Replies to post #76227 on Market 99 Ltd (fka MNTY)

[johnydollar]

Did you guys hear the story about the company with the fake atm machines in vegas.The story goes that one of the share holders was in vegas and went to a hotel the company claimed they had atm machines and could not find one at all, they called the sec and the clowns are in jail as we speak, but why does this story of MNTY never gets a happy ending like the atm clowns, the brolas were smart enough to invest some of the money at the store down in texas and also paying for their lavish life styles so this was all calculated from the get go, not unless they go through their documents.

[SammyTheBull]

I'll check the court documents this week. It's been a while since I've looked. These cases can drag out for a couple of years if not longer. I wouldn't count on restitution as they'll probably find that ECFL/MNTY has no assets and a lot of liabilities.

The pinksheets are getting better. They now require disclosures and financial statements where they didn't care before. But I agree, there needs to be more changes to cut down on fraud. Securities laws were written a long time ago and need to be modernized. But like everything, those that are bent on making money through fraud figure out ways.

[SammyTheBull]

The SEC case was closed in April. It seems that the others - Reynolds & Page are under criminal indictment and the case was stayed then administratively closed until the criminal trial is completed.

The good news is on 9/4/2009, the SEC filed a motion for default judgement against Milligan and Brola. In that, they're asking for full disgorgement, an officer bar, penny stock bar, other sanctions and a penalty of $120,000 each.

It also says that neither Milligan nor Brola contested the charges alleged by the SEC. It also looks like Milligan moved back to Michigan.

I'll check at another point in time to see what the financial figures come out to.