Patriot Energy Corporation (PGYC)

[kajulie]

Sound familiar???

taken from this site: http://pennystock-fraud.info/news.php/stock/symbol/General/

Reader mail: scammed at hotstockmarket.com - large loss on Nord Oil—NDOL (now NWOG)
This is a typical example of how unsophisticated investors get scammed on the web. The investment sites are continually bombarded by crooks and also people who pump shares just because they are extremely DUMB and don’t realize that the press releases and spam are nothing but lies. And then there are the people who got ripped off themselves and pump what they own in hopes of lowering their losses.

In short, don’t believe ANYTHING, verify everything.

I wanted to inform people about a scam stock website and a particular company that ruined my life, probably forever. The website is “www.hotstockmarket.com” and the company is Northwest Oil Group.

I am a 29 year old college student who lost my job of 8 years in February 2006. I was severely depressed as I was beginning my University career and had just lost over $20,000 in yearly income.

I kept getting spam emails about these penny stocks that were projected with 100s of percent growth. Normally I would’ve deleted them immediately, but I was desperate to replace my income. I did much research and found hotstockmarket.com and opened an etrade account with a home equity line of credit. I first invested in large, well known companies and was slightly successful, and then I decided after reading some of the posts on hotstockmarket.com, I’d try penny stocks.

At this time, the gas prices had gone from $2.25/gallon to $3.89/gallon within 1.5 months, and I was driving 240 miles round trip to school 3 times a week because of the high cost of housing. So, I thought I could make up some of the gas hike in oil stocks.

I found a Russian Oil company called Nord Oil (NDOL) and the people on hotstockmarket.com were raving about it. It had increased 300% in a few months with a buyout pending. I put a few thousand dollars into it and the stock went up. The company then released a news statement saying that another oil company “Northwest oil Group” was going to “buy out” NDOL for $2.17/share when the current price was around $.68/share.

The day after this press release, the stock skyrocketed to over $1.30/share before market close on Friday and I made a pretty good profit, but I wasn’t home to sell the stocks. I thought that was OK, because the press release said $2.17 and everyone on the website said the stock was a bargain at less than $1.50/share.

Then Monday came and the first thing, NDOL made another press release changing the “buyout” to a “reverse merger” this made the stock plummet to less than .70/stock. But after a couple of hours, the price was back to over $1.00 due to investors thinking that the “merger” would eventually result in the $2.17 value. This was because the second press release stated that the $2.17 was still the projected value.

For a couple of days, the stock fluctuated between $.90 and $1.10, and then it started a steady decline. Since then, the company has changed symbol to NWOG and released many Press releases and supposed financial statements. Along with people on hotstockmarket.com persisting that this company is a great oil producer and will be worth well over $2.00 within a year.

Well, I was paralyzed as a new investor when the prices began to drop, and by that time, I had somehow invested over $17,000 into the stock to try to average down. The price slowly went down and I was in shock, I kept reading posts saying that the stock would go up, and the company would go to a higher stock exchange, so I never sold, fearing that I would miss out on recouping my losses.

The result was more losses.

I finally sold my last bit of NWOG in March 2007, almost a year after I initially purchased NDOL, I sold the stock at $.05/share and have $419 left out of $17,500 initial investment. That’s a $17,000 loss in less than a year.

We have since refinanced our house to cover the loss, but the scar of that decision I made based on hotstockmarket.com and NDOL information in my desperation has psychologically ruined me. I’ve gained over 80lbs, and I really have no happiness because I feel so much guilt over my decision.

I have contacted attorneys, but have had no success in finding one who handles penny stock cases. These websites like hotstockmarket.com and companies like NWOG are no different than any other gambling or fraud organization. They realize that there are vulnerable people on the internet and are ready and capable of taking full advantage of these people. I feel that this is just as much of a crime as going into a bank and robbing it, or breaking into a house. Except these people are worse because they steal with the guise of legitimacy. This should be considered a crime in this country.

Anyone who reads this, I hope will never invest in any penny stocks, no matter what they hear or read. I hope my downfall can at least help others not to make the same mistake.

Sincerely,

...


I can only agree with the advice and thanks for sharing!

And DO look for news regarding SEC investigations a few times a year. I know it’s not pleasant to be reminded of this ordeal, but occasionally investors may be able to recoup at least some of the losses. Chances aren’t great, but better than winning the lottery.