Like many others I’m seeing, I’m very new to the stock scene. Please feel free to correct anything I might have wrong. From what I can gather, most people here owned/own shares in American Southwest Music Distribution and are waiting for a certificate for their shares in Petro America Corp. My story, however, is a bit different.
Back in September 2008 while working at a bank, I got to know one of our clients fairly well. One day he gave me an e-mail address and told me about a company named “Petro America Corp” that would be going public within the next year. I emailed out of sheer curiosity and the offer was 100,000 shares of stock for $100. A red light went on immediately and, despite being sure this was a scam (being a recent finance graduate), I figured I could learn to live without $100.
I e-mailed my interested response and was given an address to send my money to, and a number that I could call to join in on the weekly calls. As the months went by, a bare-bones website went up and my curiosity peaked. Three months after having sent my cashier’s check to the company’s address (yet another stupid move, I know) I received a stock certificate in the mail. The certificate shows my name owning 100,000 shares of Common B stock in Petro America Corp. I brought the certificate into my bank and our financial advisors couldn’t find any reasons to believe this certificate to be a fake. Unfortunately, none of this convinces me that this company is reputable and likely to grow; especially with the SEC suspension, thin trading, and lack of public information available on the company.
Obviously, the financial team suggested that I open a brokerage account as soon as possible to try and get my initial investment back, but at this point, the $100 is so far behind me that I think I’ll just hold on to it and see what happens as entertainment. I see a lot of talk on here about pink sheets, grey market, restrictions, and the like…and I’m doing my best to learn the lingo. Is there any reason to believe that I have something here?
AI
