If NBRI is a scam as some people have noted, it would be shut down, no doubt
I wish that were always true, but it is not. There are hundreds of obvious scams out there, and the SEC only gets around to suspending and filing fraud charges against a small percentage of them. The SEC has limited resources, and only goes after those that are currently doing the most damage to the investing public. Very few no-bid scams get the SEC's attention, as very few people are currently being scammed by them.
But, I don't really consider NBRI to be a scam to the same extent as many others. Not all bad investments and lousy companies are scams. NBRI absolutely did commit fraudulent acts - the bogus NI 43-101 reports, for example - but what really took down the company was the toxic death spiral convertibles. All of which was fully disclosed in NBRI's SEC filings for all to see. It is too bad many people either failed to read the SEC filings and see what was plain as day or chose to ignore them.
It was 100% guaranteed that NBRI would fail - it was all fully disclosed in the SEC filings.
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