Replies to post #20689 on Element Global Inc (ELGL)

[1manband]

ELGL has nothing. Those companies were not real, and the "financial statements" were very obviously fake.

They likely disappeared because they could no longer keep up with the fake financials.

[Arthur]

Right. A company that was pretending to make $25 millions of dollars per quarter (unaudited) suddenly decides to shut down and "sell" the business, and then pass several years sitting on $20M of assets, doing absolutely nothing and not filing any financials.

Two theories spring to mind:

A) The principals just absconded with the money, there's no "company" anymore.

or

B) There was never any business, the revenues were entirely made up, so there was nothing to "sell', and there's no company as such, just a scam.


My vote is for B, which can overlap with A anyways.