No I think he is smart and found a loophole how to get companies for free and turn around and sell them to people that want to take there business public.
He also makes money helping them do the R/M and all the other filings they need to do. It's a legal business that Adam seems to have figured out. Seems like a smart man to me. Everything he dose is totally legal and approved by the courts.
News 
Market Data 
Discover 
