Andros Isle Development Corp. (fka AVPJ)

[PhillyPA65]

AVPJ - Andros Isle Development Corp - Pump & Dump Alleged

The Nassau Guardian - August 13, 2007

Stock Scam Trading On Bahamas Boom

By VERNON CLEMENT JONES, Senior Business Reporter, [e-mail]

http://www.thenassauguardian.com/bixex/307543305169122.php

Scam artists looking to make a quick buck selling stocks over the Internet continue to use The Bahamas and its boom in resort development to draw in victims.

The ring's latest gambit focuses on the announcement of a resort project for Ferguson Point, Long Island. As with two past scams, Andros Isle - a U.S. company traded over-the-counter - is billed as the developer behind the multi-million-dollar project, which may sound too good to be true.

"The project sits on a 27 acre tract of land in Ferguson Point, in northern Long Island," reads the press release posted on the Web Tuesday. "The property has 2,700 linear feet of Caribbean Beach frontage that will be the highlight of this exclusive, high-end resort community.

"Andros Isle Development Limited plans to offer 36 one-third acre lots with either canal frontage or ocean frontage starting at $500,000 U.S.D. per lot. In addition, Andros will offer five one-acre plus estate home sites each with at least 100 feet of beach frontage starting at $1.2MM U.S.D. per estate site."

The scam's goal isn't to sell the non-existent lots but to create buzz about the project and Andros Isle. Readers are then encouraged to buy shares in the company on the largely unregulated exchange.

If enough people take the bait, the stock price surges as potentially thousands of investors rush in to purchase. Most have responded to emails advertising the development deal.

The criminals - who held stock at its low, starting price - cash out at the highest, potentially winning hundreds of thousands of dollars in the process.

"It's call pump and dump," said Arthur Stein, an analyst with the Securities Exchange Commission. "It works because it is trading off the current resort development boom in The Bahamas and so it sounds plausible that the project is genuine.

"It usually isn't."

Unlike bigger exchanges on Wall Street and in large American centers, companies trading stock over-the -counter do not have to be listed with the S.E.C. and are not subject to its oversight and filing requirements.

Their absence leaves little protection for investors in Andros Isle.

A chart of its trading history points to a pattern of sharp increases in activity after the announcement of a project in The Bahamas. There have been three such developments announced this year alone. None have come to fruition.

Guardian calls to the investor relations telephone number cited in yesterday's Internet posting were not returned.

The hot development market of The Bahamas will likely continue to draw scam artists looking to exploit the interest of American investors.

In the past the Bahamian government has been slow to distance itself from this kind of fraudulent activity.

Here, again, Guardian calls on Tuesday - this time to the Investment unit of the Prime Minister's office - were not returned.

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Company info at pinksheets.com

http://www.pinksheets.com/pink/quote/quote.jsp?symbol=AVPJ#getCompanyInfo