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Hey Pugs, did you see this about Ray

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Rhinegold   Monday, 04/29/19 03:30:39 PM
Re: Pugsieboy post# 8077
Post # of 8139 
Hey Pugs, did you see this about Ray Grimm? Read it! It seems oddly similar to this shell.

(They buy a mining company stock for cheap, set it in NV, then sell shares, hype it then oddly it crashes and then they look to set up a new company?)
*look at all the companies, jump from one to another*

Instead of making a public offering for its stock, the company merged with a corporate shell that then changed its name to FemOne. The shell had planned to be a gold-prospecting company. It had no revenues, and its only employee, its chief executive -- a longtime diddler in mining stocks listed on the raucous Vancouver Stock Exchange -- only spent one-tenth of his time at the company. He had received his shares for one-tenth of a penny each.

In August, the company abandoned its gold-mining ambitions -- if there had ever been any -- and permitted FemOne's honchos, mainly Rancho Santa Fe's Raymond W. Grimm Jr., to gain control and thus get a public market for the stock without having to bare its soul in a prospectus.

There would have been much to tell. Grimm had been a co-founder of USA Inc., which promoted purported health products through athlete pitchmen such as Steve Garvey and Joe Montana. But the Food and Drug Administration charged the products were unapproved and misbranded. USA folded and Grimm moved to a Carlsbad company, Uni-Vite, a peddler of diet food.

Uni-Vite went public by back-dooring into a Nevada shell, also purportedly in mining.
But the company ran afoul of the Securities and Exchange Commission and the National Association of Securities Dealers. Grimm became president of Carlsbad's Body Wise International. Then the Federal Trade Commission charged that Body Wise made deceitful weight-loss and cholesterol-reducing claims. In 1995, the company promised it would sin no more.

In 1999, Grimm moved on from Body Wise and, with his wife and two daughters, set up FemOne. Like USA and Uni-Vite, it sells its products through so-called direct or network marketing, also called multilevel marketing, and most accurately, pyramid marketing.

Grimm, who did not return phone calls, and a colleague paid a mere $279,350 for five million shares of stock in the gold-mining company. After the name change, FemOne stock surged, as Uni-Vite's had before crashing. It is hard to fathom FemOne's upswoosh. The company's liabilities are almost double its assets, and it has an accumulated deficit of almost a million dollars. The accountant questions the company's ability to continue as a going concern.

Oddly similar pattern isn't it? You decide.

Read here: https://www.sandiegoreader.com/news/2003/oct/30/crapshoot-park/#

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