Kayode Aladesuyi is the Nigerian CEO of ECDC, a company which purports to sell a GPS device. The device is obsolete, and has never generated any revenues. They periodically change the name of the device to appear that they have a new product. News is then released claiming to have "executed" a deal for $5,000,000. Oddly enough, every single announced deal has failed to materialize. The CEO's explanations have been downright absurd, like claiming the KGB thwarted one deal.
This company is most certainly a typical penny stock scam. This is evidenced by the structure of the company, the history of wild forward looking statements and a 100% failure rate for completing announced deals.
If the above reasons are not enough to convince a trader to avoid this one, consider the fact that the CEO was convicted of securities fraud and account fraud.
This company makes no collectible revenues, yet the CEO has been paid up to $1,000,000 in a single year. He achieves this by selling billions of shares at a 50% discount to "lenders" who use boiler room tactics to dump these shares at a nice profit. Virtually all money brought in through dilution is paid out to mr aladesuyi.
