The share issue bit is quite interesting; the FLPC BOD take shares in lieu of part of their salaries and in so doing amass a vast number of shares, which although in themselves worthless, give the BOD a large amount of voting control over what goes on.
To get any group of investors together to challenge them would be extremely difficult, people tend to be apathetic when it comes to situations like this that might be difficult to get to grips with, which is another thing the BOD realises. The shareholders could put forward a motion of no confidence and elect a new BOD theoretically, in reality it ain't going to happen.
The only hope is that the SEC might want to go at them but it doesn't seem interested in these tin pot little outfits, that the filings are over six months overdue confirms this. If anybody didn't bother to submit their personal tax returns the IRS would be over them like a rash.
Running scam companies seems to be a pretty safe bet, it works in the USA and UK and probably in many other countries. So while governments tell us how they are going to clamp down hard on the tax avoidance of individuals and legitimate businesses these scams seem to be carrying on below the radar.
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