GOFF, SWVI, NORX, and XUII were all major stock promotions.
GOFF, SWVI, and XUII were all big Awesome Penny Stock promotions so the fallout continues and is expanding now to include Caledonian Bank in the Caymans as part of the rampant offshore penny stock money laundering operations that were operating under the nose of the SEC without consequence for years.
Thanks for sharing. Here is a link to the write-up. http://www.courthousenews.com/2015/02/06/sec-goes-after-a-cayman-islands-bank.htm
I'll try to get a copy of the 39 page Complaint to post.
SEC Goes After a Cayman Islands Bank linked to Nostra and others
MANHATTAN - Cayman Islands-based Caledonian Bank and four other companies took more than $75 million from unregistered sales of "virtually worthless" penny stocks, the SEC claims in court.
The SEC on Friday sued Caledonian Bank, Caledonian Securities, Clear Water Securities, Legacy Global Markets, and Verdmont Capital, in Federal Court.
The Caledonian defendants are based in the Cayman Islands. Clearwater and Legacy are based in Belize, Verdmont in Panama.
All of the scams were the same, the SEC says in its 39-page complaint. First, they filed "bogus registration statements" with the SEC, purporting to register securities to public shareholders, though there were no such sales and the securities stayed in the control of the issuers and their affiliates.
"In the sham offerings, the issuers pretended to sell securities to shareholders in such places as Serbia, Mexico, Ireland, Norway, Panama and Jamaica," the SEC says.
The restricted securities were then "passed off" as free-trading stocks in the United States and sold to the public, the SEC says in the lawsuit.
The agency claims the defendants operated as affiliates, dealers, sales outlets and underwriters, in connection with four shell companies: Swingplane Ventures, Goff Corp., Nostra Energy and Xuamnii Inc.
"(T)hese violations occurred simultaneously with aggressive and extensive promotion campaigns for the penny stocks of those shell companies," the SEC said. "The defendants' unregistered sales of securities generated more than $75 million in proceeds on penny stocks that were virtually worthless and whose prices fell to their former token levels within months of the defendants' sales."
The SEC seeks disgorgement, restitution, penalties and an injunction.
This part is kind of ironic: "All of the scams were the same, the SEC says in its 39-page complaint. First, they filed "bogus registration statements" with the SEC, purporting to register securities to public shareholders, though there were no such sales and the securities stayed in the control of the issuers and their affiliates."
If the SEC was doing their job they would have investigated before approving the registration statements and allowing these tickers to publicly trade.
The SEC is very much at fault for allowing these "scams" to even exist.
I wrote reports on all of these four tickers before the stock promotions even started. It was as obvious as could be right from the moment the S-1 filings hit that each of these four "companies" were set-up for the mere purpose of being used for insider enrichment scams, paid promotions, and money laundering operations.
The SEC needs to hire smarter people or something.
Pre-Promo Research Reports:
Obviously more research as done on all those tickers later... point is just that it is so easy to spot a shell company that is being set up for nothing more than a scam/money laundering operation yet the SEC continuously gave these shell companies their blessing over and over and over again for years allowing them to publicly trade then become scams that would end up robbing retail investors of millions of dollars.