Replies to post #4039 on IBIZ Technology Corp (fka IBZT)

[Jim Bishop]

Yep, finally they are going to be toasted.

I did well on it too back then, but it was so obvious, from their own filings, especially all of Perkins', exactly what they were doing.

SEC is often very slow to act, but when they do it's always decisive.

This is the best part:

"The SEC seeks officer and director bars against Schilling and Perkins, penny stock bars against Schilling, Perkins, Firestone, McRoberts, and Elliott, and disgorgement, plus prejudgment interest, and civil penalties against all of the defendants."

[Jim Bishop]

Did you read the actual complaint? Pretty interesting. Stuff like this:

http://www.sec.gov/litigation/complaints/comp19571.pdf

"Of the
total proceeds from Firestone's sales, he retained $271,500, or approximately 15
percent, wired $1,336,902 to iBIZ Technology, and wired the remaining $373,283
directly to Schilling and his children."

"From July 2003 to July 2004, iBIZ Technology's inflated stock price and
increased trading volumes permitted the company to extinguish approximately $2.8
million of convertible debt through conversions by the debenture holders. Further,
during this time period, Schilling and Perkins sold, respectively, $292,382 and $773,332
worth of iBIZ Technology shares and Perkins transferred millions of shares to his
relatives, which they sold for total proceeds of $225,404."