsuits are imminent.
Seeing the Buzz at the Police Station
I love these posts repeating things that have nothing to do with anything for a fraud company who's Chmn and CEO was arrested and charged with fraud.
The next big news will be yet more lawsuits and arrests and then the SEC delisting.
Carmichael's are Next
CEO is going to jail for fraud.
The Carmichaels are next.
CEO Arrested for Fraud
More to come. Watch out Carmichaels.
UBIQ Chair and CEO Arrested for Fraud
CEO Charged with Fraud By SEC
Mitsakos is charged with civil and criminal securities fraud.
SEC Charges v. Mitsakos
Carmichaels and not far behind.
Must Be Bankrupt Now!!
Certainly insolvent.
Assuming the balance sheet in their last 10Q, unaudited, is correct...
They had a cash balance of $142,000 (current liabilities of over $10 million)
They were burning about $450,000 per month in net cash operating expenses or $4.5 million for the ten months since that balance sheet.
They owe iWebgate $300,000, which they will never, ever pay. Welcome to being an unsecured creditor.
That is over a $4 million hole and they have no revenues, income or operating cash flow.
They need to service $2.1 million in convertible debt
They had a $360,000 in loans payable (related party who can kiss this money goodbye)
No wonder all the convertible debt holders are suing them as they are in default.
I feel bad for the private placement investors who will likely never see a penny back. I don't feel as bad for the convert investors as they clearly should have known better.
First of what will be many investor and fraud lawsuits
No Revenues = No Clients
This is a bankrupt, fraudulent company.
Tiny wash trades are allowing some small dumping to take place.
Fraud and Total Non-compliance
Skull and crossbones means the OTC Exchange rates UBIQ as Caveat Emptor for any number of reasons. You can learn more about why from the OTC Markets website. At a minimum the classification is due to
- failure to maintain current SEC filings (they have no recent audited financials)
- a series of paid stock promotions, which are typically associated with "pump and dump" stocks
It is highly probable that much of the 'trading' is either wash trades to key the stock price up, there are people who try and beat the system and day-trade these very illiquid pink sheet stocks, or the company's management messing with it.
Even a cursory review of what few SEC filings they have reveals a company that regularly promotes some new news but never translates into actual revenues, that pays for promotions to help drive trading liquidity, that they are in default on all their debt obligations and that there are multiple lawsuits against them for violating debt agreements.
A recent analysis of their SEC filings and all the problems can be found here...
UBIQ SEC Filing Review
Another screw up by this fraudulent company
Just a bunch of PR so they could pump the stock and dump.
Thanks for the quote.
PS UBIQ has no money
Did I miss an iWebgate announcement cancelling the contract?
Carmichael Still CEO
At least according to their website. What a joke this company is.
Good luck collecting. They have no money.
Desperation before the delisting
51 nonsensical posts as of 10:15 AM and not a share traded. This will not end well. The UBIQ fraud is nearing the end.
Per SME -- Its Worse
You need to be aware that UBIQ gave SME an unsecured loan for over $1 million. As to UBIQ it was an asset and for SME a liability when they merged it cancelled out. Where do you think that money went....
And at the time SME was not really even an operating company and did not, nor does not, even have a website, It is total made up vapor. So what did they lend money to and what did they buy?
Per SME -- Its Worse
You need to be aware that UBIQ gave SME an unsecured loan for over $1 million. As to UBIQ it was an asset and for SME a liability when they merged it cancelled out. Where do you think that money went....
And at the time SME was not really even an operating company and did not, nor does not, even have a website, It is total made up vapor. So what did they lend money to and what did they buy?
Irrelevant
No revenues = no customers
Everything from UBIQ is a made up lie.
Its called securities fraud
UBIQ is a Fraud!!
Read their SEC filings, its clear as day. That have no business and never intended to have a business.
Accurate report on Seeking Alpha
First, he makes no direct accusations.
Second, everything he says is sourced.
Third, the fact is that UBIQ is a clear fraud!
Only the tip of the iceberg
UBIQ, its executives, are all being sued for violating loan agreements and securities fraud.
This fraud is almost over. I feel really bad for the people sucked into giving them money as they will never, ever see a penny.
10Q shows no revenues, lots of debt, lots of lawsuits, write downs, no audited results.
You're Shares are Worthless.
Even a cursory review of the firm's SEC filings reveals that...
This was all about selling stock to enrich the Carmichael's.
There is not, nor has there ever been, any real business plan.
They are in default on all their loans and have no way to pay them, hence the lawsuits.
There is clear evidence suggesting securities fraud, Sarbox violations, fraudulent conveyance, etc.
They will never, nor did they ever intend to, satisfy the conditions required to make restricted shares free trading.
They have run multiple "pump and dumps" and when there were big volume days they were almost certainly the sellers (probably shares held in trust). They have to e the sellers as they hold almost all the free trading stock.
You should consult a lawyer.
They can't spinoff the studios.
UBIQ is already delinquent on all its debt, for which the lenders are suing them. Splitting off an asset will not be allowed. Lenders will get an injunction, without any problem, to prevent it as it would be fraudulent conveyance.
Likely the lack of seriousness of the plan is evidenced that they didn't file an 8-K.
Be Warned - This is a Fraud
Read what few SEC filings there are
All this company does is sell stock to pay executives
No revenues
Large debt
Lenders all suing company
This scam is getting close to the end