Baldwinn already admitted he knew that the credits were close to worthless, and instead of finally being honest they continued to sell shares.
34. Almost immediately following the filing of JBI’s Form 10-K on March 31, 2010,
Baldwin, Bordynuik, the business consultant, outside counsel, and newly hired accounting and
audit firms consulted about perceived problems associated with the 10-K filing. Baldwin himself
acknowledged that by at least this time he became aware that GAAP required the media credits
to be booked at cost, rather than the valuation used, and approved by him, for the Form 10-K
Case 1:12-cv-10012 Document 1 Filed 01/04/12 Page 15 of 2816
filing. By this time Baldwin also reviewed information relating to press articles and other media
obtained by JBI that were charged against the media credits and knew that the media credits had
little to no real value. As a result, Baldwin knew, prior to JBI’s Annual General Meeting
(“AGM”) on April 24, 2010, that listing the media credits at $9.997 million was, at the very
least, a substantial overvaluation and would have to be restated.
They have no integrity, and all the shareholders have right now is the word of a known liar that's being charged with fraud.
Who's going to believe them now?
How are they ever going to be able to buy fuel with no money and resell it under the guise of P2O output?
Game over.
