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Swarm, you are 100% CORRECT
Americalbulls.com Hold
#4 on DDmachine.com
Stockcharts.com BUY BUY BUY
Over the 200 MA
I do agree with others that a huge rise can happen any moment
With the outstanding shares out there, no selling in general at all been taking place since early august!
Good Luck
Let's see
Adding a little more again today and a few others I know not on this board at the ask sometime today.
Good Luck to all
LOL, you are cracking me up man.
GO HLNT
UPTICK
Lets get her to 40 today.
Agreed, Welcome Pimping... Let's get some people to hit the ask.
You buying Pimp? Show us a real PIMP
Good Luck to you and all!
mini run commin again now..
$500 bucks will give this a push and uptick..
Lets go
I hope you are right. :)
I wonder what PD will post in the morning.
I say we hit 40 tomorrow... Too many eyes on this now.
Momo's are back, #4 on DD Machine, lots of eyes.
Wonder if we will get back onto extremepicks.com like we did last year.
Frankly, we dont even need them as this should go up on its own.
Good Luck to you Niko and all longs
It is possible even more....
good luck
Love the post.
Agreed
Wow, we have turned the corner.
#4 on DDmachine.com
Pimping, that you very much for your work and your weekly chart.
Much appreciated as a very long time shareholder.
Love what I saw today.
Now that we are over the 200 and the new players coming in, I think we will break 40 tomorrow.
Watch for the volume to pick up with momo traders', longs adding AND short covering.
I think we get over 25 Million shares traded tomorrow.
Hope to see a 100 Million day like we did last fall.
Good Luck and awesome chart
number 4 on DDMACHINE.com
HLNT GUYS
Time to look at HLNT guys Much better shape than it was this time last year and nearly hit 2 cents.
Time to look at HLNT again guys.
Home > News > Finance > SEC charges LI hedge fund adviser with fraud
SEC charges LI hedge fund adviser with fraud
by David Winzelberg
Published: September 29, 2011
Tags: BNPM092811, Corey Ribotsky, Hedge fund, NIR Group, Pink Sheets, U.S. Securities and Exchange Commission
The Securities and Exchange Commission charged a Roslyn-based investment adviser with defrauding investors and misappropriating more than $1 million in client assets for his personal use.
The SEC alleges that Corey Ribotsky and his firm NIR Group repeatedly lied to hedge funds investors to hide the truth that his investment and trading strategy was failing during the financial crisis, according to a statement.
It’s alleged that Ribotsky falsely told investors that despite the adverse market conditions he could liquidate all of the PIPE, or private investment in public equity, investments in 36 to 48 months — a practical impossibility given the size of the investments. The SEC said Ribotsky misused investor money by writing checks to pay for personal services and such luxury items as a Lexus, Mercedes, and Rolex watch.
Robert Khuzami, director of the SEC’s Division of Enforcement, said the Ribotsky case is a classic betrayal of trust. “This enforcement action reflects our continuing commitment to bring to justice individuals and companies that committed fraud during the credit crisis,” Khuzami said in the statement.
Ribotsky’s attorney, Brad Gertsman released a statement late Wednesday responding to the charges.
“I think the complaint appears to be a stretch in an attempt to justify approximately two years of time and resources poured into the investigation,” Gerstman said. ” NIR and Ribotsky look forward to defending these allegations in court.”
In addition, the statement added, “after years of investigating claims of ponzi scheming and fraudulent valuation, primarily lodged by two disgruntled former employees who had been terminated for improper conduct, The NIR Group and its Managing Partner, Corey Ribotsky have been vindicated in part by the fact that the Securities Exchange Commission’s long running investigation failed to make a case in support of these specious claims.”
Previous LIBN coverage
* Feds eye penny stock hedge fund fraud
Last year, former NIR Group investment analyst Daryl Dworkin pled guilty to three counts of securities fraud and conspiracy to commit securities fraud. He admitted to misleading investors by “making materially false statements and material omissions” regarding assets held in NIR’s funds, according to a letter sent to NIR investors from the U.S. Attorney’s Office. Dworkin reportedly told federal investigators that he was acting at the direction of NIR’s senior management.
Microcap public companies often engage in PIPE transactions to raise capital. According to the SEC’s complaint filed in federal district court in Brooklyn, NIR’s family of AJW Funds provided cash financing to distressed, emerging growth and start-up microcap companies quoted on the Over-the-Counter Bulletin Board or the Pink Sheets. The AJW Funds were typically invested in 120 to 130 different companies at any given time.
The SEC alleges that beginning in July 2004, Ribotsky began siphoning assets from one of the AJW Funds he was managing through NIR. Ribotsky typically wrote checks to himself or to “cash” and then instructed NIR office employees to cash the checks at a nearby bank and they would then give Ribotsky the money, according to the complaint.
NIR’s strategy of investing in distressed and startup companies began to show signs of failure by mid-to-late 2007, according to the SEC. Many of the distressed companies to which the AJW Funds had made loans were by then essentially defunct or on the verge of filing for bankruptcy. The SEC alleges that Ribotsky made false and misleading statements to investors while his hedge funds were struggling to create the illusion of success.
Gertsman said
The complaint seeks a final judgment permanently enjoining Ribotsky and NIR from future violations of the above provisions of the federal securities laws and ordering them to disgorge any ill-gotten gains plus prejudgment interest and pay monetary penalties.
NIR GROUP Wednesday, 12 October 2011
Print ArticlePrint Article Bookmark ArticleBookmark page Email ArticleEmail Article
Long Island hedge fund, NIR Group, probed in plot to inflate asset value
The criminal investigation into NIR Group looks like a Madoff copycat scheme to defraud investors by overstating the value of assets. Investigators are also probing allegations of kickbacks
By Alan Fein
(AXcess News) New York - After a two-year long probe by federal and state authorities, the WSJ revealed earlier today that Long Island-based hedge fund NIR Group is being criminally investigated over its alleged misrepresentation of asset valuation to its investors. At the heart of the probe is Mr. Corby Ribotski who heads up the fund.
Bernie Madoff Junior?
Ribotski has come under fire over his handling of investor assets which in 2008 where held up to investors as being worth $780 million. The Journal story said that the hedge fund operator portrayed his fund "as having eight straight years of profits, beginning in 2001," though authorities are now questioning the fund manager's figures ever since NIR Group has been unable to find anyone who would provide a third-party valuation, let alone audit NIR Group's 2008 yearend results.
Breaking News - Two Years Ago
In December, 2008, AXcess News broke a story in which Ribotski's NIR Group took center stage following the downfall of Bernie Madoff in what was the lulu of all Ponzi schemes to hit Wall Street. Only in NIR's case the investigation isn't about assets that didn't exist, though their value is questioned as being so low authorities are dumbfounded as to how Ribotski could have kept it up for eight years.
In the 2008 story, "Madoff Scandal Tip of Iceberg in World of Seedy Hedge Funds", AXcess News reported that investors in Ribotski's NIR Group where growing more and more discontent to the extent that a chat board had been set up on Investorhub.com about Mr. Ribotski and his company.
While Ribotski's lawyers placed AXcess News on notice, the story was not recanted. In fact, Forbes picked up on the Ribotski story even earlier saying he had "a history of questionable business dealings and unpaid bills," though that hardly qualifies as "guilt by media" but looking back at my 2008 story I am grateful to see the WSJ finally giving NIR Group the once over, even if it is two years later.
In that Story I wrote: "Men like Mr. Ribotsky never make the press when compared to the Bernie Madoff's of Wall Street perhaps because the investors aren't big enough to matter to the New York Times, WSJ or others."
While the Wall Street Journal said Ribotski's NIR Group was being probed over $780 million in questionable asset value, an October, 2008 story by FINalternatives said NIR Group had $7 billion under management. Seems the Feds are off a bit, which may mean the investigation by regulators will broaden.
So far Ribotski has not been charged with any wrongdoing.
Kickback Scheme
Reuters echoed another aspect of the probe as reported by the Journal claiming individuals where under investigation for their role in a kickback scheme meant to inflate the value of NIR Group's assets. The FBI, SEC and the U.S. Attorney's office in Brooklyn, NY are involved in the investigation, Reuters noted.
Rehashing the News
FINAlternatives basically rehashed the crux of the WSJ story as well, never mentioning its October, 2008 $6 billion difference in funds under management - funny they missed that - though sidebar links did list other stories NIR Group was mentioned in.
Forbes, which has covered Ribotski on more than one occassion, missed today's window of mediatunity and didn't cover the probe at all, though a story could be in the works.
I can only say, that these major publications everone turns to for 'breaking news' on Wall Street might do better to follow those reporters who live in the trenches (hint, hint). As to the outcome of the NIR Group's criminal investigation, I say, wait...as stones turned by the Journal have a tendency to show themselves for what they are, given time. Its a shame AXcess News was never mentioned for having broke the story in the first place, perhaps the next round of news will note that. Stay tuned!
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Everyone,
Thanks for valuable information,
I get a better feeling day by day.
I love the comment that he says the unit "will advance world status also"... yes, when it hits the Asian Markets where the demand will be outrageously heavy.
Concur to the fact this is in much more better shape than this time last year, by far.
NICE indeed longs
NICE indeed longs
Yes nice buys indeed now
You are right.... 5 million at the ask combined would move back into 30's
the seller or sellers wanted out the past week although not much sellers, dollar wise at ALL!
up we go
smelling 30 by END OF DAY
GET IN NOW
NICE BUYS
NICE ACTION
agreed, NOW LETS HIT THAT ASK at 30 hard and break through!
Here too
Just waiting for the volume and or the PR!
I think the lack of selling here the past few days shows me the confidence of HLNT shareholders and the fact that this will have no place to go but HIGHER in the upcoming days and weeks.
GLTA
Yes, and the ask on L2 is very very very thin to get to that 200DMA of 34/35...
For how the overall market it, HLNT is doing great.
Just overall NO SELLERS but maybe a few that got in the .0010 to .0015 area and they are just flipping but not many.
I do agree any little nibbling at the ask consistently would push us easily and I mean easily into the mid 30's.
I think HLNT is taking a breather right here and maybe another non eventful day tomorrow... I will take it especially where we were the past 3 to 8 weeks...
HLNT a little tired but other eyes starting to take notice.
Step by Step, Rest... and repeat is OK BY ME.
As long as we trend UP UP UP...
A PR though could throw everything out the window and push a penny in a day...
Good Luck to all and my 2 cents, for what it's worth.
I am from Texas, I wonder how many are in Texas on this board that would like to go to tour the facilities together...
Sparks, one of the few that I simply trust with unbiased information...This speaks volumes coming from you!
To confirm what you already assumed is simply great for many ears on here.
Thanks for taking the time to visit the facility and report back!
Time to ADD yet MORE tomorrow.
Do you personally see this quarter being their best quarter yet?
Thanks once again for all you do and all the valuable info you bring.
we are going to have to wait for that answer tomorrow as he can only post once daily
that is a fake wall at 30!
watch
yes the time is now to raid 30..
i believe we go thru today.
watch
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As far as L2, i see very low bid selling.
I Think lots of strong hands on here compared to last year.
Hope we get that mother of all PR soon.
Assets, agreed....We need to see some more volume for sure.
Will be adding at the ask in the late afternoon.
Good Luck Guys
Niko,
Thanks for the kind words my friend..I remember you this time last year..
Just hope we see that volume bust out in the 30's this afternoon!
Good luck Brother!
Indeed looking great but we need MUCH more volume through break the 30'a and ultimately through the 200. imo
I am also another long that will be adding a little more yet again.
Thanks Niko for the posts... Has me fired up again
Concur, I was one of them and so was my cousin who got in ssev in the 30's and convinced him not to sell...he never sold a share from my convincing and still holds his 4 million today...
so when it was .0010 and such, felt fooled and felt bad for cousin.. still feel bad as he wanted to sell at a penny and a 1/2 LOL
To have $180,000 on HLNT to down to $9,000 when it hit .0010 last month on the bid left me very irate and dumb...