There were definetly signs for those to look. At least I was able to get my money out at a much higher price. This has been a good learning experience of the risks of speculating on pink stocks.
Signs of a scam:
1) The stock ends in .pk
2) They keep promissing financials, but years go by, and not even non-audited ones are released. Previous shareholders keep holding on expecting some week in the future this information will be released but even target dates promissed by the company itself are never met. Excuses given are we bought another dirty shell and it can not be audited.
3) A new product (jet motor) or service is touted that is supposed to be in strong demand and make everyone rich.
4) The board of directors and the CEO are the same person.
5) They will not release the current number of shares outstanding so you can not figure out if they printing shares.
6) PR's come out about promises of special dividends or that the company is being bought out for a much higher price, but they either never turn out to be true, or you end up getting restricted shares in another pink stock.
7) Stock price continues to fall, and naked shorts are being blamed, but the truth is that the company has been selling more shares to pay for marketing of its stock by promotors.
8) There are either some paid pumpers or just some dupes that keep touting the stock on message boards.
9) The company gives super voting rights to the CEO so that he can stay in control after selling so many shares that if enough share holders tried to vote him out, it is now impossible.
10) They state most of their revenue is coming from a far away country (Lybia) where it would be next to impossible for a shareholder to visit to verify operations. {By the way, on a couple other pink stocks where share holders were able to go out to visit operations they found empty warehouses and mail drops for multiple companies that were sharing an office to seem more professional}.
11) When the old tricks stop working, the company comes out with new get rich quick schemes like oil leases even though the company's main business was supposed to be something else like selling tools. Also, the main business is always in some hot new area like oil service when it was going up or security or the Internet. But actually the company's business has always been selling stock.
12) The few shareholders that meet with the CEO are impressed and don't ask hard questions. He may call them friend or buddy. Finally when the s&%t hits the fan, he shows up with 3 bodyguards to make sure irate shareholders that lost a ton of money don't take it out on him.
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