Replies to post #310948 on Plastic2Oil Inc (PTOI)

[Sims1212]

Hey John Bordyukyuk rules do you realize that Bordyukyuk stole from his kids trust fund bought hotels,hummers,Porsches,got banned and now sells gummy bears,not sure he rules lol

[jobynimble]

Truth…

SEC CHARGES COMPANY AND ITS OFFICERS WITH ACCOUNTING FRAUD

The Securities and Exchange Commission announced today that it filed an action in federal court in Massachusetts against JBI, Inc., a publicly-traded company formerly located in Massachusetts and now headquartered in Ontario, Canada. The Commission also charged JBI’s current CEO, John Bordynuik, a resident of Ontario, Canada, and its former CFO, Ronald Baldwin, Jr, a resident of Palm Harbor, Florida. The action alleges that the defendants engaged in a scheme to commit securities and accounting fraud by reporting materially false and inaccurate financial information on the financial statements of JBI, Inc. for two reporting periods during 2009.
https://www.sec.gov/litigation/litreleases/2012/lr22220.htm

[jobynimble]

More truth…

False and Misleading Statements Regarding Plastic2Oil or P2O
http://www.scribd.com/doc/159701501/Grampp-vs-Bordynuik-Baldwin-JBI

68.
In a separate deception, on July 9, 2009, Bordynuik put out apress release saying the Company “Files Patent Application for Plastic2Oil Technology.” A year later in the SEC filings, Bordynuik made no mention of the patent application or the benefits that potential patent protection could provide, effectively admitting that no patent protection was ever sought.

69.
In April 2010, Bordynuik told shareholders that he had an offer from Somerset Refinery to purchase oil from his P2O process for the price of West Texas Intermediate crude oil minus $3 per barrel. The problem—Somerset Refinery had already been shut down for two months when he said it. Accordingly, the only refinery ever mentioned by Bordynuik as having made an offer for JBI’s oil just happened to go out of business prior to allegedly inking a deal with JBI. No other refinery offering to buy Bordynuik’s oil has surfaced in the four years since the announcement.

70.
Since inception, the story of JBI as told by Bordynuik has been very inconsistent and often raised even more eventual questions. For example, in 2009 Bordynuik put out press releases touting deals to build 45 P2O sites in Florida with Sousa Development, shipboard P2O sites with Heddle Marine, three other joint ventures to build P2O sites in Ohio and Florida, agreements to sell naphtha and an agreement to sell pyrolysis-derived fuels to Oxy Vinyls, each and every one of those deals vanished and were never heard from again. No excuse from Bordynuik was ever given why none ever came to fruition. Virtually every deal ever announced by Bordynuik fell apart, including Bordynuik’s previous quarterly habit of saying that he expected commercial production within one quarter since Q1 2010 and then resetting in every next quarter to say commercial product was still one quarter away. The only plausible explanation is that, just like the Media Credits and the Somerset Refinery contract, the deals are merely stories made up by Bordynuik to perpetuate his scheme and continue to have investor money flowing into his own pocket.

71.
The unexplained delays in perfecting and implementing the P2O process are also continuous. In April 2010, Bordynuik announced that the first P2O processor was ready for production, almost a year after he ordered the off-the-shelf processor from a Chinese company named Donghe in mid 2009 which merely had to be assembled. That same month, Bordynuik made it clear to shareholders that the only step left to commercial operations was getting a simple permit from the New York Department of Environmental Conservation (“NYDEC”) to allow him to burn the off-gasses produced as a byproduct of the P2O pyrolysis process. In June,2010, during the conference call in response to a question, he reiterated, “As soon as we obtain the air permit we will begin running the processor in full commercial production.” Nine months later (no explanation for the lengthy time needed) he finally filled out the ten-page permit application, and the NYDEC approved it less than three weeks later. Bordynuik then put out a press release announcing that commercial operations had commenced.

72.
But commercial operations had not and have not commenced. As of today, over three years after that announcement of commercial operations, there is still no indication that the first processor has been put into productive commercial service.

73.
Bordynuik does, however, list ‘P2O’ sales to a company called Coco Asphalt.However, in the filings, Bordynuik leaves it very ambiguous as to whether the P2O sales refer to products from his “P2O process,” or from the “P2O division.” JBI’s P2O division also houses a previously defunct “blending facility” purchased by JBI from a friend of Bordynuik’s family. Blending businesses routinely obtain third-party fuel, blend in additives, and then deliver that fuel. It seems quite possible the “petroleum distillate” was purchased and resold without any ties to the P2O process itself. Bordynuik himself provides no clarification on this important and material subject.

74.
Looking at JBI’s November 21, 2011 Form 10-Q for the third quarter of 2011ending September 30, 2011, which Bordynuik filed with the SEC, Bordynuik shows the P2O division as having a high gross margin as a percent of sales. However the P2O division cost of sales he reported for the nine-month period is also oddly less than what he reported for the total six month period in the prior quarter. There was no explanation given for this discrepancy. It is clear that Bordynuik, at a minimum, changed the accounting for the cost of sales and those changes certainly made the income statement look more “juicy.” But it is not altogether clear that the P2O costs of sales reported accurately reflect JBI’s P2O operations, especially since the total P2O cost of sales is even less than the lease of a recycling facility he leased just a year earlier and which is housed under the P2O division umbrella.

75.
Between July 2011 and January 2012, Bordynuik also purportedly struck three new P2O deals. One was with major paperboard company Rock-Tenn to build P2O sites on Rock-Tenn’s property in order to process Rock-Tenn’s plastic-containing waste. It was a no-risk, no obligation deal for Rock-Tenn but the press release Bordynuik put out shot JBI’s stock up by 50%. According to an analyst who claims he spoke with John Stakel at Rock-Tenn, who allegedly signed the agreement with Bordynuik, Stakel was asked if he knew how Bordynuik was progressing. The response from Mr. Stakel indicated he didn’t know any John Bordynuik,which was not surprising given Bordynuik’s history of lying about progress in connection with P2O.

76.
Coincidentally, current JBI President, CEO, and director Tony Bogolin served as Director of Finance for Recycling and Waste Solutions National Accounts at Rock-Tenn during the three-years prior to joining JBI.

77.
To date it has been over four years since Bordynuik purchased a controlling interest in the shell company which he renamed John Bordynuik, Inc. In that time, the reported accumulated deficit indicates Bordynuik burned through $29 million in his stated quest to build P2O processors costing only $80,000 to $200,000 each. So far, out of the 2,500 sites he said he planned to have built a “few years” out from 2009, he has built one initial site, one that currently does not appear to be anywhere close to actually producing commercially, and a recently announced third that is still in the development phase and is nowhere near commercially viable. On January 6, 2012, Bordynuik filed a Form 8-K with the SEC indicating that over the past week, he was able to sell additional stock and warrants for another $2.8 million. Bordynuik has given no guidance for how much additional investment he expects to need before he expects to put even one processor in operation.

78.
Meanwhile, the Board has consistently sat idly by, entranced by Bordynuik’swords and constricted by his controlling power over the Company, as candidly admitted to in the Company’s SEC filings.

[arvitar]

How?

BAT-SHITTERS lack the spine and lQ required for contacting Heddle directly.