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Wow. I met Ed some 16 years ago. Never thought he would go to the dark side.
Different Paul Giles
Probably was part of CFO's A/P that was lost in shuffle. I am sure it is an oversight and that it will be up and running again soon.
Not German.
Wow. \Just wow.
They just updated their FB page. Looks like they're gearing up to release 10KSB and some news.
https://www.facebook.com/worldmoto/
It ain't over.
Pretty sure she is under NDA still
Have you found your own grower? They'll charge you way less than $7.20 a gram.
Have you emailed them yet? go to http://www.rossgold.com
OT: Patrick graduated from UBC which is ranked number 2 in Canada and places among the top 20 public universities in the world.
They still have all their shares. Note holders also have significant positions.
This isn't over by a long shot.
Bloomberg: A $35 Billion Stock, an SEC Halt and Suspicions of Manipulation
Neuromama Ltd. might be the most prominent example, but it’s unlikely to be the only one.
On Monday, the Securities and Exchange Commission halted its shares, which trade on over-the-counter markets in the U.S., over “potentially manipulative transactions” and concerns about the “identity of the persons in control.”
There were red flags over the years. But Neuromama, which has ambitions to license “heavy ion fusion technology patents” among its many projects, began to draw more scrutiny this year after its paper value more than quadrupled to $35 billion on scant volume. Before its suspension, the market cap of Neuromama, which was based in southwest Siberia before moving to a beach community near Tijuana, Mexico, was greater than even Tesla Motors Inc.
How an obscure search engine with no reported financials since 2013 was able to become a multi-billion-dollar company is an all-too-familiar tale in the murky, largely unregulated OTC market. Filled with penny stocks that don’t meet listing requirements of the New York Stock Exchange or the Nasdaq Stock Market, it’s long been a place ripe for exploitation by fraudsters, who manipulate shares of shell companies to make illegal profits through “pump-and-dump” schemes. When it halted Neuromama this week, the SEC cited false statements from the company that it had applied to list on Nasdaq.
“Shell companies have been a problem for decades because the agency has lacked the resources to police them,” said Stephen Crimmins, a former SEC enforcement lawyer who now works for Murphy & McGonigle. “It’s absolutely something that needs attention.”
Even after the SEC’s push to remove more than 800 such companies over the last few years in an operation dubbed “Shell Expel,” hundreds more still trade. Several like Neuromama, have reported little or no sales, yet also have billions in market value.
Judy Burns, an SEC spokeswoman, didn’t immediately respond to a request for comment.
Cynk Technology
Neuromama’s situation has echoes of a little-known company called Cynk Technology Corp. The Belize-based firm, which had virtually no assets or revenue, briefly surged past $6 billion in market value in 2014 in what U.S. authorities said was a pump-and-dump scheme. The man behind it all, Gregg Mulholland, pleaded guilty to money laundering conspiracy in May.
To read more about the saga of Cynk, click here.
A telephone call seeking comment from Neuromama’s chief executive officer, Igor Weselovsky, Chief Financial Officer Karapet Gevorgyan and Dante Pedroza Mendez, the chief operating officer, went unanswered at the company’s headquarters. Neuromama hasn’t formally been accused of wrongdoing. Its stock doesn’t trade every day, and when it does volume is less than 500 shares a day, meaning few investors are probably affected.
Steven Zubkis, the chief marketer according to the company’s website, has a history of run-ins with the law. Also known as Steven Schwartzbard, he was sentenced in 2007 to five years in prison for defrauding investors in a $1.8 million scheme through misrepresentations tied to the renovation of a Las Vegas casino. The Ukrainian immigrant was sued by the SEC in the 1990s for orchestrating a $12 million penny stock scam. He was ordered to pay more than $21.6 million in disgorgement and penalties.
Side Effects
Zubkis didn’t directly respond to questions about Neuromama’s $35 billion market value or its financials, but said in an e-mail that the high price of its stock and the relative lack of trading made it an easy target for regulators. He also said Neuromama is in an industry with typically high valuations. The shares last traded at $56.25, far above your typical penny stock.
“We’re suffering from a negative side effect caused by our success,” Zubkis said in an e-mail Monday. “Up to this moment there has been less liquidity than any of us would like. But that’s not a bad thing, … it’s like a negative side effect from a prescription drug. So the drug saves your life and in the process gives you a dry mouth or a headache. A good trade-off, your life for a dry mouth.”
“Our attorney has contacted the SEC and asked them if there is anything we can do to clear up this matter,” he added. Dean Law Corp., Neuromama’s legal counsel, didn’t return phone or e-mail requests seeking comment.
The over-the-counter market continues to thrive partly because investors are lured by the jackpot appeal of ultra-low-priced stocks that could easily double or quadruple in value by rising a few cents. And in the U.S., it’s fairly easy for people to incorporate shell companies and get them up and trading in the OTC market. Contrast that to companies with ambitions to list on the NYSE or Nasdaq, which often entails years of planning and millions of dollars in legal expenses -- not to mention having an actual business.
Paper Values
Like Neuromama, several other OTC-listed companies have reported little or no sales, yet also have billions in market value.
AJ Greentech Holdings Ltd., which says it’s a green energy company, is valued at $5.3 billion. TRHF Co. says it is “a provider of platforms supporting relaxed and replenishing life in a beautiful ecological countryside” and has a $5.1 billion market cap. Image Chain Group Ltd., formerly “Have Gun Will Travel Entertainment Inc.,” changed its business plan from reality television to the branded tea business and is currently worth $4 billion. And all of them are in incorporated in Nevada, which allows companies to be created anonymously.
AJ Greentech, TRHF, and Image Chain Group didn’t immediately respond to phone and e-mail requests for comment outside normal business hours.
Neuromama’s website says it has a broad range of businesses and investments. They include a social network, oceanfront property, as well as plans to license Cirque-du-Soleil-style performances in Tijuana.
“NEUROMAMA, LTD. IS A FAST GROWTH COMPANY TODAY .... AND ..... THE BLUEST OF THE BLUES ... A REAL ASSET PLAY OF TOMORROW!” is how the company describes itself. “We are convinced that all of our ideas are great. However, in case we had made some mistakes, they’ll make a switch for another idea, and partners will make money one way or the other.”
“Exchanges have extremely stringent requirements and compliance mandates that you can’t overlook,” said Sang Lee, an analyst at Aite Group. “On over-the-counter markets, you’re more open to abuses.”
http://www.bloomberg.com/news/articles/2016-08-15/a-35-billion-stock-was-just-halted-on-manipulation-concerns
Wonder if Greenblatt will be able to keep his mouth shut on social media. he is pretty much hated by everyone.
Word on the street, and by street I mean my connections in financing/banking, is that WM is close to filing the 10ksb and first 2 quarters. No clue on operations though.
Private liquor stores...cottage breweries...look to existing models.
So I can be a designated grower for a patient, and have zero security or HC testing and still make the same money as LP's. Ok.
LOL. They have always been illegal Just don't tell that to any of the many cities that ignore it and even regulate it. They are here to stay.
Summer isn't over.
OT: dkl165 When one deals with Americans as Ocean Eclipse does, one spells in English-American. Plus Patrick used to live in the USA, and picked up the habit. Also, no Canadian in the history of Canada has ever pronounced about as aboooot.
"Companies that we have worked with in the past or are working with now"
I wouldn't be so sure that they took salaries, or that anyone up higher got salaries. While pay is disclosed in the filings, the filings don't say if they were paid.
I would bet that a lot of the funds went to G & A, staffing and development. I would also hesitate to guess that legal fees have been very high with the S1 and the financings.
LOL Three day rule. That's for day traders. If you run your own brokerage or are in bed with one, there is no such thing :)
I believe there is a massive short on the stock placed by the note holders.
Hearing there will be an extension on the ruling and that MMAR will continue as is until full legalization comes in. So we're looking at tabling legislation in 2017, and it going into effect in 2018.
They are close to finishing the audit and so forth. Once they become current, one can only imagine that the volume will pick up quickly.
An order, large or small, would be considered as a part of normal course of business and would not be subject to an 8K.
Aka a guy who used to work there
Bullshit.
Proactive is looking to get a real earful on this one.
Debt financing conversions
Not if the debt was aged for one year
I got an email from them on Monday
Looks like Glen Landry (NORX) got away with millions.
SEC target Dany asks judge to dismiss Norstra case
2016-06-21 10:44 ET - Street Wire
Also Street Wire (U-*SEC) U S Securities and Exchange Commission
Also Street Wire (U-NORX) Norstra Energy Inc
by Mike Caswell
Newsletter writer Eric Dany, charged for touting B.C.-linked oil explorer Norstra Energy Inc. with a misleading 8.5-billion-barrel oil figure, has asked that the judge throw the case out. He claims that he had little to do with a scheme that saw the stock go to $2.06 from 35 cents. (All figures are in U.S. dollars.) The only thing he did was accept $20,000 so that others could use his likeness in promotional materials, he says.
The U.S. Securities and Exchange Commission claims that Mr. Dany participated in a spam campaign that boosted Norstra in 2013. He arranged for materials that made "wildly optimistic" projections about the company, the SEC says. Among other things, he repeated and inflated misleading oil reserve figures, according to the regulator.
Mr. Dany, however, portrays his role in the scheme as minimal. In a motion filed in New York on Friday, June 17, he says that he was only a small part of a multimillion-dollar "investor awareness campaign." People other than him planned the campaign and distributed the related materials. The only thing that Mr. Dany did was act as an endorser, receiving $20,000 so that his likeness could be used in the campaign, his motion states.
The person running the campaign, according to Mr. Dany, was a man called William Kaitz. An offshore entity (Arista Theme Ltd.) paid Mr. Kaitz's company $3.54-million to tout the stock, Mr. Dany says. According to the motion, Mr. Kaitz arraigned e-mail and print materials, and only Mr. Kaitz had the ability to stop the campaign. As Mr. Dany tells it, he agreed to allow the campaign to use his name in the hope of expanding the readership of his two newsletters (the Mutual Fund Prospector and the Stock Prospector). He did not tout Norstra to readers of his newsletters, he says. In fact, he had no idea who would receive the materials, his motion states.
According to Mr. Dany, most of the SEC's allegations are directed toward Norstra and the company's chief executive officer, Glen Landry (who was also a defendant). If others must accept liability, then the parties who actually drafted and finalized the company's public statements should be among them, Mr. Dany says. For those reasons, Mr. Dany asks that the judge dismiss the case.
Mr. Dany's request comes just months after his co-defendant, Mr. Landry, settled out of court. He agreed to a permanent ban from penny stocks and from serving as an officer and director. He also accepted $40,659 in financial penalties, all without admitting any wrongdoing.
The small financial penalty for Mr. Landry reflected the SEC's allegation that he only made $20,000 from the scheme. The regulator separately claimed that somebody made $12.5-million selling Norstra, but so far the identity of that somebody remains a mystery. (The regulator is also pursuing Vancouver-linked Panamanian brokerage Verdmont Securities Ltd. for handling the selling. Verdmont denies any wrongdoing, and that case remains outstanding.)
The charges against Mr. Dany and Mr. Landry are contained in a civil complaint that the SEC filed on June 18, 2015, in the Southern District of New York. The complaint identified Mr. Dany as a 68-year-old resident of Moline, Ill., and Mr. Landry as a 65-year-old geologist from Spokane, Wash. The SEC complained that the men published false and misleading information about Norstra between April, 2013, and June, 2013.
With Mr. Landry, the SEC said that he released a report stating that Norstra had 16.7 million barrels of original oil in place. He distributed the initial misleading figure, and continued to do so even after the geologist who calculated the oil in place expressed concerns about it, the complaint stated. According to the SEC, the company failed to disclose that the amount of recoverable oil was substantially lower.
Meanwhile Mr. Dany arranged a spam campaign that touted Norstra, the SEC claimed. According to the complaint, the spam recommended that investors buy the company based on projections that had no basis in reality. Among other things, the messages proclaimed that Norstra "could be sitting on top of as much as 8.5 billion barrels of oil!"
As this material went out, the stock was steadily rising. The company traded at 35 cents on March 5, 2013, when Mr. Landry became Norstra's president. By June 6, 2013, it was at $2.06. The SEC halted Norstra three weeks later, citing concerns about the accuracy of its disclosures. The stock has since fallen considerably, and was last at 0.01 cent.
The SEC is seeking an appropriate civil penalty for Mr. Dany.
There was no crime committed. I was there, not you.
Sensationalism. Starnet, it's officers and directors were never even indicted for anything.
Paul was in Antigua where then ops were, then after leaving the company lived in Florida.
Stop posting lies.
LOLOL
Aegis vetted the hell out of the team before working with them including criminal background checks and private investigators.
Stop posting such crap.
Spoke to the CEO Paul Giles yesterday and things are still moving forward. Apparently the ex CFO left a complete mess with the records, and the auditors are having to clean it up. Nothing nefarious; she was just over her head.
He said the priority is to get the filings current as well as continuing to work with his customer base.
This company will do well. I know it.
MYEC just dismissed their Auditors. Gonna get messy http://ih.advfn.com/p.php?pid=nmona&article=71681634&symbol=MYEC
OMG. The business license isn't needed for the auditors to sign off on an audit. Please find me a link that says that.