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Still looking to retest the .0006 bottom.
They had to manitain a minimum $1 for a period of time to remain on the NASD. They did not meet that criteria so volunteered to be delisted. Now, all they need is 10 straight days at $1 to re-enlist. And with the $9M BofA infustion and the $21M fat trimming, LCCI is becoming poised to make that run. In the meantime, LCCI will take a timeout and catch it's breath on the OTC before jumping back into the NASD game.
I believe so, too. It looks like a nice recovery climb is in order.
Doesn't sound like anything to write home about is going on.
This is what I take from your post: Left the door open for more dilution, never apologized about the PR stating in full production when they aren't, still down and not operational due to repairs, not certain if the BK situation will work out, can't afford a webcam, can't afford a truck to deliver the coal, worried about saying something that will tank the stock further, and running out of ideas to convince people to buy more stock.
Well... until this is confirmed by the company, this is just another hopeful post. Like I said this morning, isn't it time for the company to start putting out some fluff PRs? Hmmmm... QMNM Pays Electric Bill.... LOL
Well, if you want more info, here it is. Eugene came to QMNM by way of AXGI, AXGI we have coverd in these posts. But, QMNM came about as a reverse merger from QTEK. Now QTEK has a very long history of more of the same... but a whole lot more. Here's the read...
http://sharesleuth.com/2006/10/utek_corp.html
And once you get through this and absorb the whole AXGI thing, you'll see that there is this entire "underground network" of these people working the "take".
Truly amazing
Right.... as in .0000
Quest went public through a reverse merger in early 2004. Its current president is Eugene J. Chiaramonte Jr., a former stockbroker who went to prison in the 1980s for his part in an insider trading scheme. Chiaramonte was part of a group that used insider information on takeovers from a law firm working on the deals. Chairamonte pleaded guilty to tax evasion and acknowledged making $200,000 in profits on trades through a Swiss brokerage, according to United Press International account of the case. He was sentenced to 18 months in prison.
So, we know that Eugene was a broker and very familiar with the law when it comes to take overs. I'm sure he still has his old broker/attorney ties. And it looks like the PR p&d is running a front in central america with banking in canary islands filtered through panama (which trades us) while the shares dumpage comes from frankfort with the money being hid in swiss brokerages/accounts. The paper trail hoops washes the shares and with the company having never filed taxes, the blame for all of the loses goes against the company and not the employees (nor owners). In the end, all the share holders foot the bill for everything that occurs while the entire process is a coordinated effort to cycle through the shares, r/s, and do it again and again while making the front office look like it's business per usual. And if anyone thinks any different, then they have their bases covered with people that are all on the take. And the best part is that the fed will step in, shut it down the business, and allow the corporate laws take over by making the business at fault thanks to U.S. articles of incorporation that protect the employees allowing everyone a free walk to move on.
Tah dah.... whatcha' think?
Thought you were implying that RDWG was looking to round up 10 more bag holders.
The puppy really likes to see saw. This can be very good once we figure out the patterns.
Oh... but just wait for the PR production numbers. They're going to be great! .... especially since there was no production going on for most part. And even then, the numbers to do come about will be misleading because there will be very little if any profit coming from it.
Looks like the run is starting just like Friday. Up to .11 now.
Looks like it's creeping up.
I think so, too. I guess you just never know. It wasn't until Friday after lunch when this baby woke up. Maybe a repeat performance.
Isn't it about time for some new fluff PRs to come out? Volume is drying up and all those new shares need to be bought up, don't they?
I bet we're seeing the rest of the NASD sheep that weren't around on Friday and had all weekend to let panic set in.
Look at that gapper? 2 minutes until the open at .13x.18 The mule has rocket fule!
"...compliance with the regulation standards is our first priority..."
Oh really, Eugene. First priority? Then why are you delinquent? Just more lies from your pal, Eugene.
http://www.reuters.com/article/pressRelease/idUS137092+30-Apr-2008+PNW20080430
Thinkpad,
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31998526
The tie is with Eugene and Bruce Pollack. Bruce ran the PR for AXGI that Eugene ran before QMNM. The SEC wants Bruce. Eugene has done time for stock scamming. QMNM has ties to Panama, Guatemala, and banking in Canary Islands. Bruce is now in Panama.
Coincidence? As I have been asking, and now an expert small cap attorney has echoed, where's all the money going from the proceeds of the stock dumping that has been going on with QMNM? Furthermore, the attorney went on the record to ask if the shareholders of QMNM have filed legal papers over this.
Smells really bad if you ask me. But then, what do I know? I'm just a basher, right?
Thanks, EastCoast. Now you are starting to catch on. I think Eugene still has his Pollack ties and is some how laudrying the proceeds of his stock dumping through central america to the canary islands and using Pollack to help him carry out this function.
It's fact that Eugene did hard time for stock dealings and that the SEC was chasing down Pollack whom Eugene used while at Auxer. Then Eugene resurfaces with QMNM and now we see the SEC is on Pollack tail in Panama. And low and behold, QMNM has ties with Panana, Guatamala, and the Canary Islands where there are dealings with a bank down there.
We also know that there are reports of 100M shares/month of QMNM are being dumped month after month and there's no accounting for where all this money is going. Plus, we also have reports from an expert micro cap attorney asking the same thing and questioning about if and when the share holders will bring suit against Eugene for this.
And isn't it convinent that there are so many excuses why Quest is having so many issues about this and that going forward with production. Imagine working at a company that had put out "production PRs" that were out right lies because the equipment had broke down the day before or working for a company that has never filed their taxes.
Also, what about all that money, $.25M, used to hire an PR firm. Sounds like to me a lot of money was spent maybe for reasons of another pump and dump spamming program possibly with some rah rah people we are familiar with.
Now, add it all the facts that Pedro has dug up and posted for all of us to read. That's also a lot of proof of wrong doings and nothing to sneeze at.
Plus, there's a lot more that I haven't mentioned here we have also discussed here at iHub such as why list this stock on the Frankfort exchange where the rules are very slack if no existance on being able to short across MMs from exhange to exchange. Which, by the way is also documented as part of this shady characters past.
Yes, this story is interesting and sad at the same time. It's more than obvious to me that there are lots of bad things going on and for anyone to just turn a blind eye either is involved or just not wanting to admit to the truth.
But then, what do I know? Some people want to call me a basher. It would be one thing to be called this if all I were doing is saying things that I were pulling this out of thin air. But, I'm not. These are all out there for anyone to read and I'm glad to see that you are understanding now what it is I have been writing about. I'm looking forward to what you find out. Maybe some day, those that have lost lots of money here will have some sort of retrobution.
TIA
About the Panama connection Eugene has. I rememeber Eugene used Bruce Pollack to pump and dump AXGI. The SEC came down on this. Well, it appears that maybe Eugene and Bruce are at it again. http://www.panama-guide.com/article.php/20070707060812422
With the bank in the Canary Islands, Eugene maybe going through Panama with Bruce being his conduit. It wouldn't surprise me one bit.
There's just too many red flags occurring here to be simply coincidense, don't you think?
Nice post, BBM. Time will tell. But, given Eugene's history and watching what truly does look like another repeat performance, I wouldn't count on it. But then, we shall see.
U rock E$
I'm looking to add more, too.
I still hold all of my .07 shares
I just can't believe people sold this for pennies last Friday in a panic when BofA gave them $9M.
Amazing that the market cap is only $3.1M and BofA turns around and hands them $9M last Friday. Looks like an easy bounce back to mid .30s for sure. And with the $21M fat trimming, could we see a near term run to over $2? Heck... maybe they'll achieve that 10 day average before the delisting and not have to go that route.
IPO in 1996 came out around $20
2:1 buys to sells the last 10 minutes Friday.
Welcome Edward Stevenson Players
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=31996149
You might want to consider this before buying.
2003 Income from Coal Sales = 1,309,833
2004 Income from Coal Sales = 2,912,574
2005 Income from Coal Sales = 356,741
2006 Income from Coal Sales = None
2007 Income from Coal Sales = 153,213
2008 Income from Coal Sales = 59,087
All numbers from SEC Form 10K's filed.
LCCI
Gwenco is in BK, not QMNM. No need for a "Q" unless QMNM goes belly up which very well could.
Free advice forum has the exact same questions I have. This coming from a micro cap expert and attorney.
http://forum.freeadvice.com/business-bankruptcy-83/will-i-lose-my-common-shares-428008.html
09-05-2008, 08:19 AM
Irishcapital
Junior Member Join Date: Sep 2008
Posts: 4
Thank you for your post. I have significant experience in the world of microcap stocks - both as an investor and attorney, and I must say that this company is a curious case.
First of all, it would appear that the subsidiary, not the trading company went bankrupt. Thus, I do not believe your shares are at risk. If the company itself was in bankruptcy, the stock symbol would be changed to add an "E" on the end.
Second, it would seem that your company is not making full disclosure to the public via its 8-Ks and the like. Moreover, what is the situation with that massively dillutive convertible debt? It would seem that the present shareholders lost tremendous value when those debentures converted.
Third, where did all the money go?? Are they facing shareholder suits already?
--------------------------------------------------------------------------------
Last edited by m martin : 09-05-2008 at 10:16 AM.
At this point, I am convinced what I think is really going on. Sure, Quest may very well be real and potentially viable. What better front could a person ask for. But, Eugene's history isn't about the company. It never has been. It's about the stock and lots of it. I'll start with what I think will occur (and has been the pattern of the past). After an enourmous amount of shares have been entered, perform a R/S. Then Eugene and all his buddies short the crap out it. Then, Eugene will dilute the heck out it causing the stock to drop and drop and drop. The whole time this is going on, hire a ton of PR people to pump up the story big time all at the same time and start the cover process. The rest of the general public see this as buying and buy in thus becoming bag holders and believers in the story. The process repeats itself over and over until there is an over abundance of stock and the price is too low to really pop again.
Since Eugene has had many go rounds doing this, that's why the paper trail now jumps through so many hoops. He's getting clever. Also, the money is getting bigger so he can afford to purchase this and that to help support the front and drag it through the BK court system.
And, yes, this is imo but it sure seems to fit the bill and explain all the red flags, etc.... And with the stock trading in Frankfort, that's a great place to operate this all from. Why else is this puppy listed in Germany? And the Cayman Island/Panama/Honduras connections? Hmmmmm....
SEC is involved in investigation
http://finance.google.ca/group/google.finance.717211/browse_thread/thread/a56a65243162bbfc
From: CharlesBran...@gmail.com - view profile
Date: Fri, Jun 27 2008 1:20 pm
Email: CharlesBran...@gmail.com
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Here is the letter I wrote to the SEC (enforcem...@sec.gov). I suggest
everyone do the same.
Dear Sirs,
I am writing your agency to ask that an investigation be done on
Eugene Chiaramonte Jr. President of Quest Minerals & Mining
Corporation (Public OTC:QMNM) for the possibility of stock
manipulation of QMNM stock from June 17th 2008 - Present. Eugene
Chiaramonte Jr., as reported by sharesleuth.com (http://
sharesleuth.com/2006/10/utek_corp.html) was sentenced to 18 months in
prison for his part of a securities violation due to insider trading.
I believe that a possible 'pump & dump' scheme may have occured
concerning Quest Minerals & Mining Corporation; operated by Mr.
Chiaramonte Jr. I will follow up with your agency and perform any due
diligence needed in order to see this through.
Sincerely,
QMNM Shareholder
Eugene has already done prison time for insider trading.
http://sharesleuth.com/2006/10/utek_corp.html
QUEST MINERALS
In September 2005, UTEK entered into a strategic alliance with Quest Minerals and Mining Corp., which listed its headquarters as Belfry, Ky. Quest (OTCBB: QMMG) said it was looking for technology that could help it boost efficiency and safety. The deal called for UTEK to receive 800,000 shares of the coal company’s stock over the next year.
Quest went public through a reverse merger in early 2004. Its current president is Eugene J. Chiaramonte Jr., a former stockbroker who went to prison in the 1980s for his part in an insider trading scheme. Chiaramonte was part of a group that used insider information on takeovers from a law firm working on the deals. Chairamonte pleaded guilty to tax evasion and acknowledged making $200,000 in profits on trades through a Swiss brokerage, according to United Press International account of the case. He was sentenced to 18 months in prison.
Chairamonte was Quest’s vice president and treasurer at the time of the UTEK deal, and was one of the company’s two directors. Quest said in its latest quarterly report that it has not mined any coal from its properties in eastern Kentucky because it has been unable to obtain the required permits, insurance and other approvals.
In May, a federal grand jury in Lexington, Ky., returned indictments against Quest’s then-president and chief executive, William R. Wheeler and its former chief financial officer, Fred Runyon Jr., in connection with a check-kiting scheme that cost a bank in Pikeville, Ky. more than $1 million. Runyon’s sister was a branch manager for the bank. She also was indicted, along with another person who had business ties to Quest. The Federal Deposit Insurance Corp. has notified Quest that it will seek recovery from the company. Quest in turn has sued the bank, alleging negligence in allowing the kiting.
The local NJ Police have been notified about Eugene.
http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=23498050&l=0&r=0&s=QMNM&t=LIST
Folks do your homework! Quest and their mining operation is not viable! Eugene Chiaramonte is a convicted felon! his other companies washed away as soon as they were uncovered as the scams they are.
Investigators,
Please note that I have discovered much information regarding the below labeled charlatan. I am including several pages of information for you to begin your research. I am also forwarding this to the local police dept in Paterson, NJ. Maybe they can arrest him before he does more damage to innocent persons.
Editors,
I have uncovered an unscrupulous penny stock charlatan. Eugene Chiramonte operates unviable companies off the backs of investors then bails on the companies leaving the investors in ruins. Below this is a letter with a great deal of evidence to the Ponzi Scheme that he is trying to affect at this time.
Please investigate this man and Quest Minerals thoroughly and if you can find criminal wrongdoings please forward to the authorities so that we can put thes scam artists in prison where they belong!
Please note that I have no vested interest in this man nor any firm. I was simply searching investment opportunities and researching this firm led to all the rest of the information I have included.
At the very least you have the bones for an article for what investors should look for when considering an investment.
I am forwarding this tio your firm first since he has contracted your firm to provide his news feeds. I really do not think you want to represent such a low quality character and a very likely scam company.
Below is the letter I have written to other investors to stop this man frm having any success at starting this Ponzi scheme and raping yet another set of investors.
-----------
Dear Investors,
Please google this information for yourself to verify this information before considering QMNM! I do believe that QMNM and Eugene Chiramonte are both a sham. This is a very long lettter with a great deal of evidence to support this theory.
I also found this QMNM stock and thought I had found an amazing opportunity to make money. However,, after some preliminary checking I have found that Quest is likely to be a scam!
Eugene Chiaramonte JR has been sent to prison in the past for Securities Violations! He has also had associations with several other "Penny stock" firms which also appear to be scams.
Among those failed firms are Utek (not the real utek, a scam by the same name), http://sharesleuth.com/2006/10/utek_corp.html; Auxer, Viva international, http://sec.edgar-online.com/2001/07/25/0001046532-01-500154/Section15.asp
This man does not have any history of operating any viable company EVER! His track record is of shady dealings at best and criminal activities at worst! Also many of the persons he has done business with have been indicted for various securities violations and fraud cases.
As I have stated, I also thought that Quest was to be my next great opportunity, But I now believe that the whole thing is yet another Ponzi scheme that has come to an end. By this time tomorrow several agencies of federal government and reporters will have read this letter and I truly hope a federal indictment results that will put this scam artist and others like him away for good.
Below is the original letter I wrote to Quest seeking information to answer the questions I had, But I have since uncovered his very uncomfortable past activities.
Original letter to Quest
-------------------
Your stocks are set to explode. However, after taking a precursory look at your firm leads me to beleive your firm is a total sham! There are a few tiny details that are preventing me and several others from taking your firm seriously. I believe that if you can address these tiny issues that your stocks can go from Micro into the dollars in only a few days!
Anyone looking at the history of your firm can see a major play was made a few years ago that had absolutely no return. I as an investor am just as concerned if this is just another "penny stock scam." From all the searching that I have done I cannot decide if your firm or any other firm in your press releases actually exists, or if they are all phony names to promote a scam.
Let me give you a few examples:
Slater's Branch, Kentucky, that you mention in so many of your press releases, does not exist according to Google! Establish a relevant 3rd party to provide this location or at least the county where it is located for credibility.
"White Star mining" has no apparent website nor even physical office that can be verified. If you have hired a firm that we as investor's cannot find, how do you expect us to believe in any other statement? I have searched switchboard.com and Bigyellow.com and in all of Kentucky there is not even a single phone for a company that is expected to mine a multibillion dollar mine? Do you see investor's questioning this? If this company has no published number, how can they hire employees to operate a mine?
Joy corporation does not show that they have any "Continuous miners" in any area of Kentucky. This would be a fantastic photo op and marketing scenario for both of your firms.
Just imagine if the presidents of Quest, Gwenco, White Star Mining, and Joy were all together for a press release with the local chamber of commerce of whatever local area to enhance the share holder's belief that This is actually a firm with a production schedule.
Gwenco has no verifiability whatsoever. Google and switchboard produce no relevant information regarding this firm. Are you trying to convince an investor that a company with over a billion dollars worth of potential has no phone? How in the world can a firm purchase leases with no phone? oh and of course there is again no website nor any other means of verification of this company.
"Bobby Blackburn" recently mentioned in one of your press releases does not show up on any relevant searches either. Surely a firm that is about to process 1000 tons per day of
Metallurgical coal has an engineer with a degree and a resume? Again, this appears to be less than legit.
Logan & Kanawha Co also does not appear to exist! Surely a company that is about to purchase 8 million dollars worth of coal has a physical office? Oops.. I found them.. or at least an office by that name. I still wonder if a company of this magnitude exists without a website? I doubt that any investor considers any firm that does not have a web presence to be a legitimate concern.
In a recent press release from Quest, the president acknowledges that the Joy miner is capable of over 1000 tons per day. In a later release He states the He hopes to get production up to 10k tons per month. Does he only have a part-time agenda? Maybe, the mine will be in operation Monday, Wednesday and Fridays?
Further, your own website makes your firm look like the local metal recycler. From the photos on your home page to the photos in your Gallery, These photos do your firm more of a disservice than not having them at all. Take a close look at the photos and what you are trying to convey. You are trying to convey that you are a multi million dollar firm with "state of the art" equipment that is about to enter into a commercially viable multi million dollar mining operation?
Notice that nowhere in any photo is any recognizable feature to provide any evidence whatsoever that any of this property is even under your control. Nowhere is White Star shown. Nor, is Logan & Kanawha Co shown anywhere. Nor, is there any evidence of Gwenco. Nor is there any other evidence of a firm that is worth more than $200,000 TOTAL. I could go take pictures of my local metal recycler and find similar equipment. Actually, I could buy all the equipment shown for under $100,000. Also, nowhere in any of the Galllery photos is the elusive Joy Continuous miner.
Your website has an "investor" page which has absolutely no investor information. Nowhere on this page are there any links to any Securities filings or to your firms legal counsel, P&L Disclosures, Anticipated future growth strategy, Corporate Resources or any other thing that anyone would look at to decide to purchase stock in your firm.
Also, there are no photograghs of any member of any firm, no resumes, no degrees and no other evidence that anyone works at your firm.
The photo of the "sand ventilation system" just does no justice. This looks like the back of a VERY poorly run hardware store. One looks at that photo and asks is this how messy the rest of the firm is?
One would expect that this is a joyous and Gala time for everyone involved in this endeavor to be happy. One would expect to see all the prominent persons to have the ceremonial "ribbon cutting" event and local media at a gala event. Instead you show me.. an investor, a tiny pile of coal that I can haul in my "pickup truck" and a rusty conveyor belt system and a rusted old front end loader?
I really have to wonder if one of the employees gave their ten year old kid a twenty to design your firm's website? Or, if a website firm can really produce such a bad site and get paid for it? I further have to wonder if anyone at Quest has ever taken a look at their own website? Since it has absolutely no information, I rather doubt that it has been seen.
Even your web address leads to credibility questions. You have a ".net" suffix, These suffixes are for companies that have the primary function of providing Internet access. That is why the are called ".net" and not ".com." There are several suffixes for businesses to use that are correct for each type of business.
Do you need a marketing person to repair all of these issues? I am sure you have considered hiring a PR firm or other firms involved in marketing. If you have not found suitable talent, I am available and I am ready to travel if you want to contact me regarding this.
Understand that I am not writing this to bash you. I am trying to give you an idea as to what an investor looks at even in a precursory glance when evaluating a new investment.
The first thing I want to know is viability and credibility.
Next, I want to know if you have a product. You show me a pickup load of coal.
If all that passes.... then I will look into the debt/income ratios and such of the firm to
decide if the firm is viable. There is no information regarding any liquidity values or any
other assets to give your firm even the appearance of being an ongoing concern.
But, there is a highly negative article regarding your liquidity. It says that you financed $75K for some capital in exchange for something.... If a multi milllion dollar firm has to finance $75K how can an investor expect that you can produce 10k tons per month? I mean can you not even afford a tank of diesel to operate your machinery? I do not know the exact energy requirements of the Joy machine, but I am sure that it alone will cost significantly more than $75k in operational expenses for 6 months of operation, not to mention the front loader and the conveyance system. Do you see an investor thinking this is a solvent company?
Then, I want to know if you have a means to process that product into usable profit. You give me "white Star" which has no physical office and expect me to believe they can process 10k tons per month?
Then, I want to know if you have viable sales channels and purchasers. You give me Logan & Kanawha Co. a firm that I cannot find any evidence of existence much less the capacity to actually PAY for 8 Million dollar orders?
Then, I look at your capitalization and existing equipment to determine if you can do what you say you are going to do. You show me a bunch of run down equipment that could be a local junk yard?
Do you see the pattern in this? I am now convinced not that this is an investment, but that this is a sham that should be reported to the authorities as there simply is no evidence that any of this exists.
Oddly, I was thrilled when I first started reading about your firm.... I was looking for a key
investment to get me started again. I have read all the press releases and even threw some money into the stock just to play.. Then I asked mmyself why I did that before at least doing a cursory glance at the firm to see what is real and what is fantasy. Boy, was I shocked when I realized that not one single press release I read could be verified by any means!
I am at a real loss as to where to send this letter now. I know if I email it to your firm it
likely will be deleted before consideration. I am considering sending it to the authorities,
But, if I am wrong, I would not want to be responsible for all the harrasment of the SEC and FBI towards innocent people.
I am considering posting this on several investor boards that are closely monitoring your stocks and are the primary driving force in the value of those stocks. But, I do not really want to cause a disturbance before allowing you a chance to answer.
Now I am not even an investor by many standards I am someone who is trying to learn the "Penny stock" game and I found your firm. I am just a common guy who wants his tiny investment not to lose value and I do at least a precursory look at what I am buying beforehand. I found nothing..
And I encourage you to find anything of any substance utilizing the simple methods of discovery discussed.
Hiring someone for some simple PR work and some simple information disbursement could lift your stocks from "Micro" to penny stocks and very quickly into the dollars arena. Can you imagine gains on the order of 10,000X in valuation? Would your firm be able to become an ongoing concern if you had a market valuation of millions of dollars rather than thousands of pennies?
I have decided to be a "good guy" in this case. I am sending this to your firm only to see if
there is any sort of response. However, I am also keeping a close eye on this scenario and intend to distribute this information widely if I determine this is a scam!
Please answer with anything that gives any incontrovertible evidence that anything issued
regarding your firm can be verified.
Thank You for your time,
Is this where Eugene is shuffling off all his money? Cayman Island? Panama? Honduras?
http://www.secinfo.com/dV35v.zp.htm#59y