New Generation Consumer Group Inc (NGCG)

[pitts77h]

Kim controls the company through his preferred stock. This is common in penny stock scams, the group (or individual) running the scam can control the shareholder votes. That way, as far as the SEC is concerned, the fig leaf of fiduciary responsibility is maintained.

Kim owns 1,000,000 of the Series A-2 Preferred shares. That's 100% of the A-2 shares authorized. Those shares vote at a 3,000 - 1 ratio compared to the common shares, meaning Kim has 3 billion votes in a company that nominally has about 470 million shares outstanding. THAT means, Kim's fiduciary responsibility is to nobody other than himself. Just another penny stock grifter.

Yet another example of what a really GREAT guy Kim is, and how his is SUPER DUPER concerned with helping out the little guy. LLOLLOLLOL