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.
Except it's 100% illegal to do that
Obviously you didn't follow the links in that message.
Ed lived in the house owned by MyCheck Inc at some point in the last 2 years. Maybe he does or doesn't now, but at some point he did.
Either way I'm not sure how you can deny this? All the links are public information
Not to mention tax fraud. You are legally obligated to update ownership information when a home changes hands.
Sounds like more asset hiding to me
Agreed. That's the weakest excuse ever.
The title to the property should have been changed 2 years ago if what he said was true.
MyEcheck - "The property is owned by Sierra Global, MyECheck bought GreenPay, excluding property and other assets, Sierra Global has not yet transferred the name of the title out of GreenPay name."
Okay, so a lot of confusion over this property in El Dorado. Let’s clarify some things with citations and links so they cannot be reasonably refuted
The lawsuit alleges “On March 27, 2014, $335,006.28 was wired from the account of Greenpay LLC at U.S. Bank using account XXXXXXXXXXX2348 to LSI Title Company Escrow Trust Account. The escrow number was XXXXXXJ.”
This matches the deed recorded (Parcel 122-210-25-100) in El Dorado County on 3/28/2014 image below
http://investorshub.advfn.com/uimage/uploads/2015/10/23/zetsnCapture.JPG
The 4140 Borders Drive address on the deed is not the address of the property sold, it is the “When Recorded Mail Document to” address
4140 Borders Drive was the listed address of Ed Starrs, a home he was renting at the time, link to proof:
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=113252
Now, the home purchased in the name of MyCheck Inc is Parcel 122-210-25-100, as shown on the deed image above and on the county website here:
http://main.edcgov.us/CGI/WWB012/WWM422/A?P=212221025100&C=00
The address to Parcel 122-210-25-100 is 1743 Terracina Drive, El Dorado Hills, CA 95762 as evidenced here:
http://www.zillow.com/homedetails/1743-Terracina-Dr-El-Dorado-Hills-CA-95762/69236484_zpid/
1743 Terracina Dr is Ed’s listed personal address as evidenced here:
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=145585
Any Questions?
When do I get my house for being a shareholder?
They will claim the 'sale' of Greenpay only included the name & business plan, no other assets.
However, gist of the lawsuit is that Ed actually controls all 3 of these companies and all of these transactions are not arm's length & are all related parties. Therefore, all transactions should be rolled up into MYEC, which they never have been, and should be audited accordingly.
To get MONEY!!
How does no one get this? You can:
1. Sue someone for money.
OR
2. File criminal charges to send them to jail/etc and sabotage your chances of getting paid?
"Criminal laws are the rules that apply when someone commits a crime, such as assault, robbery, murder, arson, rape and other kinds of crimes. After a person is arrested and charged with a crime, that person goes to a Criminal Court.
Civil law refers to almost all other disputes—these are the rules that apply when one person sues another person, a business or agency. This can cover a housing case such as for eviction or foreclosure, a family case such as divorce or custody, consumer problems such as debt or bankruptcy, or when someone sues for money because of damage to property or personal harm. All of these cases go to a Civil Court.
The judges in criminal and civil court have different powers. Criminal Court judges can punish you for breaking the law by sending you to jail. Civil Court judges can order you to pay money or a fine, or make decisions about your family or your home. "
They guy wants money so he went civil
The guy does write like a 3rd grader, but I would love to see the validity of his claims
What you are saying is actually more like: "I was robbed so I'm going to the police to bust them for burglary." Instead of trying to get your money back.
That's not really true. The accountants start with what the client gives them and adjusts anything that is material. They have a huge obligation to the end user. Also, any accountant worth their salt should have found these issues way before any allegations arose.
I would speculate they won't sue MYEC directly because MYEC has the easy excuse of 'I didn't know. I'm not an accountant. Our accountants said it was OK, etc etc.'
You would be somewhat correct if all these were arm's length transactions, namely the purchase of Greenpay.
The guy suing everyone has some interesting information in the suit, such as bank accts & dates etc pertaining to the purchase of Greenpay. No one here probably has any way to verify it, but if the guy isn't making stuff up, this shows that Ed really runs all of these businesses. That means all these companies are actually related parties (AKA all the same company in the eyes of the law/GAAP) and should be audited as one, which they never have been.
All this seems a little too shady for me. I think Ed has a little something something going on in the background.
Point #2 - if the suing guy is correct about the transfer of shares to ED being accounted for incorrectly.... that's a HUGE hit to the fins. I wasn't around back then, so I don't know what the share price was on date of transfer, but accounting for them at par value is just silly. There should obviously be an expense in the amount of total # shares X share price, which is a lot of millions. Retained earnings should be a huge negative.
You see what you want to see though.
My last of 5 comments for the day. Have fun without me.
You forgot the $180 mil expense. So no. Good try though
Is everyone reading this lawsuit??!!
https://www.pacermonitor.com/view/XDCZSYI/Maciora_v_PMB_Helin_Donovan_LLP_et_al__wawdce-16-00295__0013.2.pdf
You don't need a Pacer membership for this link^^^
I would keep doing exactly what Ed is doing. Keep selling shares and try to keep it going just in case you hit the lottery. If all goes bad then who cares since Ed owns the patent. He can start over without a second thought.
I wasn't disagreeing with you.
I was just saying my complaints are with the underlying company, not daily stock fluctuations.
Good luck to you as well
Really that's what you're complaining about?
I cant comment or 'like' on the main fb page either. And my comment was extremely mild
Haha touche
The old 'blame the auditors' excuse.
This is such a basic audit. There's no way it's the auditors holding this up. Send a first year in for 3 days of fieldwork and then have it all wrapped up within 2 months. Even the worst accountant could handle this.
What a joke.
Hodor
I see what you're saying. Seems like a really stupid business deal, especially since MYEC was cash strapped then (I think I recall Ed saying that.) It's like qualifying for a loan where you have to give up your collateral now but you don't get your cash until next year....
It looks right accounting-wise, but it's still a shit deal.
Looks like they issued 250 mil shares for $17.5k in 2013 & 400 mil for $28k in 2014. They received the $45.5k payment from Sierra in 2014. It sat on the books as a receivable until they got paid in 2014.
What are you seeing? I never followed what Ed actually said about this stuff.
That's bull.
The auditors print the reports and hand them to the client. They have nothing to do with any sort of confidentiality.
I am an auditor and we wouldn't care about a confidentiality agreement. It would be up to the company being audited to release the report whenever they see fit.
Other alternatives are the audit firm found glaring errors in the financials which took a long time to resolve. Or they haven't got paid yet.
That video is amazing
:D
Nice!
I didn't hit it as well as you. I got antsy and bailed early
I feel your pain. I flipped this successfully over the past year until this recent crash ate a bunch of my profits.
I just don’t see how they can keep going with all these convertibles. Basically no revenues and never-ending debt is not a good combination.
Soon?
'Billions and Billions Served' is the catchphrase of both companies for sure
Except McDonald's was never a POS penny stock
Yeah that PPS is something to be proud of
One thing we all can agree on, that is a great song.
This stock hasn't had a day this good in a long time
Wow that is shameless
My sister's Beanie Babies are worth millions too
Seems like foresight only someone like Ed could have.
HAHA
Where does it say 1998?