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Um, just in case there is any question, that genre of writing is known as satire. HH
That's right, what they say are assets (assuming it's not a complete fiction) could just as easily be liabilities. And where is the independent auditor's report to show anything they say they've acquired actually exists; and if it exists, that it has been appropriately valued; and has any positive value whatsoever.
What makes you think I haven't? These p&d crooks are the worst and I would love to see them locked up. But as the SEC says in its web pages on pump and dump, it doesn't have the resources to catch all the crooks. And sophisticated crooks make it harder because they know how to avoid SEC liability -- for example, by not filing financials and other docs.
An independent source of info is essential. VYGO's source is always VYGO and its allegedly wonderful CEO, who is sitting by his phone waiting to take your call. Oh yeah, one other source is the anonymous posters on message boards that say "hey, call the ceo, he'll tell ya!" Red flags all over the place.
Anyone considering whether to buy or keep this so-called security or others like it, should study, among other things, SEC's warnings. http://www.sec.gov/answers/pumpdump.htm
The company is the *last* place anyone should go to verify claims like this -- especially by a company without financial statements or other documents subject to SEC regs and wire fraud statutes.
If you doubt this basic common sense principle, please see SEC's information about pump-and-dump schemes:
http://www.sec.gov/rss/your_money/pump_and_dump.htm
Pepeoil needs no "suggestions." He's on to the scam and is trying to encourage others to stay away from it.
Calling an alleged ceo who has scrupulously avoided any standard documentation for the type of assertions made in "press releases" and thereby reduced the likelihood of ever being prosecuted for fraud and other securities violations -- would be of no value, and the repeated suggestion that people call ol' Vince seems to me the very thing one would expect the con man himself to make to lure his unsuspecting prey into handing over their money.
Enough already with the "call Vince" nonsense! It's so patently absurd that I can't believe you all keep repeating it. Sure, right rely on the oral representations of some guy over the phone, and forget all this nonsense about documentation that would be subject to SEC compliance and federal fraud statutes. In contrast, every question Pepeoil has raised is entirely reasonable. On the question of the company's worth, it is the company, not prospective investors that have the burden of proof.
Yes, Pepe, no assets, except perhaps those generated by the pump & dump operations. (Very low cost of production involved in that sort of industry, as I understand it).
Cool. Then I'll sell half my shares and call it a day.
Somebody wake me up when it hits 0.099999
Midas Touch, I made a huge mistake here, based on my confusion about the subject of your post! My post about it not being "real" was meant for entirely different stock (VYGO). Not Magic! MGIC is a *very* solid company, positioned to become a global giant! I thought your message was about another stock I'd posted on, a total P&D scam. I am very sorry for any confusion. I have a disproportionate amount of resources invested in MGIC. MGIC is going places! H.H.
You mean .062, right? Or do you mean July 2008, when it was actually in the .60s?
Now there's a persuasive authority: yourself!
Alright, then, here is my counter-authority:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58916393
Maybe the "news" will be he got a great deal on a one-way ticket to Buenos Aires?
Couldn't resist.
Somehow I can't get too excited about 2.5 million shares, considering they would be worth about $6,000. Whup dee do! Or am I missing something?
Yeah, I used to think so. But the reality is when you trade 'em you become part of the scam, maybe not legally, but morally. I couldn't sleep well knowing that. You must also be aware that many of the posters here are not who they purport to be. Who knows whether that Hard Core JF is not Mr. Smith himself? (Just askin')
I have not called him. What good would it do? If he's dishonest in press releases, he'd be dishonest over the phone. Anyway, I originally believed this was a legitimate company and a legitimate deal. Having looked further and considered the circumstances, and the absence of FS, and other core information about operations, and the supposed acquisition, etc., I concluded it's a classic case of pump and dump deception. I then sold the few shares I'd bought and no longer have any financial interest in it at all. I won't trouble you guys any more. Again, I hope I'm wrong, I wish you the best, but my honest belief is that this thing is not legitimate; and that even if you make money on it, in the end, you do so only at the expense of people who were fooled into buying it and holding the bag with the expectation of actual operations.
Yes, I once thought it was real. Then I looked further and found it was not. Obviously, I have no dog in this fight.
Well, I hope I'm wrong, my friend. It's just that everything I've seen about this "company," including the article you just linked, is screaming FRAUD. There are so many other securities without he ambiguity where one can invest. If I had made the mistake of buying shares of this thing, I'd cut losses and put whatever I had left in something above-board. But again, I sincerely hope I'm wrong and you all make a bundle while helping a (ahem) legitimate recycling operation grow into a (cough cough) major competitor.
Please, there is no actual company here. This Smith character is a crook. By now, he's probably taking calls from the luxury cabin cruiser he bought with the money he's purloined from unsuspecting investors in this non-entity.
A while ago, someone posted a fragment of a settlement of a case in which the man was accused of fraud, among other misbehavior. The fragment included the standard clauses saying the settlement was not an admission of guilt.
Missing, however, were the actual terms of settlement -- i.e., how much Smith had to pay to get out of it. The paragraph about the settlement not being an admission of guilt is part of every settlement, and tells you absolutely nothing, and in no way suggests that he did not do what he was accused of. In fact, if he were innocent, why would he not fight the charges rather than pay to have them dropped?
These people are con artists, plain and simple, without scruples, without the least regard for whom they hurt. I hope someday they are thrown in jail, and may God have mercy on their souls!
I believe Mr. Smith is a crook. In any case, this so-called company has all the markings of classic pump & dump operation. All the conversation on this and other boards talking up the thing, urging folks to stay in, is being carried on by one crooked person with many aliases. The best one can do in this scenario is pray for his soul, and if you have been duped out of your dough on this sham, remember: your are in much better shape than the man who picked your pocket. For what does it profit a man if he gain the whole world but lose his soul?
Time for ruthless con men to shake down widows and orphans?
Upon announcing an acquisition, you would typically reveal basic financial facts like income, net worth, etc. Except, perhaps, when it is really crappy or non-existent. After even the poorest of due diligence the vital info would be at your fingertips. This Mr. Smith, and some of the posts so enthusiastically supporting his company . . . I don't know . . . they seem dubious. I hope I'm wrong, brother.
How is it known that financials "will be out in a few weeks"? And are you all saying they have never published a FS? JesusFreak, are you thinking this may be a pump & dump shell? It's beginning to sound fishy to me. Their website is pretty lame and lacks detail about existing projects. Shows company address in CO, contact address in AZ, and one of their executives has an Nevada address. Hmmm.
JF, Do we know roughly what gross revenues were last year?
Re: "This stock makes me want to cry"
There there.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58376641
Waiting for news, then onward and upward (one hopes).
Give 'er a few days to get used to this altitude. Then we'll break camp and set out for the next leg up.
Earnings report next month I believe will be big big big.
Look at the volume! A precipitous drop from yesterday, which was already quite thin. Next week, I believe, buyers will be roaring back.
Make way for bargain buyers. And a very prosperous New Year indeed (possibly)!