Wildwood, FL October 26, 2015 Press Release: An audit by IRS, a business loss, and
business gains have shaken the eFUEL EFN, CORPORATION over the last third
quarters.
eFUEL EFN, CORPORATION (OTCPINK: EFLN) has experienced a major setbacks in
the Hotel Marion. An inability to obtain the working capital trough several sources to
acquire loans needed to help offset debts. The company closed Hotel Marion, Veda’s
Restaurant and Bar to the future notes. Also, we laid-off 20 employees. The
$6,000,000,000 hotel was refused loans to pay off its tax debt, comments company
President, Ljubica Stefanovic. Company is busy with IRS filings. We have been audited
(EFUEL EFN, CORPORATION books)
https://www.otcmarkets.com/ajax/showNewsReleaseDocumentById.pdf?id=17464
And, going further back to when it was EFUL:
Litigation Release No. 22555 / November 30, 2012
Securities and Exchange Commission v. Joseph P. Cillo, Civil Action No. 8:11-cv-02320 (M.D. Fla. November 30, 2012)
The Securities and Exchange Commission (“Commission”) announced today that the Honorable James D. Whittemore, United States District Judge for the Middle District of Florida in Tampa has entered final judgment against defendant Joseph P. Cillo (“Cillo”) of Dade City, Florida. The judgment permanently enjoins Cillo from further violations of Section 15(b)(6)(B)(i) of the Securities Exchange Act of 1934 (“Exchange Act”), imposes a statutory penny stock bar on him pursuant to Section 21(d)(6) of the Exchange Act, and orders that he pay disgorgement in the amount of $20,000 with prejudgment interest thereon in the amount of $1.124.50 within 30 days. In addition, Cillo was ordered to pay a civil penalty in the amount of $60,000 within 30 days. Cillo consented to the final judgment without admitting or denying the allegations of the Commission’s complaint.
The Complaint alleged that in November 2007, through a reverse merger with a penny-stock shell company, Cillo became the CEO and controlling shareholder of eFUEL EFN Corp. (“eFUEL”), a purported web development company then based in Tampa, Florida and listed on the OTC Market Group’s “OTC Pink” market tier (formerly the “Pink Sheets”) under the symbol “EFUL.” It further alleged that in connection with an ongoing market manipulation investigation involving eFUEL and other related entities and individuals, the SEC determined that Cillo engaged in various activities related to, and for the purpose of, issuing, trading, and inducing the purchase of eFUEL’s stock. Specifically, Cillo (1) offered and/or issued hundreds of millions of shares of eFUEL stock to third-parties as purported payment for debts and services, (2) drafted and approved multiple press releases touting the company’s business plan and development prospects, and (3) prepared, signed, and submitted periodic reports to the OTC Markets Group in order to comply with the Pink Sheets’ minimal requirements for “adequate current information.” These activities constituted violations of a 1995 Commission order which barred Cillo from participating in the offering of any penny stock.
Once a scam, always a scam, I'd say.....
AI
