Solucorp Industries, Ltd (SLUP)

[narnia1000]

SOLUCORP IS A SIGNIFICANT RISK

The SEC required them to state this in their Consolidated Financials.

WHY?

Because SIX senior officers, and directors of Solucorp, including the then president, chief financial officer, directors, and an outside consultant ENGAGED IN A DELIBERATE, AND SYSTEMATIC SCHEME TO DEFRAUD INVESTORS OVER A FOUR-YEAR PERIOD.

All I can say is WOW! This company took the hard-earned money from investors like us, and scammed them for FOUR YEARS for their own selfish interests imo

In 1998 they were suspended from trading by the SEC.

They also had TAX LIENS amounting to almost $500,000 owed to the Internal Revenue Service for NOT PAYING PAYROLL TAXES. (That is just plain stupid, and criminal behavior imo.) How does anyone expect to get away with that? And these people supposedly had the brains to develop a great product called MBS? Well, we see that they did not have ANY sort of business acumen.

These bums did not even pay their office rent for years, and finally had to reach a settlement with the landlord. What do we call people who do not pay their bills? (bums)

WHERE WAS ALL THE MONEY GOING?
Ahhh, I see...."CONSULTING & EMPLOYMENT AGREEMENTS" lol

The "presidents" deal: $150,000 per year for 10 years WITH a 10% INCREASE per year for that 10 year period, PLUS the Company was obligated to pay a yearly bonus of between $100,000 to $250,000 per year. SWEEEEEET! No wonder there was no money to pay the rent, and payroll taxes.

The "consultants" deal: The SAME "FAT CAT" deal as the President's deal. Oh, by the way, they of course were given liberal stock options. One more thing, this "consultant" was a member of the immediate family of a "Director" for Solucorp. lollol. My, of my. How did these people sleep at night?

Just a little side note: The "president" at the time was Richard Runco, and for those of you who do not recognize that name, up until very recently he was the "president" of EMHI. Hmmmmmm?

The relevance again, is that some of the same people involved in these extremely selfish, and criminal business practices, TO THE COMPLETE DETRIMENT OF YOU, THE SHAREHOLDERS, still have their fingers involved with your company. IMO, they LIKE being on the "greys" because they do not have to tell you ANYTHING AT ALL about what they are doing. Ahhhhhh.....capitalism. Love it!

http://www.solucorpltd.com/SolucorpFSFinal.pdf