Holy Moses!
Thanks for the scoop on this Rufus character.
He sounds like a snake oil salesman. How can he get away with this? Doesn't he know he can go to prison? Won't all these people lose their money? This kind of reminds me of the pyramid scams or the Bagwan Rajneesh getting everybody to give him their money so he could get rich at their expense.
Did you ever see the movies "The Sting" or "The Flim Flam Man"? And what about Werner Erhardt of EST in the '70's?
This Rufis guy sounds like a real shady character. Are people that stupid?? Lots of suckers in that pool...too bad.
Posted by: Our-Street
In reply to: serfdom who wrote msg# 94299 Date:10/7/2006 2:20:49 AM
Post #of 94379
Well, true to my prediction, no 10K was filed today and once again the suckers that are desperately trying to find something to cling to are not putting the final date as the new deadilne. As expected and predicted by me, the ether slowly wears of more and more longs every day with fewer and fewer willing to increase their position while at the same time the pool of new suckers has been pretty much fished out. Just calling it as I see it here but aside from the entertaining uniqueness displayed by Rufus' wild claims and late night radio interviews, this deal really presents nothing new to those of us who have watched as hundreds of scams have risen then fallen into either court or oblivion.
There are different ways they fall based upon how the scam and the SEC play it out but there are really only a few patters within which they can be categorized. Since the SEC has obviously decided to take the long, slow and thorough approach to dealing with Rufus and company, this didn't die that fast violent death of a scam that has its stock suspended by the Enforcement Division. I take great exeception to their decision but long ago quit trying to find reason in much they do. Nor is the public tiring of Rufus' arrogant ignorance and his abuses of reason. Seems the wilder and more unbelievable the claims, the more the inhabitants of the sucker pool are willing to take the bait.
It looks like this one is going to die because Rufus needs an audit proving his scam and I don't think he is going to get an auditor to back him in that. I am not so foolish as to think my complaint to the PCAOB would necessarily launch an investigation but it will be reviewed. However, I am most certain that mine was not the only letter they received and the combined ones from me as well as regulatory agencies will probably get the job done. Likewise, I am most confident that Mr. Benson has been requested to explain his previous audit by person(s) who, to a large degree, hold his license's future in their hands. Given the obvious concerns I mentioned in a previous post, I have absolutely no doubt that this will have a material effect on any future audits he might be willing to perform, assuming he is foolish enough to continue. After all, he is the one with the most to lose and the least to gain unless.......... unless there are some undisclosed benefits coming his way, in which case his goose is really cooked.
We now have another week of waiting for the ever elusive combined 10K. For those of you who think we are looking for a 10Q, forget that notion. You can't simply skip a filing you don't like. The combined 10K is due and past due. Anyone who play this game with Rufus is taking a huge risk. Canaday and company saw this, felt the heat and bailed. The previous auditor is also gone. GA is gone as are many of the "merger subs" listed on the website.
Through all his blustering and his big talk, in the end Rufus bit off more than he can chew if for no other reason than he moved his con from private to public and from a place where he never had to rely on independent third party auditors to one where he did. This was a really really dumb thing to do because it sealed his fate and in time will cost him everything.
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