Coates International Ltd. (fka COTE)

[titan11]

"Federal regulators say Coates International Ltd. is a complicated scam filled with exaggerated claims to investors about hundreds of millions of dollars of potential income. An SEC complaint convinced a federal judge to put the company into receivership."

"Coates sold $6.5 million worth of stock in his company without registering with the SEC. He says he conducted a private stock offering and didn't have to register the company. But the SEC has to approve such offerings, and won't do so unless a company files a lengthy series of disclosure documents. Coates filed none.

Coates also used funds he raised for the company to purchase his home and his Rolls Royce. He says he is the company, so who else would use the money?

But federal regulators say that when a federal judge froze his assets in July 1994, Coates told his wife to empty out the company's bank accounts and planned to leave the country. The SEC has produced photos of Bernadette Coates at two banks on that morning. purportedly asking for $25,000 in cash"

In 1994 George said he has been working on this technology for 25 years now in 2015 he has been at it for 44yrs and still NOTHING!

All of Madoffs victims were shocked to find out that hey had been scammed! the shock and awe campaign of George stealing stockholder funds just never gets old for George even 20 yrs later!