Scammy CEOs always mention the SEC - it is the last refuge of a scoundrel. They will usually blame message board bashers, offshore shorting, whatever the longs want to believe most. And they very much want you to think the SEC has sanctioned their actions.
Look what this penny stock CEO said after he stripped the stock of the last of its value and ruined every investor who bought it:
MIAMI, June 22, 2005 (PRIMEZONE) -- Telatinos Inc. (Pink Sheets:TLND), a Latin American-based communications service provider, today announced that the controlling shareholders and Board of Directors have ratified that the "springing option" on the Contacting division of the Company has been exercised by the Holders of the springing option. The resulting action removes the majority of all revenues to a privately held corporation. The Company and its common shareholders remain minority shareholders of IPXES Inc. The Company's proprietary technologies and all other assets and liabilities will remain in Telatinos Inc.
The Company, its officers, directors and U.S. consultants were formally examined by SEC officials for integrity and transparency earlier this year. Significant due diligence in the form of all the Company's books, board minutes and corporate agreements including but not limited to; notarized, executed confirmed purchase orders were provided. The SEC is not seeking further information from the Company, its officers, directors or consultants.
- NOTE: He does NOT say the SEC "cleared" him
Then the PR goes on to say:
Telatinos president Rodrigo Calderon stated, "The U.S. OTC and unregulated stock markets have proven to me and my colleagues that the rules and regulations governing both fully reporting and non reporting companies continue to be wildly skewed in favor of offshore hedge funds and rogue market markers. Therefore, we are removing the Company's most valuable asset from the dangers of unlimited, counterfeit dilution and the most savage stock manipulation we have ever witnessed. The Company is seeking additional information from authorities in the USA, Isle of Man and Turks & Caicos regarding specific entities who have seemingly traded extremely large amounts of the Company's common stock, yet do not appear on the Company's NOBO lists. The Company has instigated with the assistance of U.S. authorities, an investigation of activities of certain individuals whose trading activity has tenuously been linked to thousands of message board and bulletin board postings concerning the Company. We look forward to a speedy resolution to these issues."
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