So, what does this all mean?
I guess it depends who filed what information and with which agency.
Suppose that the IRS was given copies of the older OTC filed financial statements. You would think the IRS would say where is our money? If BGMO says it was all a lie, then, does the IRS tell the SEC that BGMO lied?
Suppose that the IRS was given copies of the accountant prepared and President attested OTC filed financial statements. I also think the IRS would want the taxes owed by BGMO as well as HH and SP for their commissions for last year.
What about this year's (2013) taxes?
Suppose that the IRS was given copies of the BGMO board resolutions who were given shares at below market prices. The market activity after they were issued would suggest that they were sold. So, the people who got the shares have a capital gain to report and pay taxes on.
I wonder if the BC gang may be under review by Canada's tax people.
Now, I think the SEC would be looking at the trading volumes, the hiring of IR firms, the nature of the postings on this blog and the litany of press releases to see if there is a pattern. On the surface, I would think there is a easy match but that it for the forensic people to look into.
I don't think I would want to be in the transfer agent shoes this month with the potential inquiries from the IRS and SEC.
Can anyone tell me if the SEC gets interested in the commercial activities of BGMO? My hunch is that they do not unless they think it leads to poor management or fraud. They will need to look at those things.
It seems to me that BGMO is caught between a rock and a hard place. Either all of the financial statements are real for which a lot of taxes and fines are payable or if at least one of the financial statements is proven or declared false then BGMO has lied to the public for which the SEC will likely take a dim view. Both the IRS and the SEC will make no distinction between the older documents and the newer ones.
History tells us that Al Capone was never convicted of murder, bootlegging and other crimes. It was the tax man who put him behind bars. Is there a potential parallel here?
