MMEX Resources Corp (MMEX)

[jmjjw]

MMEX’s Jack W Hanks was suspended from practicing law as a direct result of the Salt Lake City Select Telephone Technology, Inc. fraud, which began in 1984.

Select Telephone Technology, Inc. (STT) was a fraudulent scheme to funnel grant funding into private hands, and one Jack W. Hanks Jr., of MMEX fame participated directly in the fraud.

The STT scam became a big scandal in the news in 1988; a shell company formed by Jack W. Hanks Jr., and others was able deceive Salt Lake City into sponsoring it for a $4.5 million federal grant, then misappropriating $3.2 million of those funds after they were received. The mayor at the time, Ted Wilson, was negatively critiqued for his poor oversight, which allowed the scandal to transpire.

In the end the fraud case was settled out of court with STT making a $2.5 million reimbursement to Salt Lake City.

http://www.deseretnews.com/article/19759/WILSON-SAYS-OUTCOME-ON-STT-VINDICATES-HIM-OTHERS-DISAGREE.html?pg=all

The entire story can be followed at the following four links:

http://www.deseretnews.com/article/7873/US-MULLS-FRAUD-SUIT-AGAINST-LAW-FIRM-LINKED-TO-STT.html[deseretnews.com]

http://www.deseretnews.com/article/12087/NEGOTIATIONS-ARE-IN-PROGRESS-OVER-SSTS-LOST-GRANT-MONEY.html?pg=all[deseretnews.com]

http://www.deseretnews.com/article/15710/SL-MAY-RECOUP-25-MILLION-IN-A-SETTLEMENT-CONCERNING-STT.html[deseretnews.com]

http://www.deseretnews.com/article/19759/WILSON-SAYS-OUTCOME-ON-STT-VINDICATES-HIM-OTHERS-DISAGREE.html?pg=all

While the STT fraud didn't involve MMEX, it speaks to the MMEX CEO's history, and character. This provides some explanation about the character of an individual who would similarly promote a share-selling scheme, and attempt to deceive retail investors - MMEX is yet another example of one Jack W. Hank’s Jr.’s “business dealings.”

MMEX, an insolvent, super-dilutive shell corporation, traded on the OTC Pink market, for less than 1/3 of a penny per share, has no chance of receiving tens of millions in project financing from any legitimate source. MMEX has no assets, no business operations, no employees, no intellectual property, no proprietary technology, and nothing of intrinsic value. MMEX has no luminary technology team, no luminary management team. MMEX has no suppliers, no customers, no material contracts in place, no revenue from operations. MMEX does have nearly $40-million in cumulative losses and liabilities, and more than $2.1-million in current, toxic floor-less convertible debt, with consequent billions of shares of dilutive effect. MMEX de-listed from OTCQB after 105 trading days, and has closed below 0.01 for 97 consecutive trading days.