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.
There is a real RG Raymond. You're saying he doesn't exist based on a hearsay rumor. There are number of compliance documents filed with the government with his name on it. Hypothetically speaking, if there isn't a real R.G. Raymond - so what???
If Grifco was incorporated anywhere else but Nevada maybe. Why do you think all the crooked companies register in Nevada?
Also
Jim Dial - Strip Club Owner
Jim Dial - Investors Relations for Litfiber
Dial looks like the bald bird that pops out of a cukoo clock except he's fatter. To answer the question are there 2 Jim Dials...well yes there's a fictional Jim Dial character on Murphy Brown. But he had morals. There's only one crooked Jim Dial and he's the one that ran 3 public companies to the ground in the past 3 years.
Applying technical indicators to a pink penny stock is like using the horoscope to pick lottery numbers. Only thing the GFCI chart would tell show is when the P & D PRs had come out, where Jim Dial et al dumped the shares, and buying and selling of $20 worth of worthless stock. It doesn't show mutual & hedge fund accumulation/distribution, investor (sophisticated) sentiments, and industry trends.
Robinson Reed, Lymaec, GGI, and the Useltons. It's obvious Grifco was nothing more than a scam raising money through illegal stock sales and Pump & Dump schemes. Legit businesses fund their business through operating income. Looks like in 2005 - 2006 Dial raised over $10 million. Last but not least, why credible CEO would solicit a personal loan to by a strip club while trying to get an international start-up business off the ground (hypothetically speaking). It's really a shame JD is still out there trying to perpetrate another scam. SEC ought to cut off his balls and send him to Guantanamo.
What are you talking about? Who investigated you? Why would they investigate you?
Why would they investigate you?
SEC has resources are limited. Out of 100 legally actionable cases they can probably only go after 5-10. So they go after the ones worthwhile. I'm sure significant portion of the budget of SEC's enforcement division is funded by penalties. Dedicated resources to investigate Grifco is like a hospital dedicating a team of dermatologists to remove a single pimple on a face of a homeless man. It makes no rational sense. JMHO.
Personally, I don't see a reason SEC would investigate Grifco at this point. What for? Morbid curiosity? The company is not even operating. Nevada statutes protect the corporation to where it make it very hard to prosecute. Why do you think shady operators choose Nevada corporations.
I e-mailed the Nevada Secretary of State's office to ask why Nevada is such a breeding ground for shady corporations and that the State should be more diligent in granting Corporate charter to aspiring businesses. Here's their response:
"Dear Customer,
We are a filing agency not an enforcement agency. You can contact the NEVADA Legislator at 775-684-6800 and express your concern."
Another possibility is Jon or Evan Jarvis.
Like it or not Lawrenceolivier et.al was right on the money about a lot of things. He was quite flippant and mocking in the way he posted. Most couldn't look past the "meanness" of his post to get to the truthfulness. The guy knew a lot of things only an insider would have known.
Sure Global Oil Tools is real. The fact Grifco "surrender" ownership to Lyamec is real. The transfer taking place prior to shareholder meeting is real. Dial or Lyamec not mentioning anything about the transaction at shareholder meeting is real. GFCI being a scam operation is real. It's all real.
Maybe Dial had a limp from his strip club ownership fantasies which was eventually realized thanks to the naivity and generosity of GFCI investors.
Jim Dial, John Jarvis, Claude Ethridge, John Fullenkanmp....your freedom days are numbered!!!!
http://www.sec.gov/news/press/2009/2009-151.htm
SEC Obtains Asset Freeze in $485 Million Nationwide Offering Fraud
FOR IMMEDIATE RELEASE
2009-151
Washington, D.C., July 7, 2009 — The Securities and Exchange Commission has obtained an emergency asset freeze in a $485 million offering fraud and Ponzi scheme orchestrated by three Dallas businessmen through a company they owned and controlled, Provident Royalties LLC.
--------------------------------------------------------------------------------
Additional Materials
Litigation Release No. 21118
SEC Complaint
--------------------------------------------------------------------------------
The SEC alleges that from at least June 2006 through January 2009, Provident made a series of fraudulent securities offerings involving oil and gas assets through 21 affiliated entities to more than 7,700 investors throughout the United States. Provident’s entities made some direct retail sales of securities, but primarily solicited retail broker-dealers to enter into placement agreements for each offering, and those retail broker-dealers sold the stock to retail investors nationwide.
According to the SEC’s complaint filed in U.S. District Court for the Northern District of Texas, Provident falsely promised yearly returns of up to 18 percent and misrepresented to investors that 85 percent of the funds raised through the offerings would be used to purchase interests in oil and gas real estate, leases, mineral rights, and interests, exploration and development. In fact, the SEC alleges that less than 50 percent of investor funds were used for their stated purpose, and the proceeds from later offerings were used to pay expenses related to earlier offerings and returns to investors in those offerings.
“Provident sold ostensibly safe securities such as preferred stock to thousands of investors,” said Ken Israel, Director of the SEC’s Salt Lake Regional Office. “But it was actually operating a Ponzi-like shell game in which assets were shuttled from one entity to another and investors were paid ‘returns’ from whatever money was available — usually that of the most recent investors.”
The SEC’s complaint charges Paul R. Melbye, Brendan Coughlin and Henry Harrison for orchestrating the scheme, as well as Provident, broker-dealer Provident Asset Management LLC, and the 21 entities that offered and sold securities. Although each offering was made by a separate entity through a separate private placement, the Commission alleges that the offerings actually involved a single plan of financing.
In addition to the asset freeze, the court has appointed a receiver to preserve and marshal assets for the benefit of investors.
The SEC’s complaint charges the defendants with violations of the antifraud provisions of the federal securities laws. The complaint seeks a temporary restraining order and preliminary and permanent injunctions, disgorgement of ill-gotten gains plus prejudgment interest and financial penalties. Officer and director bars are sought against Melbye, Harrison and Coughlin. Five affiliated entities that did not sell securities are named as relief defendants for purposes of disgorgement.
The SEC acknowledges the assistance and cooperation of the Financial Industry Regulatory Authority (FINRA) in this matter.
# # #
For more information, contact:
Kenneth D. Israel
Director, SEC’s Salt Lake Regional Office
(801) 524-5796
We can sit in our homes and easily come up with a minimum 1/2 dozen violations commited by JD and gang. That's probably enough to put them behind bars for most their lives. It seems like everything he's said and done was some form of a lie.
As for the Texas monthly article, Evan Jarvis & Lois Newman is pretty bold in scamming an ex-cop turned congressmen. Particularly when you'd think this guy would have more pull when it comes to getting the DA & SEC's attention. On the other hand, he may also be afraid that an investigation may incrimante him as well. The law doesn't necessary give you a pass for ignorance.
I don't know if they're investigating. Some say there is an investigation. Based on some claims the investigation has been going on for over a year. With everything that happened to Grifco I find it hard to believe it takes 1 1/2 years to uncover irregularities. If there is a real investigation I wouldn't think Jim Dial would have been able to move to 3-4 different buisnesses in the past two years. He's even created a new NV corporation a couple of months ago. Probably to start the scam all over again. All I am saying is don't hold your breath.
Because of intimidation. When an individual shareholder questioned Dial or Lyamec about the situation Dial or RG Raymond would threaten lawsuit (IMO, they're bluffing). Justified or not most individual shareholders don't have the time, money, or resources to engage a legal battle. They know this. Only way this issue can be pursued is if the investors pool their money together to go after Dial. How many people are willing or able to commit a few thousand dollars? If the legal action by a class of shareholders is successful what can you get out of Grifco now? Legal representation/class action should have been done 3 years ago while all this stuff was happening. Unfortunately, there were too many wide-eyed longs who believed in Dial & Grifco 100%. The pumpers (innocent or not) who constatly posted rosy scenarios here didn't help. Now it just too late IMO.
Dial, Jarvis, and Newman clan can spend the rest of their life in this Philippines prison:
No, but I read the feedback from the meeting. I already knew by then this was all a scam. I sored on Jim Dial and Grifco in April 2006. I wasn't emotionally caught on Grifco HOPING (as many did) that this was the real deal. There were too many signs back then to even think this was going to be a legitimate play.
By the time Shareholder's meeting took place Global Oil Tools was no longer part of Grifco as later Lyamec PR indicated. It's a shame they never bothered to tell people at the shareholder meeting. I know they tried to blame the shorts on the companies demise. The truth was Jim Dial was printing shares and selling in on every PR. Again, this is well documented after the fact.
When Jim Dial raised the authorized shares from 200,000,000 to 400,000,000 that should have started a shareholder reolvt. Instead most shareholders blew it off as "oh well....I'm sure he has a good reason". YEAH he had a good reason!!! He was nearing the limit of what he can print.
I presume you are still hoping for something positive from Grifco but sorry to say there isn't any. For now the only thing positive you can hope for is that Jarvis, Dial, Dokhart, M. King, and Newman wind up in prison. At least some of the people like the USELTONS, GGI were indicted.
that's simply not true. Faxing had nothing to do with who's posting and who's not. After the CTBG dividend fiaso, the hardened supporters were finally convinced that this was a scam after all. To go from $0.35 during the buyout PR to $0.00035 now, that's quite a drop wouldn't you say. What more proof do you need? According to Neveda Secretary of State Grifco's registeration is in default. In another words, the company is no longer legitimate. As for following SEC regulations on the preferred dividend, if you been following any of the facts & links, the Law or Rues doesn't matter to Jim Dial.
Adams Ranch must be one big hole halfway to China according to these pinks.
It seems like Dial and the Jarvis clan are the only ones coming out unscathed in this debacle. Something should have happened to them a long time ago.
As for his assets, I'm sure Dial has it hidden well. The former CEO of Victory Energy Jon Fullenkamp had all his assets buried in a trust. Trust is considered a seperate entity from the individual.
The best way to get Dial truthfully is probably through the IRS. More than likely with all the deception and corner cutting he perpetrated in his business dealings, he would have handled the taxes in the same manner.
Grifco on default status with Neveda Secretary of State:
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpDetails.aspx?lx8nvq=6hzmvzzd6spu%252fyDc19Yrsw%253d%253d
1st Texas Natural Gas Company - status: REVOKED!!
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpDetails.aspx?lx8nvq=vVrMMIUNRAGA8utb%252b%252f%252fYhA%253d%253d
Jim Dial has to know about authorized shares because he has to file the registeration with NV Secretary of State every year on the anniversary date. For a couple of years the authroized share was 200,000,000 while JD claimed there were only 40 million outstanding. This meant that Jim Dial could issue new shares up to the authorized amount. If he wants to issue any shares beyond the 200 million, he has to increates the authorize shares - Which he did to 400,000,000 million shares by filing an amendment to his corporate filing in 2006. Now ask yourself, why would he need to double it to 400 million. The answer is obvious, because he was going to go over the authorized amount.
Corpration is a seperate legal entity from the owners. Subsequently, the owners don't own the asset of the business, just the equity interest in the business. You don't get a % of the proceeds when the business sells an asset. Only thing you can expect is a dividend which is a share of the company's earnings (profit) for a given year if the board of director so choose to distribute.
You also have to understad the word "relinquish" which to give up or return (without compensation). Interesting choice of words as they didn't go into the specific to define exactly what transper. Based on the prior PRs it sounds like Grifco didn't live up the terms of the Joint Venture agreement such as moving the company up to a higher exchange, providing audited financials etc. so JD & Grifco just got cut out of the deal.
Second, Prior to this PR Ed Leonard & Jim Dial were listed as officers of Global Oil Tools according the Louisiana Secretary of State filing. A few weeks before the PR came out there were change in officers. Apparently, Ed Leonard and Jim Dial resigned and Barnhill (the founder) becamse the President & CEO of Global Oil Tools.
He would tell pepople there were 40 million shares when in fact there were over 100 million. The current share count is at least 200 million +.
You need to do your homework. Short position wasn't the problem. What was said in the SH meeting was just a ploy to string the scam out a little longer.
Sure he should have disclosed that but it's a pinksheet company which flys under SEC scruitny. It should be quite evident now that he failed to disclose a lot of things. Regardless of what he did with the 20 million shares, all the other facts revealed to date is quite appalling. As disgusting as it all is Jim Dial is continuting to create new scam NV companies. Dial, Jarvis, Newman...they're all living it up pretty well down there in TX.
I'm sure Adams Ranch will pop un on another pinkie radar. It's like a prop for the P & D con artists. Property isn't worth squat, it was capped by a "real" O & G company 30 years ago. Heck I have more viable natural gas in my body cavity. At least mine will clear a room.
Victory Energy moved on to the pinksheets. Another JD disciple going down.
It was uncanny how Victory's PR mirroed Grifco's PR strategy. You can almost predict what's coming next. The crazy part was that Victory trading on the OTCBB they were fully reporting. Their PRs grossly contradicted the SEC filings. As ugly as their financials were it was revealed the new CEO revealed it was overly exaggerated and misstated.
It is pretty puzzling as to why Fullenkamp would run a P & D scam on a SEC reporting platform leaving a trail of evidence as to the extent of his scam.
Some of us question why would JD raise the authroize shares from 200,000,000 to 400,000,000 if, according to BBBs estiamtes, there were only 40,000,000 shares outstanding. The blind rationalization was incredibly naive. As usual some people accused me of being a short. I remember Laserman even said in his meeting with JD & BBB that he got an explaination from JD that made a lot of sense...although he can't recount excactly what that explaination was. It's obvious JD is a shamster but some of the individuals that had promoted and defended Grifco reeks reeks as well.
That PR was too over the top to be belivable considering Grifco only had $200 cash according to the financials released a few weeks prior.
SEC has assigned Larry, Curly, and Moe to head the Grifco Investigation with Shemp as alternate. They have concluded that Jim Dial is none other than their buddy Curly Joe gone rouge. The cheezy moustache and glasses had fooled them initally. What bought up the JD/Curly Joe suspicion was that when he was locked up for a week for public urniation. The signature "owwww...not so hard" whinning was heard bellowing out alias JDs prison door late at night.
JD never quits. He's taken over another shell corp called Exocet Corp in NV. Wonder what the ol fruadster is up to these days.
https://esos.state.nv.us/SOSServices/AnonymousAccess/CorpSearch/CorpDetails.aspx?lx8nvq=QJDPUP%252fX5nPSvnwbF%252bfpOw%253d%253d
I went back to St. Louis a couple of months ago. I last lived there in 1994. Went down a busy street lined with strip malls and restaurants near where I used to live. 80-90% of the tenants in these buildings change. Now, all the businesses that used to be there were "real business". Obvioulsy, it takes more than being real to stay in business.
Even today there are buisnesses popping up every day. When Starbucks was gong strong there were some people spending $30K-$50K opening up a competing $5 coffee shop. Their monthly overhead at $5,000 - $7,000. How many cups of coffee do they need to sell to break even?
Just because a company is in the "hot industry"...or have real products. It means nothing. Expecially in Grifco's situation. There are con artist and crooks that always try to take advantage of this type of situation. I'm sure there this a special place reserved for Dial and Jarvis in hell.
I agree, anythig trading on the public market should have minimum requirements to protect the public. They should require at minimum periodic O/S reporting. They should also make these companies put out follow up PRs to forward looking pump PRs.
Hard to believe than in March 2009 someone is still talking about "making money" with these sham companies.
As for the other silly assertisons - tax loss??? IRS has the wash sale rule where you can't sell a stock you have to wait at least 60 days to buy it back to get the tax benefit - it's called Wash Sales.
There is nothing to study here because GFCI, CTBG etc. isn't part of any intelliegent investing. It's buying and selling are mainly from manipulation and people that react to rumous on message boards from dubious sources.
LOL...Las Vegas! There is nothing in Las Vegas. Only thing you will find at the Grifco's corporate address is a mom and pop engineering in a strip office park. There you will find a guy that earns gambling money registers out of state companies for a handsome fee. He literally registered hundreds of companies. I've been there, seen it, took pictures and asked questions.
Most of the investors here are well informed. Due Diligence isn't about asking the shysters question and believing everything they tell you. Due Diligence is vouching, tracing, and confirming information from independent sources. So if you're still talking about a 5 year plan, Libyans, accumulating than you have not done your due diligence IMO. BTW,