You wouldn't actually buy preferred shares from a broke company that owes millions in judgments they never pay on, would you? It's your money, but if they stop paying dividends you'll be wasting your money suing them because you'll never get paid. My guess is they'll sell as many of those as they can and pay dividends with what they take in on new sales until they can't sell enough preferred to meet their dividend obligations, and then my guess is that they'll stop paying.
That would be pretty much a ponzi scheme, but of course Von Cummings went to prison before over a ponzi scheme he orchestrated that resulted in an over $14 million disgorgement order from the SEC and he ended up being ordered in his federal criminal case to pay well over $8 million in restitution, and from what I understand he's required to pay something like $200 a month on that now so the people he screwed over will never get their money back. Von is Jon's brother. Jon is the President of OCFN. He was CEO until recently. Todd Buxton has just been named CEO. Todd owns Bentley Addison, an LLC that has gotten shares from OCFN, as has Von Cummings directly. Von is CEO of Bentley Addison. The company got formed about the time Von got out of prison. Todd Buxton has been working with OCFN for many years and was and may still be a director of the company. Von is always getting named as a defendant in the lawsuits against OCFN because he's acting as their agent and setting up all or most all these shady deals that get them sued. I don't know everything and suggest you do your own due diligence, but in my opinion these guys are major scammers and I hope people will really dig into this company before they go investing their hard earned money.
Usually when I say these things about OCFN I get accused of being a short seller or someone trying to get shares cheap. I wonder what I'll get accused of now that this is no bid trip zero stock? It can't go any lower. Anyone who shorted is probably out of that by now. No one gains anything financially from "bashing" this stock at this point in the game. I have no financial interest in this, never have, haven't ever owned this stock or shorted it. I just hate to see these people keep getting away with screwing people out of their hard earned money. That's all they ever do in my opinion.
News 
Market Data 
Discover 
