In actuality, it was a dormant ticker since 2011, but suddenly came to life with a promotion. SS only actually changed once so far, from 200 mil to 1.xx Bill.
According to the SEC’s complaint filed in federal court in Los Angeles:
Husain and Jaclin created nine shell companies and sold seven using essentially the same pattern. Husain created a business plan for each company that would not be implemented beyond a few initial steps, and then convinced a friend, relative, or acquaintance to become a puppet CEO who approved and signed corporate documents at Husain’s direction. Jaclin supplied bogus legal documents that Husain used to conduct sham private sales of a company’s shares of stock to “straw shareholders” who were recruited and given cash to pay for the stock they purchased plus a commission. Some of the recorded shareholders were not even real people. Husain and Jaclin filed registration statements for initial public offerings and falsely claimed that a particular business plan would be implemented. Deliberately omitted from the registration statements were any mention of Husain starting and controlling the company. Husain and Jaclin filed misleading quarterly and annual reports once a company became registered publicly, providing much of the same false information depicted in the registration statements. Husain obtained about $2.25 million in total proceeds when the empty shell companies were sold, and Jaclin and his firm received nearly $225,000 for their legal services.
Even with TA verified updates, they rarely have the current float. One can deduce that the float went up if the O/S went up by 2 billion.
On another note, I have noticed on several stocks that did update the float, that the O/S remained stable while the float increased monthly. But the P&D crew just ignores that and points out how the O/S remained the same..................
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