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On July 26, 1920, Ponzi’s house of cards began to collapse. The Boston Post headlined a story on the front page questioning the legitimacy of Ponzi’s scheme. Later that day, the District somehow convinced to suspend taking in new investments until an auditor examined his books. (Why anyone who was doing something so highly illegal would let auditors examine his books is beyond me.)
Within hours, crowds of people lined up outside Ponzi’s door demanding that they get their investment back. Ponzi obliged and assured the public that his organization was financially stable and that he could meet all obligations. He returned the money to those that requested it. By the end of the first day, he had settled nearly 1000 claims with the panicked crowd.
By continuing to meet all of his obligations, the angry masses began to dwindle and public support swelled. Crowds followed Ponzi’s every move. He was urged by many to enter politics and was hailed as a hero. Loud cheers and applause were coupled with people eager to touch his hand and assure him of their confidence.
We could really use a PR of substance to make it run.With so much going on with this company right now hopefully it will happen soon before people lose patience, like someone did this afternoon.
Went down on low volume, probably just 1 or 2 traders.GLTA
MARCH 21, 2005 • Editions: N. America / Europe / Asia / Edition Preference
Wall Street's Dirty Rotten Little Scoundrels
The SEC has a new plan to turn up the heat on small-time Wall Street fraudsters
To Securities & Exchange Commission gumshoes, it was a classic case of pump and dump. Last June, financier Donald E. Oehmke and Bryan Kos, a stock promoter, merged a small private labor-recruitment company into a shell corporation that Oehmke controlled. With the new company, Concorde America Inc., trading on the Pink Sheets quotation-and-trading service for unlisted stocks, the duo allegedly cranked up a stock-promotion scheme replete with phony analyst reports, press releases, and spam e-mails. Concorde's stock price soared from $3 to $8.90. But on Aug. 11, Concorde's management issued a press release disavowing any involvement in two earlier rosy releases -- and its share price plunged to $2.51 the next day. By then, according to the SEC, Oehmke and Kos had dumped shares, pocketing $11.3 million and $1.7 million respectively.
They may not get to keep their winnings. In February, the SEC persuaded a federal judge in Florida to freeze their assets and filed civil fraud charges against them and six other defendants. Oehmke denied the charges in court on Mar. 4. Kos's lawyer also denied the charges. Concorde and its lawyer declined to comment on the SEC complaint.
Enron it's not. But SEC enforcers know that despite their three-year drive to bag miscreants among Wall Street's big fish, small-time swindlers continue to flourish. So SEC Enforcement Director Stephen M. Cutler is zeroing in on micro-cap fraud with a novel strategy and new tactics. In the past, SEC lawyers chased swindlers one company at a time. Now the agency is targeting gatekeepers such as broker-dealers, promoters, and lawyers, who show up in scam after scam. And rather than waiting months until it can prove intent to defraud, the SEC is halting trading in companies that it suspects are about to be monkeyed with as soon as it finds what it considers clear-cut evidence of violations.
The campaign to squelch micro-cap fraud is part of SEC Chairman William H. Donaldson's push to get ahead of abuses before they cause investors widespread harm. Last year, Cutler spotted telltale signs of a possible resurgence in scams, including a jump in new issues on the Pink Sheets and soaring volume on the OTC Bulletin Board. "The message of the Enron and WorldCom prosecutions seems to be resonating with big companies, their boards, and management," says Cutler, who has made the crackdown one of his top five priorities this year. "What I worry about is whether that message is equally resonant among folks in the micro-cap world."
Making sure it is will be a tough challenge. Stock-fraud cases require legwork and resources to unravel convoluted transactions. Unlike big-company executives, micro-cap fraud suspects tend to say "see you in court" rather than "how fast can we settle?" when they get a subpoena. And while criminal prosecutors have been eager to pursue megafrauds, most shy away from time-consuming micro-cap cases.
To meet the threat, Cutler quickly pulled together a team of 10 investigators, Internet sleuths, and market-surveillance experts. After scouring SEC databases for patterns of manipulation, they devised a plan of attack focused on:
REPEAT PLAYERS By going after gatekeepers, the SEC can shutter operations that could rip off many more investors. The SEC's complaint against Oehmke and Kos, for example, alleges that they were also inflating the stock price of shell company Absolute Health & Fitness Inc., reaping total net profits of $14.4 million. Oehmke denied the charge in federal court on Mar. 4. Kos's lawyer also denied the charges.
The securities cops are training their sights in particular on recidivists. On Feb. 25, the SEC filed charges against California attorney Kevin J. Quinn for drafting securities filings on behalf of three penny-stock offerings despite being disbarred in California in 1997, suspended from practicing before the agency in 1999, and barred by the SEC in 2000 from participating in any penny-stock sale. Quinn's lawyer did not return calls.
THE AL CAPONE TACK Just as G-men ultimately nailed the notorious mobster on tax-evasion charges, the SEC is policing easily provable violations such as failing to register stock issues properly. Once it spots ongoing or potential fraud, the agency often halts trading. In the past, suspensions averaged 10 a year; last year the SEC stepped in 63 times.
On Mar. 3, the SEC moved against CMKM Diamonds Inc., a Canadian diamond exploration company incorporated in Nevada. The SEC cited the company for failing to file financial statements for two years. Another red flag was massive trading, averaging 1.1 billion shares a day in February on the Pink Sheets for a stock whose price remained a fraction of a penny. Knowledgeable sources say regulators suspect the company or affiliated shareholders were flooding the market with stock. Neither CMKM Diamonds nor its lawyer returned calls. In a Mar. 4 press release, CMKM Co-Chairman Robert A. Maheu said: "We have been aggressively gathering the essential information needed to comply with our public disclosure obligations and anticipate working with the SEC to ensure our compliance with all federal regulations."
TIGHTER RULES The commission is expected to vote soon on a proposal to bar public shell companies from using a streamlined stock-registration process designed to cut costs for small businesses. The measure also would require prompt disclosure of business and financial data on any company acquired by a shell. "This would effectively close the window during which promoters can take advantage of investors' lack of access to information about the business," says Keith Moskowitz, of New York law firm Eilenberg & Krause LLP. But, he adds, the rule change would jack up legal and accounting costs for companies that legitimately use shells to go public.
HELP FROM OTHER REGULATORS Since many con artists work both sides of the border, the SEC and Canadian authorities are working harder to share information. The SEC's move against CMKM was aided by Saskatchewan securities officials who issued a cease-and-desist order against its CEO last fall for allegedly trading unregistered shares. Calls to the company and its lawyer were not returned. Also, the SEC and NASD are discussing ways that NASD could build speed bumps for the micro-cap sector. Under discussion: rules requiring broker-dealers to put up more capital and to tell investors more about the risks when selling them penny stocks.
Many market experts laud the SEC's cleanup campaign. The only thing lacking, they say, is more criminal prosecutions. "The prospect of jail time is the only real deterrent," says former SEC enforcement attorney Jacob S. Frenkel, now a partner with Shulman Rogers Gandal Pordy & Ecker. The SEC says it's doing its best to get federal and state prosecutors involved. But until then, count on the nation's securities cops to use all the weapons in their arsenal to keep the pressure on.
By Amy Borrus in Washington
http://www.businessweek.com/@@ulBzg2YQKBoe1BkA/premium/content/05_12/b3925104_mz020.htm
LOL, I can't even send a private reply to those that sent me one due to I need to send money to the guy that I want banned for not following his own rules. ROTFLMAO talk about quelling desent.
As a basher that didn't get banned here, I would ask that Matt would have the courage to make sure that you and Bob Zumbrunnen where never allowed to post on his boards again.
His ego along with your agenda have proven why the erase button exist for the moderator, I don't agree with Mach's methods all the time but I have been in matt's "jail" and understood the "rules of the road".
What happened here is against all decency and respect for anybody that doesn't have an agenda, good luck to you matt, most successful enterprenuers result from working for morons at one time or another and having the courage to walk away flipping them the bird on the way out.
Bob Zumbrunnen;
I should have posted that directly to you but didn't. To be fair to mach, I used to play alot of the same stocks he did last year before he started this board. Unfortunately, there are alot of people that don't know squat about reading filings or doing DD. These people like to blame everyone else but themselves and tend to hound or stalk those that are sucessful on raging bull, which is why he started this board.
But you can't stop them from the constant hounding due to first amendment rights can you? Everyone knew the forum here and had the opportunity to go elsewhere.
So is there anyone left that actually talks about stocks here?
And to add to the fire, I have had my posts deleted on multiple occasions and haven't posted here for quite a while due to this. But I had that choice, it looks like now that the system administrators are doing more to quite dissent than MACH ever did.
I don't post here because of the deletions from MACH but I come back to read the usefull DD provided and occasional good pick.It's also nice not to hear the constant argueing on Raging Bull and yes, a lot of bashers are what you describe in your post,but most "enjoy just p***ing off others" or are trying to get a winning stock to shake a little so they can flip it again.
My premium membership isn't current at the moment, I originally joined due to this board and Artgecko's. Artgecko started a new board this morning and I was going to renew today to get the premium service back. That was until I checked this board, sorry Bob Zumbrunnen, two egos don't make anything right. As an executive I would hope that you had more sense than a major loser on a scam begging for it to trade again.
I don't know what MACH said to you but what you've said since is outragous, leave the board alone and be a better man. If MACH screwed up, then so be it, with any luck you haven't chased everybody off the board that enjoyed the peace and quite enough to post the occasional winning pick.
I would consider myself one of these bashers but my post are few and far between and I don't keep badgering people because I enjoy others misery, sorry I tried to copy the # to reply to but too lazy to go back and find it:
By Bob Zumbrunnen;
For the record, I'm not into Schadenfreude. It pisses me off (at a number of people, mostly the companies themselves and the "shout-down-or-silence-the-critics" touts) when people lose money (often 100% of their investment) in these issues, but I've also known a number of people who got burned in these deals, didn't have their entire portfolio wrapped up in them, and survived financially to be far more astute investors.
In fact, many among the "basher" ranks are just such people. Ones who were fooled badly enough to have lost money in a scam but not so badly fooled that they lost every penny. They learned the calling cards of scams and pipe up when that familiar scent is wafting up from the message-board pages.
Mach;
I know I'll probably get attacked here for posting about CMKX;
Go back to the filings from 2002-2003. UC has done it before, that's why he's in the pinks and not the BB. GLTY
Mach;
I wouldn't let dishonest get to you. All BS aside he was bragging last year about his 70ish boyfriend who was suppose to be loaded. He's supposably in his 30's. Must have just got dumped and po'ed at the world. Haven't seen him post elsewhere. A moment of silence for his heartache or whatever else aches.
Check the news on BHSR, it's not good at all, be careful!!!
Don't feel bad onyx, I bought SIRI at $1.20 - had 40,000 shares and sold them at $1.90 - what a damn fool.
BO; check out LENF - it's a fast mover for an easy flip, always a strong finish into the close on these things.
Bo;
MMON was a pump and dump that people started to do the DD on and realized it may go somewhere, STEM had several good PR's today and you shouldn't have jumped out due to recent mistakes, we all make those mistakes it's part of the game. Always remember the "3 day rule" on serious stocks. Let's hope STEM gaps in the AM after serious investors realize what they missed. Might not though after people think about the seriousness of stem cell reasearch. GLTY and don't let the pennies cloud your judgement.
Janetcanada;
Look a little farther on Robert Brehm. I read the 10Q from sept. and if I remember he is the one that bailed out the company, renamed it and appointed Leaveny as the CEO.
The guy has conections all the way to the speaker of the house, could get very interesting with next 10Q due 12/31
Could actually be an honest man in the pinks!!!
You get your kicks off that erasing thing huh! See ya in another 6 months.
Read the lawsuit, crying because they bought on "Subway's pump and dump" if that tells you the intellegence level. Also names several posters on RB.
Check out "Investors lawsuit" against WNMI. Naming alot of ragingbull aliases. Has your name on it, couple of bozo's that obviously bought on Subway's recommendation.
Ouch; Mach, I see you have a WNMI fan club. Named you in the lawsuit, did you erase their post. LOL!!!! you gotta quit changing your alias guy, people are suspicious.
UTSI: Signs $55M Contract with China Telecom Corporation [delayed]
Ridgeland, MS, JUN 28, 2004 (EventX/Knobias.com via COMTEX) --
UTStarcom Incorporated (NasdaqNM: UTSI) announced that it has signed a contract valued at approximately $55M with China Telecom Corporation (CTC) to deploy its IP-based PAS (Personal Access System) (iPAS(TM)) network in the central city area of Shanghai. UTStarcom is currently the leading provider of both iPAS infrastructure and handsets in Shanghai with approximately 70 percent market share of the infrastructure market and more than 50 percent of the handset market.
GET KNOBIAS IN REAL-TIME: Delivery of this proprietary Knobias alert has been delayed by at least 10 minutes. To get all Knobias alerts in real-time daily, visit http://www.knobias.com/cmtx
ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information.
Knobias.com, LLC
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And Bailey beats GFYF to the finish line. Freaking loser!!!!
IDGE; NEWPORT BEACH, Calif., June 25 /PRNewswire-FirstCall/ -- InDigiNet, Inc., (OTC Bulletin Board: IDGE - News), a provider of managed communication solutions for Small to Mid-Size Enterprises (SMEs) in the United States, is pleased to announce that it has received GaeaCare’s permission to showcase their work-in-progress website at http://www.thesitedoctors.com/gc.htm.
“We asked and was granted the permission to showcase their work-in-progress website to demonstrate how we approach a website building project,” stated InDigiNet CEO Mark Ellis. “We understand that a team approach is essential to delivering a product that meets and exceeds our clients’ expectations. They become part of the team so that they get exactly what they want, every time. To facilitate this team-oriented goal, we have a process that assures the project will run smoothly and successfully. The stages of this process are: 1. Concept & Planning; 2. Engineering; 3. Creative & Visual Design; 4. Prototype Development; 5. Development; 6. Testing & Quality Assurance; 7. Launch & Rollout; 8. Maintenance & Reviews; and 9. Phase 2 Planning.”
Ellis further stated, “In this test site, viewers will be able to see that we employ the latest state of the art design tools. Years of experience with specific tools allow us to create dramatic graphics that spice up a page and add to its overall message. Of course we don’t create graphics just to show off our skills. They are carefully designed and placed on each page in order to compliment the message. Borrowing design skills from traditional print media and blending them with high tech computer graphics provides the basis for good composition. We recognize the importance of a professional website that looks elegant and not home made.”
“InDigiNet understands the nuances of good design and produces striking websites that make visitors feel they have discovered something new. Along this same line of thought, we also wanted to show our shareholders and potential customers that we take our business very seriously. From time to time, the market may not take us seriously as short-term swings would suggest. Nevertheless, as this test site will show during its course of development, our focus is simply one more tool to enhance the message of our resolve in both building great communication solutions along with shareholder value,” Ellis concluded.
About GaeaCare Syndicate Partners, Inc.
GaeaCare established in 2002, is a new California proactive environmental products and services corporation that intends to become a leading environmental cleanup, emergency response, and environmental remediation company by the use of new computer systems technology, sensor technology, communications technology, systems concepts, and microbial environmental cleanup treatment to serve the Homeland Security and environmental industries. The Company owns the GaeaCare E-Control (The System) environmental data management system and the Intellectual Property rights. GaeaCare commenced operations as a worldwide provider of 24/7 on-site facility vigilance and response for sudden and catastrophic toxic and hazardous material releases to both air and water resources. GaeaCare protected facilities will immediately alert emergency agencies to “Bhopal Type” sudden airborne and/or surface toxic chemical releases and simultaneously begin to “knock down” the deadly cloud using live naturally occurring microbial blends sprayed with water and fire retardants to precipitate toxics from the air and/or water using nature’s enhanced biological process to covert these harmful materials into harmless CO2 and water. For more information on GaeaCare, visit their temporary website at www.ags-gaeacare.com.
About InDigiNet, Inc.
InDigiNet, Inc. is an integrated solutions company that provides small to mid-size enterprises (SMEs) with an integrated communication solution. The Company will offer data, local, long distance and wireless services to SMEs over third party networks enabling the company to offer a comprehensive suite of services without the capital burden of building a communication network. Under the C2C Exchange (C2C) brand name, the Company is known as a website design, hosting and complete e-commerce provider delivering one of the easiest and most powerful website building solutions on the Internet. The Company and its development team have automated the ability for a user to quickly and easily create powerful, feature rich, professionally designed websites. C2C has incorporated state-of-the-art features with styles, layout and graphics in addition to powerful functional management tools that every successful business needs for e-commerce. In a fraction of the time it once took, a user can now create a fully functional e-commerce website using any Internet access method. Compared to the traditional costs of web development, this service is simple and affordable. For more information, go to www.c2cexchange.com. And for the Company’s complete web design services, go to www.thesitedoctors.com.
For more information about InDigiNet visit www.indiginet.com.
GWDL is chasing for second. Anybody have a references for the best Breaking News Service???
I'm a moron and would appreciate if all intellegent thoughts would be kept to themselves also, Thanks.
Jesus; I stay off the Computer for a couple of days and everyone sells out.
Tramp, a little DD. Wasn't Shore Gold the Company that UC beat to the claims? Remember hearing about them being furious about it. Are they the same Company that put out the PR yesterday? Seems like an ambush. You've been around CMKX longer, anything to this??? Just curious.
I've learned to trust Melvin, especially after his IBC broadcast.
Thanks Mach; At this point everyone appreciates true facts, to da moon, rumors and bashers are just backfiring IMO. GLTY!!!!
What's up Gob, the king of pump turn into a basher now. LOL!!!
Oh jesus, where's the iggy button.
So Mach; That the first time you called Melvin????
WTF. Mach's pumping CMKX and Gobs bashing. LOL!!!!!
The 8.7 billion share theory came from Tramp as I understand. You can thank your own members for that. GLTA
I only have one more afterb this one, Anybody have any ideas as to what it should be??????
I cann post all day, you can post all night, Mexican Peter eater needs to step up to the plate!!!!!!!
You keep erasing, I'm gonna keep busting your chops, get the picture??????
Mach; Perguntar do pessoa pensi ele esta importantate bastante por raspar de meo escrita. Mais um vez, Eu vem por ele!!!!!!
Will someone please go get rid of the f*****g idiots on RB!!!!!!!!!!!!! GWDL, infomercial tommorrow night.
I think everybody has put a few hundred into the CMKX lottery ticket. Wish they would issue a damn PR and stop the circus act!!!!!
Yeah Mach; Think I'm gonna have to learn to be a hacker. Need to start issueing my own PRs instead of waiting on them from CEOs.