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Yah, these FBI investigators have been investigating these four people for a decade. FINRA can bluesheet this stock in one day. Nobody is manipulating this stock except erix, his 32 buddies, some graham dude, and ahmune or whatever these people are. So if the FBI and FINRA is researching them, they already know.
99% of people have no clue what they are reading on L2. Including erix. L2 shows nothing. I just sit back and laugh.
When erix gets his Series 7, 63 and 57, gets bonded, hired and works a trading room, he needs to stay off the hash pipe/L2. It means nothing to him.
Same lies from erix, different day.
Back then, many of the Dot.Coms were cookie cuter IPOs.
Today is different with MLPs and ETFs, they are being structured with different marketing plans. ML, GS, JP, MS and others are just large promoters with enhanced valuations just like the 90s, but in a different way, structured.
First off with Enron and as a California resident who lived through brown outs and we recalled Gov. because he was stupid and not in the pocket of Enron. They duped him.
The SEC was not in the pocket of Enron. They trusted Arthur Andersen. Enron's auditor. That is why AA had a shredding party and is now out of biz. The were in the pocket, and looked the other way during audits and duped everyone, not the gov.
I WILL REITERATE, MMs have net capital requirements, just like banks. If you go below it, guess what happens?........
I disagree. Shorters and disorters are far and few between contrary to belief.
What people do not realize, the big wirehouses don't care about OTC, and if they catch a trade, the trading room does not even pay attention, and the computer trades out of it. And the last thing they need is pay $1,200 per hour to legal to deal with some moron buying $500 of some OTC scam.
Secondly, outside of Canter, Can, Citadel and NITE, the rest of the MMs could barely afford coffee. I know peeps at Canter in SFO and they don't want the risk either. We all Knight shorts otc stocks and I cannot say about Canaccord or Citadel, but I would not put it pass them.
So again, short and distort is far and few between, whereas stock promotion is wide spread in OTC pumping to sell their stock, CEO stock, Affiliate stock, toxic stock. That is where the selling is coming from, not from ML, MS or GS.
I have been an MM for one of the top three financial inst. and again for one for in the top ten fin. As well as an Agency Trader, prolly you have no clue what that is until you google it.
I have NEVER been prop. or dropped a brown paper bag.
Please stop with the BS.
If I recall, the former CEO commuted from Silicon Valley to Fort Worth daily on a $60 million Gulfstream. G-4
What is it, $6,000 or $7,000 per flight hour? Plus flight crew per diem and catering, and you know he was not eating hot dogs, butt caviar and creme fre. and a Rol Roger Churchill Reserve bubbly on the way back to Cali.
What was the BoD thinking?
I don't know where he was living, but prolly Woodside or Portola Valley.
What unprofessional investors do not realize, many of these MMs that make markets in OTC penny stocks do not have the net capital to short these 9,000 plus stocks all day every day. Just like you and I, if we don't have the $$...then are not buying or shorting. They just think that all these firms have unlimited $$ which is not true.
Most grandmas have better balance sheets than the usual suspects on the box.
Sorry I did not mean "you" just a blanket to these stock promoters.
You really think that MLPFS (yah, they changed their name), MS, JPM, and GS are just sitting around looking to short some stupid $0.005 stock to generate $1,000 in revenue? You got another thing coming. All the small MM firms do not have the net capital to short forever on 9,900 + stinkies all day every day, collectively. Stock promoters and CEOs of stinkies are full of you know what.
Do you know what ML or MS charges for a days fee to a client? You cannot even fathom. And when you say **** is shorting the stock, look up their annual report and see how much cash they are sitting on, MMs are audited and the information is public.
Most market making is wire or order matching theses days. It is not hands on trading like the old days. These people have to get off this trip that some dude or dudette is manipulating their stock. They are not even paying attention. The 'puter is doing all the work while they read emails and order food.
You cannot count cards, butt you can run odds in your head if you are capable and you have to do it quickly. Otherwise the pit boss will bring security, ban you and toss you out the door. Every table is different, so probs. change But you have to sit there long enough to change the probs./odds and be able to fund yourself.
It is not for the novice. Slots are rigged, they gotta let a grandma win a small jackpot every once in awhile or they wont come back.
Hey, I spent good amount of time in the late Terry Lanni, former CEO of MGM Grand's office and traveled with the Wynn family and I know how the system is rigged.
You have to have $$$ to play the game, or it is rigged. Most grandmas don't know there are private rooms, and if you are down you can pick up a $500,000 or $1 Million marker. And when you lose, they will collect.
Yah and Grandma gets a free wine and grandpa gets a cheap prime rib and a show somewhere. I cannot remember the last time I was in a casino.
Why? to own 100% of zero?. Why not sell the shell and own 9.99% of maybe something.
Idiot, you don't date an auditor. There is no such thing as "getting to know you phase" You are such an idjet. There are legal procedures, and "getting to know you" is not one of them.
People that spend $500 on a penny stock hoping to be a millionaire are no different than going to a casino dropping $500 in a slot machine that is rigged.hoping for the jackpot
Using keywords to induce the purchase and sale of securities is what he got busted for by the Feds? Has he not learned his lesson?
I love how these clowns say "were up 27% today, green" What they don't say is the stock has a 100% spread that one can drive a truck through.
Welp, it takes 30 minutes to DWAC stock, and another 30 minutes to hit the account, and another 30 minutes to hit the bids. I don't know if the issuer is DWAC eligible, but if they are, buy the time you call the T/A, then take a shower, you could dress up and find a shock.
Larger cos. issue what is called phantom stock on top of restricted stock units. Phantom is kinda like cashless options, but they never get issued. The company just pays out the cash and expenses it. The employee / holder does not get taxed upon issuance, but on exercise it is not taxed as capital gains but as ordinary income.
We live in a new age.
Stephane, the billionaire prolly didn't know he was CEO of stinky pinky over priced worthless shell.
As said before, I can file with the SOS and list Barack Obama as a President and Director and he will not know until his lawyers or Accenture ran a scan.
It is what Accenture does. They do employment background checks. It is not hard to find everything about anybody.
They know when you checked in to a hotel six months in Miami. Butt a billionaire can pay for these searches.
People get random emails from a widow of a prince in Nigeria all the time. Butt then again, Utah has about eight auditors that will audit on the cheap, but they only work four days a week
These people are prolly in China or Russia.
Hostile Takers happen all the time, Billionaire Tilman Fertita loves them.
https://www.westword.com/restaurants/tilman-fertitta-of-landrys-buys-mccormick-and-schmicks-and-mortons-could-be-next-5720242
I will not provide legal and accounting advise, but you are wrong and subject to revocation. Spend the $$$ and get a real counselor. Or your stock will never trade again.
Depending on how it is drafted, there could be an expense to the company and an income tax to the purchaser and a capital gains to the purchaser in two sep. years. I have not read the agreement. There is a saying, get married but draft your divorce agreement when you say I Do. It is called biz.
It is a running laugh in the industry, it is called "Billable Hours". Why do we need four attorneys at $700 hour each and three CPAs at $250 hour each, and then everyone gets together via teleconference later to go over it again, then review it over and over and over. It is no wonder invoices end up at $100,000 per month on the low end and up to $500,000 a month on the high end, and that does not include the $250,000 DD fee and the engagement fee.
And their is one attorney that strikes one word and it has to get recirculated and then another does not like another word, and they just keep going around and around until the billable hours go sky high. And don't forget the admin. and printing fees, Fedex fees, etc.
I shoulda been an attorney.
Yah, sell the shell for $70K and retain 9.99% and pray.
One can buy a non-reporting shell for $70,000. This guy is crazy.
There is no company. It is a file in a cabinet.
Many CPAs hate the use of "Revenues". $1 million sounds like a "Revenue". There is a difference.
If you have never been an MM, don't make up BS. If you have never stepped foot in a trading room, don't make up BS.
I have numerous staff at 100 F Street in my phone, and even contact them at home. I even go to 100 F Street once or twice a year. I don't email them, and don't blow smoke up peoples rear trying to pretend.
Dang, this formatting is from the 1980s. Nobody uses this formatting any further, what rock did this clown crawl out of?
Yep, the ship can be rudderless, but as 62% ownership, depending on the state either shareholder written consent or call and hold a shareholder meeting by it's self and fill empty board positions, whom can then elect officers.
Just depends on the state statutes on the process.
You ever hear of the term "Orders Ahead"? It is an industry term used by professional traders, not faux traders. Your order could have been routed to one firm and the seller was routed to a different firm. And they did not match.
You can ask your firm for what is called "Anything Done", but your customer service staff is stupid, just like the CEO/CFO/Director/Principal or what ever he calls himself.
I didn't know the PCAOB audits public companies. They do inspections of auditors and enforcement, but not audits of companies like accr.
If the parent is audited, the sub does as well and the financials consolidated.