maybe that's why he runs one hell of a scam ,but again its penny land scam...paul good at it imho
420 Investor > MCIG CEO Disposed Of Shares And Faile...
MCIG CEO Disposed Of Shares And Failed To File Form 4
By Alan Brochstein — Author
Paul Rosenberg, CEO of mCig (OTC: MCIG), recently publicized a small purchase he made, buying $100K of convertible preferred shares, but he appears to have failed to file a Form 4 to indicate a very large disposition of convertible preferred shares during the year ended April 30, 2016. The SEC requires that he do so, per its rules:
FORM 4
STATEMENT OF CHANGES OF BENEFICIAL OWNERSHIP OF SECURITIES
The Commission is authorized to solicit the information required by this Form pursuant to Sections 16(a) and 23(a) of the Securities Exchange Act of 1934, and Sections 30(h) and 38 of the Investment Company Act of 1940, and the rules and regulations thereunder. Disclosure of information specified on this Form is mandatory. The information will be used for the primary purpose of disclosing the transactions and holdings of directors, officers, and beneficial owners of registered companies. Information disclosed will be a matter of public record and available for inspection by members of the public. The Commission can use it in investigations or litigation involving the federal securities laws or other civil, criminal, or regulatory statutes or provisions, as well as for referral to other governmental authorities and self-regulatory organizations. Failure to disclose required information may result in civil or criminal action against persons involved for violations of the Federal securities laws and rules.
From inception, CEO Rosenberg has 23mm shares of Convertible preferred stock, convertible into 230mm common shares. In the 10-K for FY15, he still owned the shares, as of April 30, 2015:
A year later, the 10-K for FY16, which was filed in September, revealed that he had not 23mm but 20.9mm as of April 30, 2016:
Not only had the number of preferred shares declined, but the number of common shares declined as well, with Rosenberg holding almost 6mm fewer shares, 1.834mm compared to 7.777mm in the prior year. The reduction of 2.1mm convertible preferred shares is equivaltent to 21mm common shares. When added to the common shares, he appears to have reduced his stake by almost 28mm shares.
Rosenberg clearly failed to file a Form 4 during that time-frame, as the company had no Form 4s filed:
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