Replies to post #121269 on MMEX Resources Corp (MMEX)

[jmjjw]

No - this is one reason MMEX-scam is incorporated in Nevada - home of many similar scams - Nevada is non-recourse.

The only insight shareholders will ever have is MMEX's SEC filings - note that the most recent 10-Q consolidated financials are not audited.

What you can ascertain from the consolidated financials is the flow of cash, in the form of payments for consulting fees, to Hanks' off-shore private shell, Maple. In schemes like MMEX-scam, the proceeds from toxic notes are siphoned off in the form of consulting fees, laundered through, and protected by the off-shore shells, and in turn flow into Hanks' hands (or Lemons, via BNL Trust).

Nevada's non-recourse structure, MMEX-scam's lack of corporate governance, financial controls, the fact that Hanks is president, CEO, and CFO, and the structure of payments to the shells and trusts shields Hanks and the insiders from any potential shareholder scrutiny, and more important, ability for financial recovery in the courts.

MMEX - You've Been Scammed!

Do shareholders have a legal right to audit the books to see exactly how all those funds from what you call toxic debt was used?