The heat of the problems we knew existed in this market were at the feet of the SEC, and several of my complaints were to the attn: of Cox himself, as we all heard the testimony given to the SEC regarding Madoff went ignored, how many of us have complained formally and informally that fraud was committed here, and largely went ignored by Finra, formally the Nasd, and the SEC, where pinky Ceo's like Berman are allowed to raise millions if they can fraudently pump this stuff, and after he gets everyones money he scoffs at them.
He then adds insult to injury by taking everyones holdings, time and time again..........A million dollars, even $350,000 of proclaimed money he took for himself, for what?, he never left Texas, never went to Utah, not once during all this because he never had any intent to have any operations, and this is a huge some of money. For many of us this could mean 12 years of work if we weren't sick and the pay was consistent, but he has taken much much more over these years, more into the millions.........this last run was 10,000,000,000 shares outstanding, at .0001 this is another million, less he sold huge blocks for less...........if so this would be stock price manipulation. My guess is he sold it all himself with a little help.
He has committed fraud, mail and wire fraud, taking investors money without applying it to any business operations. He has taken this money to enrich himself, and his wife is just as guilty, the only 2 in this picture, other than his brother.
Where is the money?........where did the last $1,000,000 go?
Their personal bank account........
This is part of the overall problem in the market. There are over 20k companies in the OTC, and 6500 actively trade. Check out any number and you'll discover they have either 504's in place or an S-8 reserved for the filers. When we look at the money these people have siphoned out of the market for years its astronomical, and many if not most operate with only a computer and phone.
S-8's should be eliminated and 504's should only exist for the filers, and limited to only a few for the lifetime of any business, OTC or Senior with at least a year gap between the 3. This allows for a 6 year period, and no private business can even come close to getting this kind of money to make a business work. Each and every dollar should be itemized, and accounted for that its going into the business, not for any salary unless this is determined, and approved by the shareholders, and thru an established auditing firm, not an individual or a corner sidewalk auditor. Non filers should be eliminated from existence.
If the Congress and the SEC allows this fraud to exist in the Over The Counter, it will thrive in the seniors, as all to often we see that it does. This has spread thru every aspect of the market, its like an aggressive cancer. Something many of us warned the SEC about, and ignoring this problem will not make it go away, no oversight and no regulation was the ideal place to sell these CDS's that have now taken down world markets, the largest of companies and their economies.
Its far far from over............more CDS's were sold in the Over The Counter than there is money in the world markets, and all the companies with established revenues combined.
Berman should be forced to return those ill gotten gains or prepare for a long stretch in prison.
AI
