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See this link - North Carolina Statutes :http://www.ncleg.net/EnactedLegislation/Statutes/HTML/ByArticle/Chapter_14/Article_37.html
Weber is charged with a felony misdemeanor. He will NOT see jail time for this charge.
This pipe dream (MINE) is now scam city and has been for some time. Anyone promoting this scam is doing so for their own personal gain. MINE is in the toilet and will not rise out of it. Anyone investing is providing Vanis a personal ATM whereby he can withdraw funds to support his lifestyle. Wake up and smell the coffee!
The unfortunate thing about the post is that there are those out there that will bite on her trash and sink hard-earned funds into one of the biggest successful scams seen on the hub. I say "successful" because BW and BubbleButt Ramirez financed their personal extravagance on our dime and did so for years. And I'm not talking about a little extravagance either. I'm talking top-of-the-line pickups, a BMW, and fully stocked bus/RV, numerous trips abroad, boats, restaurants, etc. And of course, there's the racing. Yeah, it was a successful scam, financed by our hopes of hitting a pay day.
just lost $1300 in less than 1 second. Huge sells.
Did you and I just agree on something? lol
Let's hope we are both right and this continues it's upward movement.
Let us hope so!
I for one want it to go up! But unlike most here, I think it's going to be a least a year before we see any sustained trend in the charts. I've been booed on this comment before and I'll be booed again. But it is unrealistic to think that the turn around time on development and testing is near completion. That's a more ridiculous thought than what I'm indicating! That's for sure!!
Yesterday, just 700000+ shares sold. Today, 1 buy representing 20000 shares. Heating up? The numbers say not.
Absolutely correct!
That would be nice, but really ambitious. I'd say revenues are possible by end of 2017, and even that is an ambitious statement but one that I think is feasible.
LF has no staff. We don't know what staff will be working for HFACS that will be part of project development, who the program manager will be, how many reviews the product will undergo before it can be released, how it will be marketed, etc. In fact, as far as we know, there's no business plan. All we know is that there's an agreement between HFACS and Quture.
As investors, we do have a right to know. Possibly that'll be divulged at the next investor meeting, whenever it is that we have one. I know those are rare for pinkies, but they do occur. If LF has confidence in his direction, it'd be great for him to hold a shareholder update via teleconference. He could do it and give an opportunity for questions. That's a move whereby he will generate much more, long-term enthusiasm and interest. It'd be great for him to do that, but I'm not holding my breath.
I've read it all. Words over the internet in the form of PR's are one thing. Materializing is another. I've been around look enough to see lots of statements being made that were not backed by substance. Again, I have only served to caution against the hype generated by a PR. Not to indicate that this stock will never get off the ground.
You can whine about my posts. I haven't said anything that isn't true. The proof is everywhere to be seen.
Do I agree this will eventually go places? Yes! Do I think the time is now? No!
It'll be a long time before any of what was written regarding the agreement comes to fruition. If anyone thinks it'll be next month, 6 months from now, or even a year from now, they're not living in reality.
Even if HFACS develops a package in the next 6 months (which it won't), there's TONS of testing the final product to ensure all kinks are remedied. Development and testing are very long processes.
What about marketing the finished product? Who will do that? What are the costs? Timeframes?
What about software updates? Will HFACS be involved in those? How will they be implemented?
Folks, there is GREAT potential here. The cautions that I have put out there are not intended to poo poo this company. They ARE intended to poo poo on the overzealous "to the moon" pumps that happen here every rare time there's a PR.
As an example, I indicated in previous posts that without the continued momentum that a constant flow of information can produce, the PPS would drop within days of the announcement of the HFACS agreement. I suggested that folks not get too excited. What I said would happen did happen. No continued news led to a lack of interest and the sell-off ensued.
I also indicated that an agreement is NOT and contract. I am correct about that no matter how much folks want to dispute that. It is moronic to suggest they are one-in-the-same. An agreement is NOT binding, whereas a contract is. So if HFACS gets the hibbee-geebies that something's not quite right, they can pull out instantly. I suggested folks verify the agreement (which I did) and not get too excited.
I the agreement does not materialize an eventual contract, which it should do if it is viable, then investors should rethink this. If you think there's no need for a contract when hundreds of thousands of dollars will be exchanging hands, then you're out of your league and you shouldn't be investing.
That's because at the moment, there's nothing to pump.
This article is from 2012, but will explain why some firms are restricting purchases of pinkies.
Penny stocks refused for deposit
- why it's happening now, how to cope
Tom Wobker
Apr 13, 2012
Summary
New fed war on fraud and money laundering hits the innocent too.
Penny stocks now more often refused for deposit
SEC mounts combined attack with FINRA, DTCC
Average investor normally OK - but new paperwork, delay, costs
Management, insiders, promoters undergo special scrutiny
How to avoid some of the new headaches
A new government offensive against microcap fraud and money laundering is aimed at crooks and evildoers. But the attack is also creating problems for innocent people who own low priced shares.
As brokers and clearing firms run for cover under a barrage of new microcap compliance dictates, the collateral damage inflicted by the federal assault ranges from inconvenience to major trouble.
The list of bystanders who can be hit by errant regulatory shrapnel includes:
Consultants and service providers who take stock for services
Private placement investors (mainly if they keep poor records or are insiders)
Employees who get stock for pay, incentives or bonuses
Officers, directors, large shareholders
IR pros, newsletter and website writers
Folks who hold physical stock certificates (subject to closer inspection now)
The crackdown started, or at least coalesced, last year with formation of the SEC's Microcap Fraud Working Group. (More on that in a moment.)
More scrutiny
Since then, investors who want to deposit low priced small cap stock into their accounts -- as distinct from simply buying or selling it -- have routinely faced increased questioning. There is more paperwork, scrutiny, delays for more compliance approvals, and sometimes expense.
While the hurdles to be cleared are higher than before, penny stock deposited by John Q. Public shareholder is still generally accepted. But more than in the past, it also stands a real chance of rejection.
While the new offensive may present added inconvenience for the average investor, it promises much larger problems for company executives, directors, and other insiders since their transactions now face far more stringent examination.
And stock promoters, investor relations consultants, and some newsletter and website writers -- because of their promotional work -- may find their shares won't be accepted under any circumstances.
Safe havens?
Let's be clear. This isn't panic time for every investor who decides to buy, sell or own microcap stock.
At our shop and others, most ordinary investors aren't running into major roadblocks.
For instance, well-documented restricted stock from most private placements hasn't been greatly impacted.
Transactions may take extra time and work and minimum price requirements sometimes complicate things (see below). However, at this point we generally see few major problems for investors who deposit cheap stock like the following:
U.S. restricted stock in reasonable quantity owned by non-insider investors who can document acquisition
Canadian free trading stock
Canadian warrants
Canadian restricted stock with documentation as to acquisition
U.S. restricted or free-trading stock of companies for which the broker submitted the FINRA Form 211 (this is the process to get a stock quoted on the OTCBB and/or OTC Markets Group, formerly Pink Sheets)
But smooth sailing is not absolutely guaranteed -- and certainly not for officers, directors, insiders, promoters and others close to the issuing company, whose transactions now face detailed examination.
The "new normal" is fluid
The "new normal" for microcaps traded on the OTCBB and OTC Markets is changing and evolving even as you read this.
With the industry racing to comply, rules spawned by the crackdown are new and quite fluid. They vary among brokers and over time, often shaped by a firm's unique - perhaps unhappy - experience in this area.
Our suggestion: always ask your broker first about the rules currently in place before trying to deposit stock.
Following are the broad outlines of small cap stock deposit requirements across the industry as we see them presently.
There may be some outliers that don't fit this general pattern -- firms slow to adapt or trying to rig a workaround -- but government power will almost inevitably bring them into line.
More paperwork
One key change is that expanded stock purchase documentation is now generally required from owners before stock will be accepted for deposit.
Often they must complete written questionnaires about the stock... their purchase or other acquisition of it... and their relationship to the issuing company.
The size and quality of their account may be considered. Legal opinions may more often be required. New compliance review or other fees may be charged.
The issuing company is also examined. There's a sharpened focus on history, disclosure, management background, and stock trading patterns.
Upfront filters
Some securities firms now use a price test as a first filter. This helps them decide whether to take on the costs of compliance review and the legal and regulatory risks that can shadow low priced stock.
One big clearing outfit automatically rejects any stock priced under a dime. Another sets the bar at 75 cents.
Or the bright line test can be minimum market capitalization. At one firm, for example, that's now $25 million.
The type, quantity and quality of the issuing company's public disclosure of financial information is important too -- for instance, a firm might refuse any stock branded by OTC Markets with a Stop Sign, Gray Market or Caveat Emptor indicator.
Sometimes the test(s) are quirkier, leaning towards arbitrary, and including any or all of these and other elements.
Pre-approvals for transfers
Pre-approval reviews for incoming accounts are also common.
More clearing firms do advance checks of new accounts transferring in from other brokers (transfer of assets). They give thumbs up or down only after eyeing the stocks.
In most situations, if the stock... the owner... the issuer... the acquisition method... or anything else doesn't pass muster, the deposit is refused.
Physical or electronic - no difference
Difficulty depositing physical certificates isn't new. That got stickier some time ago with Wall Street's move toward "dematerialization," but doesn't seem tied to this new regulatory offensive. (We wrote an article about vanishing paper certs last year. It's here in pdf format.)
In contrast, the new changes generally apply no matter how you give the shares to your broker - whether in physical form or by electronic transfer.
Unlike dematerialization -- a move to improve efficiency -- this new regulatory drive springs from the Patriot Act; the Bank Secrecy Act; anti-money laundering regulations; fraud prevention initiatives; and other government mandates.
FINRA Regulatory Notice 09-05 figures in this too. It concerns unregistered resales of restricted shares and lists red flags for brokers. You can read it here.
SEC Microcap Fraud Working Group
The sparkplug that fires this new regulatory engine is the recently formed SEC Microcap Fraud Working Group, assembled during the past year or so.
The SEC says the powerful new task force is composed of elements drawn from many parts of the agency:
"staff from the SEC's headquarters in Washington D.C., each of its 11 regional offices, and from the Office of Market Intelligence, Division of Corporation Finance, Division of Risk, Strategy, and Financial Innovation, Office of General Counsel, Division of Trading and Markets, and the Division of Investment Management."
The SEC also explains -- in words worth a careful reading -- that the group:
"... is pursuing a strategic approach to combating microcap fraud by focusing on recidivists and insiders, and on the attorneys, auditors, broker-dealers, transfer agents and other gatekeepers that facilitate a large volume of the fraud in this sector."
The precise legal parameters of the new "strategic approach" remain to be defined. Who are the "other gatekeepers?" What exactly does "facilitate" mean?
Regulators apply pressure
The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) are leading the charge and leaning on clearing firms to enlist in the new offensive.
And risk management and compliance staffs at clearing outfits are doing so... sometimes zealously.
Depository Trust & Clearing Corporation (DTCC) has also joined the crusade. The clearing, settlement and custody giant electronically touches nearly every security in the country. It has power to "chill" and thus restrict transfer of stock almost at will. You can read DTCC's embrace of the program on page 19 of its pdf newsletter here.
Of course brokers too are swept up in this offensive -- like drafted grunts choppered into a jungle firefight on orders from the brass, scrambling to stay alive.
SEC round table
You can get some feel for the power of the new government push by watching a round table discussion held by the SEC last October. The webcast is on the SEC website here.
Chaired by SEC head Mary Schapiro, participants came from government, regulatory agencies, clearing and settlement companies, law firms and private industry.
As the SEC explained, the meeting covered "...key regulatory issues, including anti-money laundering monitoring, compliance challenges, and potential changes to the microcap regulatory framework."
Since the discussion lasted over three-hours, you may find it more convenient to skim the transcript instead. It's here.
Ultimate result
It's hard to find anybody who is in favor of stock fraud... or money laundering, for that matter. But there seem to be two quite different views on the likely outcome of this new regulatory push.
Utopians expect the end result to be a sanitized small cap market largely free of fraud... populated by better-capitalized and more transparent small companies that offer investors a better marketplace.
Cynics believe the new initiative will inflict more damage on small firms already crippled by costly regulations, injure innocent investors and entrepreneurs, and hurt good companies along with bad... producing a we-had-to-destroy-the-village in-order-to-save-it outcome.
Time will tell. But for the immediate future, you can bet that depositing cheap stock will be more complicated than it ever has been.
Deposit tips
Small cap U.S. and Canadian mining and resource stocks and other microcaps are part of our business, so we're keeping a close eye on developments.
Based on what we see right now, here are points to keep in mind about depositing microcap stock. We assume the stock passes any price or market cap test.
These factors can make deposit easier
Talk to your broker first. This is key. Compliance rules are changing faster than Idaho weather, so you should find out what rules apply currently at your brokerage firm.
You have an established account. The longer you've been with a firm, the more likely your request will be viewed favorably. If you opened an account yesterday and want to deposit a big pile of five-cent stock today, you may face problems.
Your portfolio also has some high-value shares or significant cash. Clearing firms aren't crazy about accounts that hold only microcaps.
Your documentation is thorough, showing how you acquired the stock and your exact relationship with the company - are you an insider or just average Joe investor? (Especially important: copies of private placement memorandums and subscription agreements; service and/or consulting contracts; employment or incentive agreements.)
The company's public financial disclosure is of good quality and quantity.
These factors can make it tougher
You're a company insider -- officer, director, 10% shareholder or otherwise exercise control.
You're a stock promoter, IR consultant, financial newsletter or website writer.
The company has a history of name changes, industry changes or securities problems.
Company management or large shareholders have a record of prior securities violations or serious legal infractions.
Stock ownership is concentrated in few hands.
The company's public financial disclosure is of poor quality or quantity.
Your stock came from a debt to equity conversion. (Extra tough.)
A last word
Our best advice, once again: before you try to deposit cheap stock into your account or transfer a portfolio of cheap stock to a new firm, be sure to contact your broker or new firm in advance.
This will simplify your life in the evolving new normal, save you time and spare you some headaches and disappointment -- and, we hope, help you make a lot of money in the volatile small cap market.
PennalunaThanks for reading. We'll see you next time.
"In politics stupidity is not a handicap."
-Napolean Bonaparte (1769-1821)
I have close to 500000. That's plenty for me. I've been away. Appears there's more news out there.
Naw...it'll settle at .0003 for another three years.
You are correct!
It'll be wise to hold your cash until you can verify any news. Many here read into the few PR's that are released and hype this thing to the moon. Realistically, even if the latest PR pans out, it'll be a long time until any real value materializes. Many here think it'll happen over night. Foolhardy, imo.
0 trades so far today. There's little to no interest at this point. No important news, no trades. The news of HFACS and the ensuing excitement has fizzled out.
that is correct.
...and yet the PPS is still dropping. Any idea why?
How about being real? This has done nothing but drop since the original PR on the news of the agreement with HFACS. I said it would drop. Not asking for a medal, but many of you blew me off. This will be in the trips again until there's substantial movement and activity with the alleged agreement. If no activity takes place, she'll settle back to .0003 or worse, imo.
Hope folks didn't throw too much money into this with their enthusiasm over the very short-lived spike in PPS. I tried to warn everyone and got shut-down for it. Not reveling in that at all. Just that at age 60 I've been around the block more than I'd like to recount.
It'll take more than a PR to boost this to .01. And, it'll take more than an agreement touted as a PR to attract serious investors, imo.
Not trying to offend anyone at all. Just calling it like it is.
You are entitled to believe what you wish, even if you're wrong. No worries...
Then it would say it's a contract. It is not a contract. It is an agreement that can be broken at any time.
Learn the law before you make such a statement.
Folks - I'm not trying to be negative. I'm calling it like I see it.
Possibly you want me to get in with the hype and think this is going to the moon. It's not, at least not yet. The news was good, that's a fact! It was one PR, hopefully followed by lots more. But to think that agreement is the launchpad for this rocket to take off...
There's lots more than needs to occur. Keep in mind this was an agreement, not a contract.
An agreement is any understanding or arrangement reached between two or more parties. A contract is a specific type of agreement that, by its terms and elements, is legally binding and enforceable in a court of law.
An agreement isn't legally binding. Millions of agreements happen daily. Millions never materialize. I'm not being negative, I'm telling the truth.
With penny stocks, you do. This will not move without news as it's own history proves. News happens, it moves. No news, it's flatlined. Stop pumpin'!
It could be a huge deal if LF follows through and makes it all materialize.
EVERYONE gets excited when a god PR comes out. EVERYONE! The trick is to be patient and see what happens next. The fact that this is down today doesn't mean it was a pump and dump. It does mean there was no follow-up. But no follow-up is a bad thing, as seen today.
...yes, very effective.
Yup!
How'd that work out for you?
Unfortunately, if there's no new information coming, I look for this to drop again today. Once-in-a-blue-moon PR's aren't going to sustain a rise in PPS no matter how good the news is.
On the other hand, if LF can release more details of the agreement to keep folks interested, it'll help sustain the upswing. Even old news refreshed a bit can sustain momentum.
It'll be nice to see the buying sustained, but I think folks became cautious Friday afternoon as the pace slowed and some rethought whether or not this was a good place to put their money, IMO. Will there be more sell-off today?
NOT IF THERE'S NEWS!!!!!!!!
Back down to .0026. Hopefully, there'll be some renewed interest after lunch. If not, it'll be nothing but sells and a bloodbath.
Here's the response, albeit a bit cryptic.
"Hello Sir the answer is yes Dr. Shappell the founder of HFACS Inc has entered into an agreement with Quture."
I hope you are right. I contacted HFACS by phone. Some desk person answered. He gave me this email address: DNLMCCVV@gmail.com. That's his email. I was to send my email to him and he will forward it to Dr. Shappell.
Here's the email I sent:
Good Morning -
QUTURE International posted a PR yesterday indicating they have an agreement with HFACS "to develop, market, implement and support software technology of their Human Factors Analysis and Classification System (HFACS) to solve the medical errors epidemic.”
I am an investor in QUTURE and am trying to determine the legitimacy of this PR. Will you please verify or rebuke the existence of an agreement?
Thanks!!
The gentleman I talked with indicated he didn't know anything about this but would forward my email to Dr. Shappell. I will post the response if I get one.
Good Luck to all!
I am cautious because I've seen it all before in penny land especially. Anything can be written as a PR whether it be factual or not. Typically I have found that there is some truth in lots of PR's, but they are oftentimes overinflated.
Nothing has been posted by the other company yet. That is concerning.
I have contacted them by email and intend to make a call this morning. I will post what I find out.
It's not on HFACS's website. Not one word of it.
So I contacted HFACS's by email. No word from them yet. I'll call today.
stockdawg44 - I think you mean short-sighted. You wrote, "short sided".