Pilgrim Petroleum Corp. (PGPM)

[downsideup]

The scam was that ACLY was going to "swap shares" in a mandatory exchange with PGPM holders, with ACLY giving you some ACLY shares for your PGPM shares... while management KEPT their PGPM shares.

In essence, you'd go from being a PGPM shareholder, owed $40 million by ACLY, to being an ACLY shareholder OWING the PGPM management $40 million...

Fraud with a total value of $80 million.