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That's pretty funny-- you're inferring that a law enforcement agency might investigate a rambling complaint from Kistler's organized stock fraud operation.
The idea of a lawsuit is that the opposing party defend it.
ADCS has two defaults against it, and in the third one, the record reveals that the they didn't pay their first attorney, ripped him off, then got a second guy to submit boilerplate low budget responses to motions.
Charts don't factor in imminent dilution.
NIR Group Offers Commodities Hedge Fund
December 19, 2008
New York-based NIR Group has opened up its Cortan Commodity Partners fund to outside capital one year after debuting it to friends and family of the firm. The Cortan fund employs an inter- and intra-commodity spreads and commodity futures strategy.
“We see a commodities market ripe for smart, strategic investment,” said Corey Ribotsky, founder and managing member of the NIR Group. “With the so-called commodities bubble deflating, there are significant dislocations in price and valuations that we believe we can capitalize on for our investors’ benefit.”
He adds, “Our market-neutral approach mitigates some of the directional risk that has really hurt so many investors unprepared for the velocity of the market volatility we are experiencing in the current environment.”
The fund is managed by Howard Tanney, a former member of the NYMEX board of directors.
NIR Group currently manages some $7 billion in direct equity investments, commodities, structured finance, and real estate assets.
So the reason the stock is .0001 is because the company was sued? It wouldn't have anything to do with the 5,000,000,000 shares they printed, eyy?
Over a penny? Why?
keep in mind i didn't write the article nor do I think that he can compare to the other fund. corey's frauds involve intricate schemes to evade securities laws.
Madoff scandal tip of iceberg in world of seedy hedge funds
By Alan Fein
(AXcess News) New York - Bernie Madoff was considered a charmer and has even been called more knowledgeable of SEC regulations than the government watchdog itself. The investment advisor had even written the SEC in the late 90s, offering advice on catching scams in the financial community.
Madoff's Ponzi scheme bilked investors out of $50 billion, the largest fraud case to ever hit the financial community. Yet here it is December 2008 and Madoff remains free on $10 million in guarantees from friends of his after being arrested last week Thursday after his own sons called the FBI and turned him in.
Madoff was a Wall Street celebrity who was considered 'well connected'. To invest with "Bernie" was a privilege to some and bragging rights to others. But in both cases, those investors are singing the blues and will be lucky to see pennies on the dollar ever recovered.
New York securities lawyer Bill Singer said what will come out of this is a public outcry for more SEC regulation. "This is ultimately going to press Congress for more regulation and my fear is at the end of the day we're just going to have more unworkable rules on the books with too few regulators to enforce them," said Singer.
Much of the witch hunt brewing on Wall Street is being aimed at the unregulated world of hedge funds where you hear little about the smaller companies who've been driven out of business by alternative investment fund managers who use such financial instruments as convertible notes which if the share price drops can be converted into more shares, creating an ever-downward spiral of dilution.
One such fund manager has even generated so much interest in his investment activities as to warrant a board be setup about him and his company on www.investorhub.com. According to that Board, Mr. Corey Ribotsky heads up NIR Group, LLC which operates as a management consulting firm, though the Company's website promotes itself as an investor "along side our limited partners".
Like Madoff before him, Ribotsky is a member of numerous philanthropic organizations, according to NIR Group's background outline. While Madoff used his country club connections to bilk investors out of billions, posts on the NIR InvestorHub board imply that Ribotsky carried out a similar MO to attract investors into NIR Group's host of funds.
Yet men like 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. Yet according to an October 22, 2008 story on hedge fund news publisher, FINalternatives.com, NIR Group has under management $7 billion.
A source told FINalternatives that the firm's AJW funds, which focus on small- and micro-cap companies' convertible securities, "are seeing very significant redemptions," forcing the firm to restructure the funds "immediately." The hedge fund news publisher quotes NIR Group as saying that it needed to restructure the funds "due to circumstances outside its control". Yet a search of public records indicates those 'circumstances' may be due to a rash of lawsuits from disgruntled companies who turned to Ribotsky's company for financing.
A January 26, 2007 story on Forbes.com about the seedy world of PIPEs implies that Ribotsky not only lacked ethics but seemed to take advantage of companies his group of funds invested in. Forbes' Nathan Vardi wrote about Ribotsky's ethical behavior saying, "His first business partner successfully sued him for stealing away their marketing and consulting firm. The florist at his wedding filed a $7,275 claim against him for failing to pay the bill."
Vardi's story went on to list a host of questionable investments NIR Group was involved in that included a similar MO to lawsuits filed following the release of that article all claiming that NIR Group allegedly destroyed those companies through short sales.
Some of the companies currently involved in lawsuits against NIR Group and Ribotsky include: Cyberlux (Otcbb: CYBL), Humitech (Otcbb: HUIT) and RG Global Lifestyles (Otcbb: RGBL). It's rumored that as many as 7 companies are suing NIR Group over its financings and more are considering litigation
So far, no criminal indictments have been handed down against Ribotsky and the press has rarely paid attention to his Funds' dealings, but with Madoff drawing high-profile attention from network news broadcasters, as Mr. Singer said, this is only going to draw Congress into pressing for more SEC regulations. Hopefully Singer is wrong in that there will also be more regulators to enforce them.
"It is a lawyer's axiom that bad facts make bad laws," says Singer. "As such, my fear is that the fraud and criminality of the Madoff scandal will prove to be so off the charts that Congress will feel compelled to hastily draft yet more unworkable rules and regulations. Ultimately, the Madoff affair is less one about too few regulations than it is about too few competent regulators. The tragedy of such high-profile cases is that they tend to leave two different sets of victims: 1. those whose lives were devastated by the crime; and 2. those honest businesses who become burdened by reactionary rulemaking. Unfortunately, there will be little sympathy for what remains of the hedge fund industry or the registered investment advisory community in Madoff's wake, and that is clearly understandable."
yes its up ready for the scam to evolve.
That was the advice when this was .005 and people believed in it, only to lose their entire investment. Fraud is fraud, and that's the business here that the Kistler's concocted along with their neophyte penny stock scammer Chris McKenna (who has since moved on to even bigger stock frauds). Besides there are several judgments against this company, and whatever assets it may have are subject to seizure.
Hi Sylvre, make sure you post since Bob's ready for another round. Don't wanna lose our mod.
There's no attorney fees, it's a lousy few hundred dollar filing fee, but it makes for a great PR so they can sell stock. "Whooopeee we got a trademark." Blah blah. File an opposition proceeding and see how fast they abandon it.
They can't legally raise $500 million using exemptions to the registration process, and they can't file a registration statement because of the difficulties in auditing the old entities.
Not having money won't stop Chris McKenna and his crew from doing a nice fat raise.
Chris McKenna is involved here according to news account, he joined with Brian Kistler on the ADCS scam where the a/s was raised and the stock ended up .0001 despite many people believing Mr. McKenna's false information.
Probably waiting for everyone to get bored and move on so that nobody warns the new investors. But I am sure he's going to try to milk it some more, you can tell by certain activity. We'll call it chatter.
He'll be back in the limelight in the next shareholder lawsuit?
My role has always been clear. I was the President of this company, and Paul Taylor used my name to issue false and misleading press releases without advising me. When I learned about it, he immediately appointed a guy he paid $50/signature to as President, and purported to fire me.
That's funny. The Ohio Attorney General has no jurisdiction over anything to do with a Nevada company, posting on a message board in Missouri, lawsuits in Pennsylvania, Nevada, or elsewhere. So, yes, I can't wait for that.
Come on, we know exactly what happened here. Duane Kistler and his brother Brian Kistler pulled their standard modus operandi on people who believed in a contest where only 8 people signed up. They made a million. What about the people who signed up? Where's their record contract?
All please read:
http://www.box.net/shared/g5rxkilxhl
This is very relevant to our esteemed control person at NCVT.
Read this message, then click on the following link therein. Notice that the signature is in color on said link rather than a court copy.
Make your own mind up about the NCVT management at that point.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=33749078
Link within message:
http://www.box.net/shared/g5rxkilxhl
Hope that provides current details on what NCVT is up to.
To be clear, according to the docket for the United States District Court for the Eastern District of Pennsylvania, it appears clear that the company defaulted in a stock fraud lawsuit and then sent a rambling letter to the presiding judge. Of course, without counsel, it's absolutely meaningless.
So this is the esteemed president of ADCS' work? He files rambling nonsense by letter claiming that the company needs help from the court? What happened to the 5,000,000,000 shares Duane Kistler printed? Sure, this lawsuit is what made him print those shares.
Here's the suit:
United States District Court
Eastern District of Pennsylvania (Philadelphia)
CIVIL DOCKET FOR CASE #: 2:08-cv-03344-EL
DUSZAK v. NEVADA CORPORATION C15160-2003
Assigned to: HONORABLE EDMUND V. LUDWIG
Cause: 15:77 Securities Fraud
Date Filed: 07/07/2008
Jury Demand: Plaintiff
Nature of Suit: 850 Securities/Commodities
Jurisdiction: Federal Question
Date Filed # Docket Text
07/07/2008 1 COMPLAINT against NEVADA CORPORATION C15160-2003 ( Filing fee $ 350 receipt number 950054.), filed by MALGORZATA DUSZAK.(tj, ) (tj, ). (Entered: 07/17/2008)
07/07/2008 Summons Issued; 1 Mailed to Pro Se 7/17/08 as to NEVADA CORPORATION C15160-2003. (tj, ) (Entered: 07/17/2008)
07/07/2008 DEMAND for Trial by Jury by MALGORZATA DUSZAK. (tj, ) (Entered: 07/17/2008)
07/07/2008 2 Disclosure Statement Form pursuant to FRCP 7.1 by NEVADA CORPORATION C15160-2003. (FILED BY PLAINTIFF)(tj, ) (tj, ). (Entered: 07/17/2008)
10/02/2008 3 SUMMONS Returned Executed by MALGORZATA DUSZAK re: Robert Deale served Summons and Complaint upon NEVADA CORPORATION C15160-2003 by Personal Service, accepted by Niki Crenvan of Resident Agent, Inc. NEVADA CORPORATION C15160-2003 served on 7/28/2008, answer due 8/18/2008. (ac, ) (Entered: 10/02/2008)
10/16/2008 4 Praecipe to Enter Default by MALGORZATA DUSZAK. (ap, ) (Entered: 10/16/2008)
10/17/2008 Default Entered (ap, ) (Entered: 10/21/2008)
10/17/2008 DEFAULT BY NEVADA CORPORATION C15160-2003 FOR FAILURE TO APPEAR, PLEAD OR OTHERWISE DEFEND. (ap, ) (Entered: 10/21/2008)
11/19/2008 5 Letter to Judge Ludwig dated 11/3/08 re: certain facts. (gn, ) (Entered: 11/20/2008)
But ADCS made about a million off the raise here! Why don't they just hire an attorney?
lmao, the only people who would join that would be duane kistler's wife.
Kistler/Kistler/Carnes/Taylor?
Like he's going to r/s this?
This is a good concept at this time and when they do some announcements, we might see some action.
It's been the same history of this stock for the last 6 names it had. Did anyone truly expect different results this time?
You tell us.
Reverse split time.
I know of only three. A default was entered in Philadelphia this past week. Next step is receivership I suppose.
Clean? It has three lawsuits against it.
I'm just shocked you're involved with them!
Oh this is bad, another Mina Mir scam moving in.
They could have done their stock fraud scam in a way where shareholders make money too.
Is this a good stock?
What would be more lucrative than investing in BSTI would be promoting it! Somebody paid almost $300,000 to pump the stock?!? That's amazing stuff.
BSTI: QualityStocks received $295,000 from a third party for 180 days of services.
The same thing that made him so enthusiastic when this stock was .005.