For anyone who needs a refresher on OurStreet and their not so objective "reporting"...
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One Month As Public Company Long Enough to Be A 'Scam,' Says Bizarre Our-Street
Sep 13, 2004 (financialwire.net via COMTEX) -- (FinancialWire) Following what appears to be a recent "Mess With Texas" theme for the discredited website known as "Our-Street," the self-proclaimed "watchdog" has now taken out after Richardson, Texas based V3-Global Inc. (OTC: VGBL), which has been a public company only exactly one month.
Usually it takes years for a company to be accused of shareholder fraud or deception, even by the bizarre Our-Street, which previously found purported problems with Circle Group Holdings (AMEX CXN), H-Quotient (OTCBB: HQNT) and EdgeTech Services, Inc (OTCBB: EDGH), among dozens of companies, but Our-Street seems to be moving in faster than a speeding bullet these days.
For its coming out, V3-Global stated:
"We are excited to offer our company to the public as a new issue, we hope to be able to achieve the goal of becoming a dominant global player in the telecommunications market. We look forward to raising our first round of capital to expand our business and to grow our value. We are also developing an acquisition strategy, so we can grow vertically as well as horizontally. We know many companies would love to be a part of our company and plan to acquire several that we feel make sense, pending due diligence," said Sameer Mohan, president and CEO of V3-Global.
Mohan added, "We grossed nearly $10 Million in 2003 and are on pace to increase that figure for 2004. As we utilize this opportunity to grow, via the public market, we should expect these numbers to continue to grow. The capital that is raised will also allow us realize greater future growth, as we have several new developments in the R&D phase that we feel will generate millions of dollars for the company upon successful completion and availability, we will speak more of this in later releases."
Our-Street lists quite a number of what it terms inconsistencies, lack of information and purported background deficiencies for the founders.
The only problem is there is no way for an investor to have any possibility of believing that Our-Street has done any homework or conducted even meager due diligence before launching its claims. As it turns out, many of Our-Street.com allegations about more than a dozen companies are often "fictitious" at worse, and "jumping to conclusions" at best.
Our-Street.com's bizarre proprietor Timothy Miles had masqueraded for months as "Nick Tracy" to avoid public disclosure that he has himself been charged by the U.S. Securities and Exchange Commission for securities fraud, before being unmasked in a Financial Wire exclusive.
In return, Our-Street recently sharply criticized FinancialWire for getting the story right about a recent series of phone scams rather than jumping to the conclusion that the phone scams were perpetrated by one or more of the companies themselves. In the same space that it alludes to corporate involvement in the phone scams the website admits that it was a broad-based scam identified by the SEC as outside perpetrators, just as accurately reported by FinancialWire.
It was just another in a long list of half-truths, misreadings and conclusion-jumping that populates the website and its assertions.
It is not unusual for the site to get its facts wrong or jump to conclusions, which it freely admits happens in an essay at www.our-street.com/litigation2.htm , where it also warns companies and shareholders that might wish to sue that it will subject them to harassments, discovery and more or less "by the way, we are judgment proof" since "we have no money."
Lawyers interviewed by FinancialWire said its simply another way of saying that Miles believes he can say anything about any public company and get by with it, no matter how scurrilous, and whether accurate or not. The website itself is so defensive about what is truth and what is fiction that it is quick to reassure readers that "we really do file with the SEC" as it claims.
The SEC does not comment on claims filed with it; and the filing of a "claim," especially by someone it is litigating against, as it is Miles, does not mean that it goes beyond "File 13."
Investors who feel they were wrongfully harmed may have no recourse, given the Our-Street's proclaimed lack of money.
"If you have additional facts, provide them and we will gladly correct our report and even our opinion when appropriate," crows the site. "Crow doesn't taste very good but we are certainly willing to eat it along with a nice slice of humble pie if that is called for," it adds, not explaining how that corrects any harm done to unsuspecting shareholders.
In a recent instance, the website quickly admitted to a wrong conclusion unveiled by FinancialWire, but that did little to compensate investors who may have been harmed by the site's continued spate of aggressive inaccuracies.
The Our-Street site has been frequently shut down, for which Miles blames Circle Group Holdings. Miles has also been sued by H-Quotient for false dissemination.
"Being a watchdog is simple but not easy. Just publish the truth and keep going," said the site, explaining its frequent absences.
Three months ago, FinancialWire, in an exclusive article, unmasked the proprietor of Our-Street.com, Timothy Miles (aka "Nick Tracy"), as having been himself charged by the U.S. Securities and Exchange Commission with fraud. The story is at www.investrend.com/articles/article.asp?analystId=0&id=7951&topicId=160&level=160
Quickly, Miles posted an admittance to his true identity, and Klamath Falls, Idaho residence after having posed as a resident of the U.K., and even filing testimony with the SEC on his favorite subject, short-selling, under the false name.
But that unmasking doesn't appear to have deterred Miles, a former broker and self-professed failed public company executive, who also operates websites devoted to art auctioning and a mysterious otherworld crystal his site says has revealed to religious leaders around the world "the meaning of life."
The website changed its content regarding Circle Group Holdings almost as often as it has been out of business. Up until about a month ago, Miles/Tracy, who has been accused by the U.S. Securities and Exchange Commission as a fraudulent pumper-and-dumper, and Our-Street had been relatively quiet since FinancialWire, in an exclusive article, publicly unmasked the mysterious and elusive proprietor, following which he posted a confession and acknowledgement at www.our-street.com/about.htm
As it turns out, Miles' repertoire involved even more companies than FinancialWire described, now including, by his own admission, Applied Digital Solutions (NADSAQ ADSX) and others.
H-Quotient "blew his cover" by suing him under his real name and in Klamath Falls, Oregon, rather than London, where he had misled his short-selling "followers" and others to believe he lived.
Other companies he has now listed as having been involved with, in addition to Ballyhoo Capital Ventures, Casinovations, Inc., Global Foods Online, Inc., ICV, Inc., Pratt Wylce & Lords Ltd., Sea Shell Galleries, and Wahoo Capital Ventures, and Bionet Technologies, Inc. (OTC: BNTK), all failed, are Casino Journal Publishing (OTCBB CJPG), Redneck Foods (OTC: RDNK), Level Best Golf (OTC: LBGF), and Global Diversified (OTCBB: GDVI).
Miles also acknowledged he has operated under the guise of an ordained minister "for the purposes of writing a book," and as Rev. Timothy Miles, has represented in a site at www.themeaningoflife.net that he has been gifted through a crystal with a text that he believes is a true "message from God," and that he is proprietor of another quirky website at www.otcart.com where he combines his "knowledge" of the over the counter stock market with his special knowledge of "fine art," or as some observers have said, "mighty fine art."
His MeaningOfLife website proclaimed: "In February 1991, a unique and mysterious crystal was discovered near what some authorities believe to be the site of the Garden of Eden. This crystal possessed remarkable powers. Anyone who held this magical crystal was healed emotionally, restored spiritually and enlightened. Everyone who held the crystal was changed in a positive and profound way," stated Rev. Timothy Miles as part of a pitch to have individuals register at his website.
"In 1999 the crystal was discovered to also contain data. This data turned out to be a text file that revealed new insight into the meaning of life. Religious leaders and scientists gathered together and examined the crystal and the newly found text. What followed was a scientific evaluation of the crystal and the gathering of all available empirical evidence. The result; the only possible explanation for the powers of the crystal and the unusual and unexplainable characteristics of the file containing the message was that this was indeed a message from God," he stated.
"For reasons too numerous and complex to detail here, these religious leaders decided that the best thing to do with this message was to put it on the internet, accompanied by a complete story about the crystal's discovery and the events leading up to its being placed on the net to let God's will determine if and how it would be disseminated.
Rev. Miles goes on to say that "the insight I have gained from the story and the message has changed my life in many ways, all for the better. I am a 54-year old ordained minister (30 years) and I can say without reservation, this story has strengthened my faith," noting that "there is something remarkable about the actual file containing the message, something beyond scientific explanation that has convinced me beyond a shadow of a doubt that this is indeed a message from God. It blew me away."
The ex-stockbroker and campaigner against "corporate evil-doers" is anything if not versatile.
After acknowledging his "mistakes" that resulted in SEC charges of fraud and corruption, and his failed efforts at running public companies and trading stocks, Miles/Tracy inexplicably stated that this background led him to believe he has the "skills necessary to conduct superior due diligence."
In his confession and acknowledgement, Tracy/Miles stated "there is more and more speculation on the message boards about the person or people behind Our-Street.com and a lot of speculation about who controls or influences it as well.
"My name is Timothy Miles. I am in my mid 50's so I have a lot of experience to draw on as I conduct my research.
"Since the early 70's I have been involved in business management in a wide variety of industries, and almost always with companies grossing less than $100 million per year. I have been involved in turn-around situations as well as start ups and been both a consultant, a hired gun and an entrepreneur. As a result of my experiences, I have developed the ability to analyze a company, its personnel and its activities with a certain degree of accuracy.
"I have been an investor since the late 70's and in 1988 I entered the securities industry on a full time basis as a stock broker. I had a pre-existing idea of what the brokerage business was like and was shocked to discover it was nothing like I imagined it to be. I innocently walked into the offices of Power Securities, one of the more notorious penny stock brokers and was both shocked and horrified to discover what this end of the business was really like. I left there within about a month and found a more suitable firm where I could actually work for my clients and not against them.
"I discovered over time that the best way to make my clients and myself money was working with companies as they were going public and in 1993, I left the brokerage business and started Pratt, Wylce & Lords, a public company that focused on helping small companies enter the public market. Through this company we helped several companies enter the public market, among them Applied Cellular Technologies (now Applied Digital Solutions NADSAQ ADSX) and Gaming Venture Corp (now Casino Journal Publishing OTC BB CJPG). I also worked with a not so successful company, Level Best Golf LBGF.
"In 1996, I shut down the company's operations as a result of my personal failures due in large part to my inability to comply with the SEC's stringent 40 Act requirements. Organizationally wise, I had bitten off far more than I could chew and I knew it. "Throughout this entire period, I never had a blemish on my record as a stock broker or as a consultant but it was in 1999 that I made a mistake I am not at all proud of. I was working with a company called Auric Enterprises, Inc. and had structured a 504 offering for the stock. A number of my friends wanted to invest but lived in California and Ohio, states that had not been approved for the offering. I was told that if they drove to a neighboring state like Nevada where the offering was approved, they could invest. Rather than having them do this, I made the mistake of telling them instead to put down addresses in approved states and filed these inaccurate documents with the NASD. I also was not accurate as to the relationships of some investors as well. This was wrong to do and I deeply regret having done it. I have admitted this to the SEC in testimony and stand fully accountable for my actions.
"Subsequent to these actions, Auric executed a reverse acquisition with Freedom Golf Corporation and when they became dissatisfied with their investor relations people they called me and asked me for referrals. I didn't have any but asked around and was given the names of two people who were supposed to be honest who I then referred to Freedom Golf. What followed was a significant promotion based upon false and/or misleading information and an SEC investigation," he noted.
The SEC's charges disagree, saying that Miles/Tracy actually paid for the scam hype, and failed at the time, as apparently he fails yet today, to divulge that fact. The SEC also said Miles/Tracy and his co-conspirators "reaped profits of more than $500,000" out of the fraud.
The case is used as "class materials" in presentations on stock fraud by John Reed Stark, Chief of the Office of Internet Enforcement in the Division of Enforcement of the SEC, at www.johnreedstark.com/ClassMaterials/LitigationReleases/freedomgolf.htm .
As to his other activities, he admits to having "built a website which deals with another love of mine. It is OTCart.com. I have developed a real time quotation system for limited edition art. It is very slow catching on but I remain optimistic," and to "have built another website which is connected to a novel I am writing. I have been an ordained Christian minister since 1970 and the book is spiritual in nature. It is about the meaning of life and the website is appropriately titled www.themeaningoflife.net .
Miles / Tracy says he is "disillusioned about the corruption that continues to infect the market and those who involve themselves in it and I certainly am not proud that I found myself swept up in it to the point where I personally did things I knew were wrong."
Other companies that Our-Street has gone after include Silverado Gold Mines, Ltd. (OTCBB: SLGLF), Epixtar Corp. (OTCBB: EPXR), Aqua Vie Beverage Corporation (OTC: AQVB), ChampionLyte Holdings, Inc (OTCBB: CPLY), BEVsystems Interenational, Inc. (OTC: BEVI), DataMeg, Inc. (OTCBB: DTMG), Kingdom Ventures, Inc. (OTCBB: KDMV), Imaging Diagnostics, Inc. (OTCBB: IMDS), SHEP Technologies, Inc. (OTCBB: STLOF), EdgeTech Services, Inc (OTCBB: EDGH), Nutra Pharma Corp. (OTCBB: NPHC), Verdisys Inc. (OTC: VDYS), Calypte Biomedical Corporation (OTCBB: CYPT), Galaxy Energy Corp. (OTCBB: GAXI), PowerChannel, Inc. (OTCBB: PWRC), US Global Nanospace (OTCBB: USGA), Universal Guardian Holdings (OTCBB: UGHO), Power 3 Medical Products, Inc. (OTCBB: PWRM) and Advanced Bio/Chem, Inc. (OTC: AVBC).
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