ProElite, Inc. (fka PELE)

[Hole shot King]

Pro Elite

Pro Elite Inc., an organizer and promoter of mixed martial arts matches, was one of the stocks prosecutors allege Homm manipulated. In September 2006, Homm had Absolute Capital funds buy $10 million worth of shares and warrants issued by the company in a private offering.

Pro Elite also issued shares to Hunter World that were later sold to Absolute Capital’s funds for inflated prices, according to the prosecutors.

That October, Pro Elite initially traded for 10 cents a share on the Pink Sheets. Through cross trading between Homm’s hedge funds, the price of the shares was driven to as high as $12 in April of 2007. Based on the inflated share price, one of Homm’s hedge funds reported an unrealized gain of $25 million from its investments in Pro Elite, according to prosecutors


http://www.bloomberg.com/news/2013-03-08/fugitive-hedge-fund-manager-homm-arrested-at-gallery.html