Gulf Alternative Energy Corp. (GAEC)

[zekel]

Hard to believe it was only just a year ago we saw this happend to the CEO of GFET: http://www.oag.state.tx.us/oagnews/release.php?id=2088 and the
subsequent indictment by the SEC: http://www.sec.gov/litigation/litreleases/2007/lr20187.htm

This all happening shortly after the company issued Darrel and his uncle Jack Uselton (http://www.sec.gov/litigation/litreleases/lr18294.htm), approximately 10.9 million shares of GFET at par value (Ibis Energy, Firemark Capital, Tejas Capital, Accelerator Partners, Brazos Capital, and Valores Fund, L.P. - all companies controlled/owned by them). Even after the indictment, JT Cloud and William Carmichael pretended to "buy back" these shares through their controlled company, Galleria Asset Management. They then tried to hide the fact that Useltons were still involved by showing the owner of Tejas Capital and Brazos Capital were run by a Mssrs. Steven Lease and Jim Mobitty respectively, despite the fact that the mailing address still shows up as Uselton's home address.

Notwithstanding the shell game switch on the shares, the company (JT and Carmichael) also issued themselves a hefty portion of shares at par value (10 million to Cloud Management, Oxford Funding, National Health Alliance, Galleria Securities Corp.) on top of the shares acquired from the Useltons.

No worries though, their long time buddies David Mordekhay and Jonathan Gilchrist were also well taken care of by being issued almost 9.6 million shares at par value (The Internet Business Factory and Hepplewhite Corporation).

Not too surprising when they were all fully flush with shares, and despite the arrest of Jack and Darrel, they still went on a spam campaign, issuing false and misleading press releases, highly embellished websites, and a not so independent analyst report issued by Chet Gutowski (co-owner of Gilchrist's Goldbridge Capital and Southfield Energy, both officed in the same office suite as GFET, as well as Carmichael/Cloud's other companies, such as TMDI, OXFD, and AEND 35% owned subsidiary Dynamic Distribution).

The point in rehashing all of this is that the current management of Carmichael has never learned from the litigation issues presented in the Advanced Powerline Case (OTC: APWL - http://dockets.justia.com/docket/court-txsdce/case_no-4:2007cv00356/case_id-489219/) and ongoing issues with the alleged illegal activities with the Alternative Energy Technology Center (OTC: AETE - http://investorshub.advfn.com/boards/read_msg.aspx?message_id=29526247), nor has he learned to cut his ties to the old ways of Uselton, Gilchrist, Mordekhay, and Cloud, as evidence by the recent hiring to the board of Robert Wilson (long time associate via American Security Resources (OTC: ARSC), American Enterprise Development Corp (OTC: AEND), System Management Solutions (OTC: SMSE)and the Professional Directors Institute).

The history is long and consistent with all of these players, supported directly and indirectly by a cast of many (Dino Price, Carly Long, Tyson Rhode, Ben Roberts, Debe Nease, Guttman, Tow, Blumenthal, Pollock, Carroll, and others). The story is pretty much the same - offer a fledgling company the promise of exposure through PR in exchange for large blocks of shares, infiltrate and take over the companies through a Corporate Secretary that can issue even more shares to friends and cohorts, pump up the market through "independent" promotion (OTC Services, Protrading.com, National Capital Trading, etc...), false and misleading press releases, a glossy website filled with factual inaccuracies (in some cases unauthorized by the company), the appearance of liquidity through wash trades in between various controlled family companies, and in the end
the result is invariably the same...a stock price in the gutter, and the bewildered investor wondering how he got into this train wreck.

Still confused? Here is some more supplemental information to help you navigate into the set up that is ongoing: http://www.spamnation.info/blog/archives/2007/07/the_useltons.html

Also:
http://pennystock-fraud.info/news.php/stock/symbol/Darrel%20Uselton/

http://www.rgm.com/articles/stockwatch5.html