Plastic2Oil Inc (PTOI)

[Artiztic1]

Let me spell it out for you slowly... On May 20, 2010 , JBI, Inc., (the “Company”) consummated a confidential private placement (the “Private Offering”) with certain accredited investors for the issuance and sale of 488,779 shares of the Company’s common stock, $0.001 par value per share (the “Common Stock”) at per share price of $4.00 for aggregate offering proceeds of $1,955,116.

http://www.sec.gov/Archives/edgar/data/1381105/000121390010002141/f8k052010_jbi.htm



Then on May 21st 2010 they let everyone know that via 8K

that the Company’s previously issued audited financial statements for the year ended December 31, 2009, filed on Form 10-K with the Securities & Exchange Commission (“SEC”) on March 31, 2010 and the interim financial statements for the period ended September 30, 2009, filed on Form 10-Q with the SEC on November 16, 2009, should no longer be relied upon due to questions regarding: 1) the accounting treatment and related disclosures of two acquisitions which were completed during 2009 and 2) the valuation of media credits acquired by the Company during 2009 through the issuance of common stock. The Company’s former independent registered public accounting firm Gately and Associates, who was dismissed on May 13, 2010, was informed of the matters disclosed above.


Filing Date2010-05-21
Accepted2010-05-21 09:42:37
Documents1Period of Report2010-05-19
Filing Date Changed2010-05-21ItemsItem 4.02: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review

On May 19, 2010 John Bordynuik, President and Chief Executive Officer and Director of JBI, Inc., (the “Company”), concluded that the Company’s previously issued audited financial statements for the year ended December 31, 2009, filed on Form 10-K with the Securities & Exchange Commission (“SEC”) on March 31, 2010 and the interim financial statements for the period ended September 30, 2009, filed on Form 10-Q with the SEC on November 16, 2009, should no longer be relied upon

http://www.sec.gov/Archives/edgar/data/1381105/000121390010002134/f8k051910_jbi.htm

He admits on May 19th he knew the financial statements could no longer be relied upon, yet they consumated a private placement a day later on the 20th.

I'm sure the SEC cares whether or not he disclosed that important information to the buyers of that last private placement.

What's worse is he also knew well before May 19th the Media Credits were'nt worth squat as the appraisal that was a year late was finally completed in March, months prior to the 8k announcing the finacials couldn't be relied upon.

He's in deep xxxx!!