Replies to post #10635 on Electronic Game Card, Inc (fka EGMIQ)

[stonehenge]

I really think they cooked the books in a major way. It does have a LOT of simularities with the following case:

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=46901137

That company had analysts following the stock, applied for an uplisting and had large investors/institutions taking positions, mainly because of the very good balance sheet, huge earnings, promised buy back etc., etc.

To create the image of a vibrant enterprise, they fraudulently reported millions in fictitious earnings, revenues, expenses, and assets. To conceal the true results, they created fictitious periodic bank statements, checks, invoices and a general ledger, which they supplied to the auditor.
And while the B/S showed 12 million in cash, due to ongoing positive operating cashflows (according to the I/S), cash turned out to be NOT there at all....

Tell me there are no simularities.

BTW, the CEO of that company died in jail.

[zagdad]

stone, hi there...did we ever get the movie rights secured for theroasting we took on that one....your brief desription was good but there was so much intrigue...had it all, theft, indirect murder, sex, a President who was on Canada's most wanted list but no one in the US noticed...The audit by the Big Boys firm showed cash over $11M and there was really less than $1000...wow...being an ex-auditor I could have done better validation taking the president by the ATM, withdrawing $20 for lunch and checking the bank balance in 5 seconds! And most of the incompetence when un-punished and only the shareholders ate dirt in teh end...still writting that one off.

Fond memories,

zagdad

[junewong]

Yuck !! that was brutal hope this is not that bad. Don't look good does it??