Did I ever say SGGC was a scam? The basic information provided to me by Mr. Conrad checked out. Obviously his business plan did not work out for him, whether through lack of financing, or just bad planning only he knows.
My issue with Mr. Conrad was the lack of information on the viability of his business plan, not whether the business was real or not. Also, the company was referred to me by a third party who vouched for the company.
The problem is real easy to explain, most "penny traders" have absolutely no business experience and simply should not be trading penny stocks. Most trade these stocks simply because of the "wow" factor and potential return (greed). A "Scam" is one thing, a failed business plan is another, you can't equate on with the other. When you invest in a company, you are also taking on the risk that the business plan may fail. Exactly how many start-ups fail? Quite a few.
Did Mr. Conrad have previous experience operating an O&G operation? Was he adequately financed? did he have adequate logistical support? These are questions you should have been asking.
Whats funny is the most common questions I got from shareholders of any company I IR'd for was in regards to share structure, or when the next news was coming out. I hardly ever got the type of questions you expect to get from experienced individuals.
Had you asked me what Mr. Conrads previous experience running an O&G company had been, I probably would have not been able to answer that question.. that would have been your clue to be cautious.
Don't try to pin the blame on me.. you had every opportunity to ask me questions about the company. If you failed to ask the right questions that's not my fault. It's my job to sell a clients strong points.. not focus on its shortcomings. If I did that I wouldn't have many clients.
You.. and only you.. have to ask the hard questions to get the answers you seek.
Obviously I had a personal investment.. my involvement caused my reputation to take a hit or I wouldn't be here defending myself.
Personal investment does not always have to include money.
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