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Thursday, September 04, 2014 1:50:53 PM
I have read quite a bit, including the recent articles in the Wall Street Journal, regarding the huge "Sting" operation up in the Northeast that ensnared a number of micro-cap executives. I find it interesting that Mr. Schumann was the only one involved who was charged only with the "attempt" to engage in unlawful conduct, as everyone else was actually charged with a specific crime. The Wall Street Journal detailed the sting, which involved soliciting large numbers of micro-cap executives to participate in a funding or financing mechanism to aid them in raising capital, but then there was a part of the procedure that crossed the line and was unlawful. The executives who were charged actually thought everything had been approved by knowledgeable attorneys, but the supposed attorneys were government agents. Not saying Mr. Schumann shouldn't have smelled a rat and refused to meet with them. Just saying it was a huge sting that ensnared dozens of micro-cap and penny stock executives and owners who were looking for deals on funding for their companies.
In any event, I am not aware of any alleged "scam" in which this company was involved, as you put it. I will watch closely as the company weathers this transition period.
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