Replies to post #6967 on Longwei Petroleum (fka LPIH)

[MorningLightMountain]

Toups mentioned 14 times here:

http://seekingalpha.com/article/1092561-longwei-petroleum-the-most-brazen-china-based-u-s-listed-rto-to-date?source=feed

does not look GOOD at all:

The following photo of the entrance to LPH's corporate office (where CFO Mike Toups claims to spend half the year working) was taken from our Camera 2 on December 2, 2012:


Mr. Gentry then asks LPH CFO Mike Toups:

"To what extent have you verified what we're seeing on the ground what we're told in the financials is accurate?"

Mr. Toups replies:

"Dave, I've spent a considerable amount of time here in Taiyuan City working with the company, working with the management. I've really rolled up my sleeves in terms of understanding the financials…"

Mr. Toups then announces that LPH would set up webcams on its new website so investors could view the facilities and see the tanker trucks fueling. Nine months later, after repeatedly making excuses for delays

Our video surveillance proves that CFO Mike Toups' claim of 50-60 trucks per day fueling at LPH's Taiyuan facility is an outrageous exaggeration that Mr. Toups should be well aware of every time he visited the nearly idle Taiyuan facility. The real reason LPH never installed the webcams is because they have no business to film, as we observed during our 7 weeks of time-lapse video surveillance. LPH is defrauding its investors, just like China Integrated Energy, only on an even larger scale.

[Scandle34]

Not if you were away from computers.

[Concrete Dovetail]

Thanks for the heads up. Fortunately I had my iphone. Sell orders at market price weren't going through so fast, but I was able to get out before midway to the bottom. Aside from money, the other losses are time and focus, and that's probably the biggest lesson learned.

[RealDutch]

I agree it looks unlikely now that they are legit but we will know it soon enough.

How will you know? Once you rip open a pillow with a knife, you will never get all the feathers back inside. That's the problem with these hitpieces when the stock drops >40%. It creates a reality on its own, and anything the company does now will act against them. Look up "self-fulfilling prophecy".

Anyway, I was having some fun on Seeking Alpha playing with GEO Investing, accusing them of criminal activity ;-)

Stay strong, longs. If you have only a a couple of percentages invested in this stock, do not worry about it too much. Because it's not worth it.

I agree with Traderfan, there is only one that is very safe relatively speaking and it is very cheap. Track our history and you will find the gold.

Good luck with this one.