Read my DD - Likely a Scam
I recently started a small position and started digging. I am out tomorrow and here's what I found via public records (state and federal documents and a news article).
The agent is Nicole Birch, of both Transatlantic Real Estate and BNGI. That real estate company pulled in over $1 million via crowdfunding, then essentially no updates, but I found a complaint from a crowdfunding investor (didn’t receive his return on investment). Transatlantic merged with BNGI, apparently without telling investors first (per another complaint I found via the crowdfunding website). The addresses also start to become an issue.
Transatlantic real estate incorporated in 8/2018 in California (per California Secretary of State website) with a California business office address and Georgia mailing address. In 11/2018, Transatlantic files Statement of Interest with California Secretary of State, with a Michigan address as both principle office address and mailing address. ***note, California Statement of Interest has apparently not been refiled in 2020 as required.
In September 2018, Transatlantic real estate begins a crowdfunding offering. In 11/2018, Nicole Birch of Transatlantic files Bangi Investments, LLC incorporation documents with Michigan Secretary of State. Same Michigan address as Transatlantic principle office and shipping address. Crowdfunding for Transatlantic closed 1/2019. In 4/2019 Transatlantic issues presser about “strategic alliance” with BNGI.
On 10/1/2019, BNGI files $50 mil offering (SEC filing). On 4/23/2020, BNGI files a registration withdrawal request with SEC, which in my opinion should have been signed by the attorney of record, not the agent (Nicole Birch). ***This is where it gets really crazy!
On May 8, 2020 BNGI (Nicole Birch signing) files an 8-k saying the board members terms ended and the CEO resigned. It also states that Nicole Birch is appointed chairperson for the board and interim CEO (only her and the corporate secretary - Rick Shykora - remained as officers or similar positions from what I can gather). Rick Shekora was a board member, but his term ended; however he retained corporate secretary position. So, only 2 remaining persons left (Nicole and Rick Shykora - corporate secretary).
On May 22, 2020 BNGI (Nicole Birch signing) files an 8-k saying the corporate secretary was removed by the board for cause, and appoints Nicole as interim corporate secretary. Problem is there’s no board, and Nicole is board chairperson and CEO. So, in that 8-k the board (Nicole) voted to appoint Nicole in as interim corporate secretary, while apparently voting to remove for cause the only other officer. To me this is clearly insane and should at least cause concern if not a full sprint away from the company.
Just my two cents after a few hours looking into one of my investments, which will definitely be a past investment come the am.
AI
