Coates International Ltd. (fka COTE)

[MarketShark]

Funny how I posted post#6756 exactly one year ago. I was receiving dozens of PMs every day saying I was full of it and that this company was real and to please remove the post as a sticky!

I hope at least some of you took my side and got your money out.

Mr. Coates is a scammer. Always has been and always will be. He is currently 75 years old and has been working on this 'company' for decades. What he has accomplished in the past 25 years is sell his worthless shares to investors like you reading this right now!!!

For the lazy, here are a few quotes from the article linked below:

'the Coates engine is now described by securities regulators as a device chiefly useful for generating cash for its inventor.'

the S.E.C. accused Mr. Coates of lying about the merits of his invention and using those falsehoods to illegally sell $6.5 million in stock to nearly 400 people across the country.

"Many of these investors were neither wealthy nor sophisticated" and were induced to invest their savings on the basis of Mr. Coates's claims,

Mr. Coates remained in custody in New Jersey yesterday evening and could not be reached for comment.

Mr. Coates distributed forged and unreliable tests to potential investors, the commission said, and one test was an "unofficial tuneup test conducted at a local service station."

Mr. Coates started selling stock to individual investors without registering it with the commission, as required by Federal law.

he personally raised an additional $1.2 million by selling shares that the S.E.C. said might have been counterfeit.

Full article:

http://www.nytimes.com/1994/07/23/business/engine-inventor-accused-of-fraud.html

-MarketShark