You hang in there. Those you seek for answers are long gone - on to the next play. You will not find pumpers admitting they were wrong you will find them finding ways to bail out and walk away in silence. Happens all the time.
Nets owner denies stock scam link By KAJA WHITEHOUSE
Last Updated: 1:35 AM, December 15, 2010
Posted: 11:51 PM, December 14, 2010
Russian billionaire -- and New Jersey Nets owner -- Mikhail Prokhorov has something of a golden touch, and now others are trying to cash in on it.
Last Friday, a little-known gold exploration company, Supatcha Resources, pumped its penny stock with a press release claiming that a company called OXM Group, which Supatcha said is controlled by Prokhorov, was moving forward with an "unsolicited bid" to buy Supatcha's outstanding stock for $1.75 a share.
Supatchas shares, which were trading at 35 cents, hit nearly $1 before closing at 70 cents.
But Prokhorov, who made his fortune in Siberian mining, denies any involvement with Supatcha, while sources tell The Post that the Securities and Exchange Commission has been bombarded by cries of foul play.
"Onexim Group President Mikhail Prokhorov categorically denies any involvement with Supatcha Resources Inc. A press release by that company indicating that Mr. Prokhorov is involved in an unsolicited bid to purchase shares is completely false," a spokeswoman for Prokhorov said in an e-mailed statement.
Officials for Supatcha Resources didn't return several requests for comment.
Forbes ranks Prokhorov as the 34th richest man in the world -- just behind Microsoft co-founder Paul Allen and Dell founder Michael Dell -- with an estimated fortune of $13.4 billion.
Prokhorov made his name in the US last year with his move to buy an 80 percent stake in the Nets and a 45 percent stake in the new Barclays Center basketball arena opening in Brooklyn.
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