Replies to post #325561 on Spongetech Delivery Systems, Inc. (fka SPNGQ)

[Stock Stallion]

Bankruptcy Fraud
Bankruptcy, by definition, is when a debtor is declared - either by creditors or his own account - legally insolvent. His property is liquidated and divided among his creditors to pay his debts. But when a debtor falsely claims bankruptcy, attempts to conceal his assets, launches petition mills or files multiple claims, he is committing bankruptcy fraud - a federal offense.

Types of Bankruptcy Fraud
Concealment of assets, petition mills, and multiple filings are the most common types of bankruptcy fraud.

Concealment of Assets
Concealment of assets accounts for nearly 70 percent of all fraudulent bankruptcy cases filed by individuals. This type of fraud occurs when a person purposely fails to list every one of his assets on his bankruptcy claim, knowing that creditors cannot liquidate valuables of which they are not aware. Similarly, business owners frequently conceal assets when filing for bankruptcy - they transfer money or properties to their relatives’ or associates’ names so that the assets cannot be confiscated.




Bankruptcy Fraud Punishments
Bankruptcy fraud, a felony, carries a sentence of a fine of up to $250,000 and/or five years in prison. Defendants will be booked according to standard criminal procedure and will have the opportunity to retain a criminal law attorney.

[puppydotcom]

I read the filing. Did you. As far as we all know, what is on the petition is the most current and only info we have.

what we have .. has nothing to do with .. what really is ..

[pantherj]

If you choose to accept and promote the words of known liars that is your priviledge. But, consider the fact that my predictions for the future of this company and its stock holders have been 100% correct.

M&M and cohorts have nearly completed the raping and pillaging of the company and its stockholders ... just as i said they would do a year ago.

It really doesn't take much foresight to be dead on accurate about this company. Just start with the premise that everything said by either of the Mutt Bros is a 100% lie and one cannot go wrong. They are crooks who have been, and are still being, supported by other crooks. But, the good times have come to an end for these sub-human punks. no matter what their punishment, it will not be just retribution for the human misery they have caused.