It was easy to miss that the 2010-2011 financial reports had footnote stating they were "based on assumption that previously announced deals had been completed" -- in other words, not an accurate statement of company's actual financial position or results. None of the deals announced in PRs was actually completed and none of the reports filed to OTC Markets was ever retracted or corrected.
The Sept 17, 2012 report did not contain such disclaimer.
In all likelihood, the company's issuance of financial information claiming to have $179.5 million of cash and earnings of $88 million is outright financial fraud. Herzog eagerly took papers claiming a super secret subsidiary made fantastical profits without any equity, and then used them as basis to issue financial report to the public. Now 10 months later, when the company's actions once again show it lacks any meaningful cash, the company hasn't corrected the false report.
Yes, Hillard and his gang are running a financial fraud. And it's paying off -- slowly and much less than desired, but it's still garnering cash out of the market.
Don't expect the crooks to admit the con-job or change their ways. It's still working for them.
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