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Finally. FINRA is punishing brokerages for allowing pretty much anybody and everybody to trade options and ignoring the suitability requirements.
This one is a doozy. Fidelity was censured and fined $900,000 for their failures in allowing unsuitable people to trade options. Fidelity approved people based on only their claims made on the option application. They didn't check that application against their other documentation, or their actual account data, or against previous applications. If Fidelity actually rejected someone, all they had to do was make another application and change the numbers. Fidelity did not consider if a customer had submitted multiple applications, which is pretty much a sure sign they are lying on the most recent application. They just ignored the prior ones, so anyone who wanted to trade options just had to keep fudging their numbers until they got it approved. No consequences.
And the one that really gets me is that Fidelity required a customer to have 1 year of investment experience to trade options. But, their system only considered experience after a person was 18. So, if a person was under 19 but claimed on their application that they had the year's experience, they were approved, even though they couldn't have and it was clearly a lie. As I have said here before, Fidelity was well known in the trader community for approving unsophisticated and broke 18 year olds for option trading, no questions asked. Now we know why.
https://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=2021071987001
COWI is insolvent based on their own SEC filings.
Besides being overdrawn at the bank and bouncing checks, they state this in their most recent 10-Q:
The Company has a working capital deficit of $24,796,865 and $24,786,737 as of September 30, 2023 and December 31, 2022, respectively. The Company has accumulated deficits of $64,427,436 and $64,003,956 as of September 30, 2023 and December 31, 2022, respectively. Additionally, the Company is in default of substantially all of its debt and other obligations (see Notes G, I, J and L)."
Massive working capital deficit and in default on "substantially all" of its debt and liabilities. They can't pay anyone. That is the definition of insolvent. And it is not getting better, but worse. Every day COWI racks up over $3,300 in interest charges on their toxic debt. EVERY SINGLE DAY. COWI can't cover that, and they can't hire enough people to pump the stock enough to find buyers to sell stock to cover it. EVERY SINGLE DAY. The only way COWI was able to keep the lights on and file this 10-Q was by borrowing almost $100K from their former subsidiary.
So what are they going to do next quarter? Or is that when Lloyd again goes dark?
6 A.M. to 10 P.M. Eastern Monday through Friday. Closed Federal Holidays.
Live Filing deadline for corporate filings is 5:30 Eastern. Ownership filings are live filed during all operating hours.
NEGATIVE CASH! BOUNCING CHECKS!
As if COWI couldn't get even MORE insolvent, now they are not only overdrawn at the bank, but they are borrowing almost a HUNDRED THOUSAND dollars from their former subsidiary just to keep the lights on (and to pay the service providers for the 10-Q).
But for how long? Eventually no one will take their IOU's considering they still owe creditors from over a decade ago and haven't repaid them a cent! Anyone doing business with them without getting the cash upfront is a fool that will just get stiffed like everyone else that came before them.
Way to go Lloyd!
This is a pump and dump.
The entire company isn't worth a penny. Which is why people are being paid to pump it on social media so the toxic funders and insiders can find suckers to buy their shares.
More shameless (and likely paid) pumping on this worthless POS stock.
Why am I not surprised? The toxic funders pay people to post on social media to find stupid people to buy their stock.
Because anyone with a brain would avoid this dead and rotting company.
I said none of those things.
You need to keep better notes. Or do better research.
Or both.
Mexus is broke, insolvent, and has disappeared.
If there is actually any activity at the property, it is almost certainly NOT Mexus doing it. It is most likely the Government trying to avert an environmental disaster due to Mexus' abandonment of the property.
Take that to the bank.
COWI is, and has been for years, nothing but a pump and dump. Lloyd finds a story he can pump and then, when volume dries up and he and his toxic lender friends can no longer find suckers to dump their stock on to, COWI goes dark for awhile and waits for those that know about his scamming to fade away. Later, he finds a new hot story to pump and does it all over again.
The current pump is the FOURTH on this ticker by Lloyd. And since he hasn't filed the overdue 10-Q and the spin-off keeps getting delayed (either because of COWI's insolvency or that he has never had any intention of doing it - just part of the pump), COWI is probably not long from pulling his disappearing act again.
You clearly have no idea what solvent means.
COWI is completely insolvent, and it gets worse every single day. That interest on the toxic death spiral convertibles is over $3,000 every single day. COWI has no revenue, and cannot pay it. That just increases the hole they are in.
Sure, but the SEC actually reviews SEC filings. And has the authority to do something about ones that are incomplete or wrong.
OTCMarkets does neither.
And most investors don't understand the difference.
Far too many penny stock investors don't have the experience or knowledge to know the difference, anyway, and just believe that the disclosure posted at OTCMarkets is accurate. And that is what the scammers are counting on.
In many ways, OTCMarkets is the best thing that has happened to the stock scamming business in decades. It gives them a platform for disseminating lies easily and cheaply while providing compliance for Rule 144 disclosure that allows insiders to dump, dump, dump quickly quickly quickly.
I disagree. In my experience, OTCMarkets does nothing, even with the most obvious scams. As long as they pay their bills to OTCMarkets, of course.
They only use the threat of Caveat Emptor against those that don't pay. If they don't file, they just go pink. But as long as they upload something, no matter how ridiculous, it is OK with them as long as they are current on their bills.
Coulson knows the SEC and FINRA will never allow him to become a regulator, so now he is pretending to not want it. It is like the little kid on the playground who tries to join the game, and when he is turned down, he pretends he never wanted to play, anyway. He is fooling no one. He lobbied -- HARD - for regulatory authority for years and years.
No information is still better than wrong information. It may be more helpful for the individuals like yourself that have knowledge and know about the markets, but for the vast majority of people buying penny stocks, they don't have that ability and therefore are easily fooled by the wrong information. Which is exactly the intent. And OTCMarkets clearly could not care less as long as their fees are paid.
Fully regulated my ass. What a crock.
He is picking and choosing his metaphors. Poorly. No one EVER said everything traded on an Exchange is "safe". And OTCMarkets STILL is the wild, wild west because no one has direct authority to do anything about obviously fake filings and those that outright lie about being GAAP compliant and such.
Sure, more "information" is available on these issuers, but quite often it is wrong or incomplete information. Sometimes it is inadvertent, but most of the time it is intentional by the issuer and their enablers to scam the public. And OTCMarkets does absolutely nothing about it because they can't. They are not a regulator for one, and even if they could, it is doubtful they would, since these are their clients and they want their money.
Wrong information is not better than no information, as its sole purpose is to defraud. And that sums up OTCMarkets in a nutshell.
Oh yes, I have been reading OTCMarket's recent rants against NASDAQ (well, one person's rants anyway, but no doubt Coulson supports it). Very much the pot calling the kettle...well, you know.
NASDAQ very much needs to get their head out of their ass. They are being played, and it looks very bad.
This is a PUMP AND DUMP to enrich the convertible debt lenders.
Nothing more.
Which is why it is being pumped on social media by what are undoubtedly paid, but undisclosed, promoters using a number of fake accounts designed to give the impression of investor interest that does not exist.
No, it is there due to NASDAQ allowing 3rd parties, many of whom have conflicts of interest, to post whatever they damn well please on their website without any vetting or review for accuracy.
I never thought it was possible, but NASDAQ is quickly becoming as bad as OTCMarkets in a lot of ways.
NASDAQ needs to learn what Forbes, Fortune, IBD and Seeking Alpha already learned the hard way. You just can't allow unrelated 3rd parties to post unreviewed garbage on your website, as they will use it for stock promotion (of questionable legality).
No doubt that is what this opinion piece is all about. And NASDAQ's half-assed disclaimer which is long PAST the end of the article, and likely to be seen by almost no one, and completely ignored by the rest, isn't going to stop the stock pump that will absolutely occur from ignorant investors assuming this opinion piece has some kind of factual merit by it being published by NASDAQ.
What happened to NASDAQ? Have all the professionals that used to be employed there just wandered off leaving no one capable in charge?
Check out what BS they are allowing to be posted on their website. This opinion piece, to no one's surprise, contains ZERO factual evidence of Naked Short Selling, and it directly contradicts NASDAQ's own research and position on the matter. Yet they allow it to be posted to their site and stir up more ridiculous claims of naked short selling where none exist.
NASDAQ just keeps getting worse and worse.
https://www.nasdaq.com/articles/how-three-companies-are-taking-aim-at-alleged-naked-short-sellers
COWI is an insolvent pump and dump. They are not becoming "more solvent" at all, since they can't pay their bills. Their debts and liabilities are increasing daily, which is probably why the 10-Q is so late. They can't pay for it. And it just gets worse and worse, as just the interest on their toxic death spiral convertibles is over $3K EVERY DAY.
That was an episode of Alfred Hitchcock Presents TV show. Besides lending his name and taping intros, Hitch really had nothing to do with the individual episodes.
But that in no way takes away with how good many of the episodes of the series were. Great writing and acting.
As they say, they just don't make 'em like that anymore.
Another old mining scam is back to scamming.
https://finance.yahoo.com/news/north-bay-resources-inc-nbri-143000026.html
Extrapolating a property wide resource from a few samples. The oldest mining scam technique there is, but NBRI has been using that kind of fake "science" for decades.
This is a VERY obvious pump and dump. COWI is completely insolvent, and Lloyd Spencer lies every time he opens his mouth. This is Lloyd's FOURTH pump and dump on this ticker. How many times until people learn?
Where is the 10-Q? He told the SEC it would be filed by now. Another lie.
This is a pump and dump being promoted to allow insiders and the toxic lenders to dump. Nothing more.
Any REAL player won't touch it.
Clearly I must be watching, and listening, to the wrong shows, as I have never heard of Balance of Nature or their supplements.
But I do find their statement that they determine what goes into each of the supplements "by smell" hilarious. What happens if the person mixing the stuff has a cold (or allergies) that day?
Oh wait, if they take their supplements, they don't get colds!
Just another Utah based scam.
The new loan is WORSE. They took out a NEW toxic convertible loan, at TERRIBLE terms, to pay off the old ones.
They took out a $500,000 convertible loan but only received $425,000 right off the top. Yeah, that is something to cheer about. The lender immediately gets to keep 15% of the loan PLUS the huge interest rate after the Company defaults (which is almost guaranteed), AND the toxic conversion terms.
This is not a good deal in any sense.
All Lloyd does is grift "investors" and enrich insiders and the toxic death spiral convertible holders. Always has, so why would he change the script that makes him big bucks?
He doesn't give a crap about shareholders beyond being able to take their money for himself.
So this board is ONLY about cheerleading with BS claims, and not factual evidence that contradicts the crap that the pumpers spew to get idiots to buy this worthless stock?
This is a discussion board. Not a pumper board.
I suggest you read the I-Hub Terms of Service.
No, it won't.
You clearly do NOT understand anything about Mexus and why they failed.
They are BROKE. INSOLVENT. Massively in debt. And they have ZERO assets of any value of any kind. In fact, their largest "asset", which has ZERO economically recoverable gold, is actually a massive liability, as the clean-up obligations, which Mexus is legally obligated to pay for, is HUGE.
Mexus is finished. Higher metal prices will not help them in any way. There will always be another company that isn't already in a massive debt hole that actually has real assets of value and can raise money to explore those assets that will attract capital infinitely better and faster than the delinquent, expert market worthless POS that Mexus will.
Mexus will not be coming back. Your money is gone.
The 10-Q was due YESTERDAY. It is already late.
The 10-Q was due YESTERDAY. COWI can't do anything right, can they?
I wonder what the problem is this time? Could they not fit their entire accounting and management staff inside their private PO Box of a head office?
I love how they don't actually name any of the firms purportedly involved in their "investigation". Because, you know, who would want to independently verify their statement and investigation?
Now that it is automatically a formal investigation by the SEC, the subpoenas are gonna be a flying. Let's see which "Top 10 U.S. Law Firm" is named.
Hindenburg isn't shorting the market, just individual lying garbage. And anyway, the broader market is being led by only a handful of large stocks. Take out that handful and the markets overall are down significantly.
I don't know how much money Hindenburg spends on their research, but it is not an insignificant sum. And I am sure that for each stock they publish a report on, they have 2 others they spend money on but don't publish, or even short.
Tingo issued their (fake) 3rd quarter "earnings" this morning. The claims have always been outrageously hilarious, but even more so with the SEC suspension.
https://www.globenewswire.com/news-release/2023/11/14/2779924/0/en/Tingo-Group-Inc-Reports-Third-Quarter-2023-Financial-Results.html
I wonder if management had the conference call this morning as scheduled? If they did, it would have been a real hoot, and I am sure it would have been packed with representatives of the SEC and various international law enforcement agencies. If it was held, the replay should now be available at 1-844-512-2921, if anyone wants to try it out.
You are, again, wrong.
Mexus remains an SEC registrant. Even if they are severely delinquent in their obligations. As a registrant, they are legally obligated to tell you everything.
Period.
They are dead. Nothing is being worked on.
They ARE pumping the stock. Many places online. But some are not easily visible, like Discord, or DM's.
The recent posts HERE about this stock are also quite obvious pumping.
This is a pump and dump to allow the toxic death spiral convertible holders to dump their shares on foolish and ignorant investors who think there is something here.
There isn't.
The toxic death spiral holders hire people to pump the stock on social media. THAT is the only "eyes" coming in here.
I think Mexus is more like Elvis.
Clearly dead, not coming back. But people are not only still nostalgic about when he was alive, they continue to believe he is coming back.
And in the meantime, they spend lots of money on related things with no return and gather with other fans to talk about both the gold ol days and how amazing it will be when Elvis reveals himself as alive. And all that crap they spent money on will then be worth MILLIONS!
Mexus is STILL grossly overvalued.
It's true and fundamental value is zero.
Wow, check out that volume today! 28 cents worth! I guess someone has been rummaging around their couch or under their driver's seat in their car and just had to spend what they found!
COWI is an insolvent pump and dump. They are running out of new suckers who buy their BS, so volume is almost non-existent.
What is so surprising about WeWork is that it was once valued at $47 billion, yet they were not doing anything that had not already been done (and better). Co-Working spaces were a thing long before WeWork came along. Regus pioneered that market and is still out there doing it better than WeWork. They not only didn't invent the wheel, they didn't even design a better wheel than what was already out there. They just threw some glitter on it and packaged it up in a sexy manner that never worked as a business.
Failure under their business model was inevitable. I am also skeptical that a reorganized WeWork will be able to survive, much less thrive, long-term.
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