Hey Poster,
Interesting - buy him off. But my thoughts are what if the schlep surrounds himself with birds of a feather, eh? Have a nice website, nice pictures, etc... Then no delivery on a product or service, much less informing investors of what is going on.
Actually, you can learn a lot from the bounder. In being a cheat. Then again, I'm not one of those and he will not have a days luck until he makes us right. All the best.