First of all, before I get a bunch of hate mail back, I too am out a couple K on this one. I'm not a basher so don't send any hate mail back. Just to let everyone know (and you can confirm it all by calling or checking the SEC website), Magellan is nothing more than a shell company. I spoke with Justin Chretien, the SEC attorney handling this case, a couple days ago and said check back with him in about 6 months to see if they get a judgement against several individuals, Irwin Boock and Stanton DeFreitas of Canada and Jason Wong in Texas to name a few. They bought the former shell company a couple years ago and changed its name to Magellan. They along with several others have defaulted and are eluding the SEC right now. The lawyer said these people involved are very good at what they do and the SEC has frozen all their assets. This is just the tip of the iceberg. Anyone can verify all this by calling the lawyer at the number listed at the end of the complaint filed on the SEC website. Don't feel bad, I'm dealing with this with several of my pennies these days :(
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