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SEC Freezes Bugatti-Driving 26-Year-Old "AwesomePennyStocks" Owner's Assets

Tyler Durden's picture




 

"Compared to the ones I ran into," noted former-SEC chief, John Babikian's 'AwesomePennyStocks' fraud "is the biggest on ever." As Bloomberg reports, short-sellers and stock promoters have puzzled for years over who operated one of the largest penny-stock websites. A U.S. lawsuit points to a Bugatti-driving 26-year-old from Montreal. The SEC is freezing Babikian’s assets, including two homes and the proceeds of selling a fractional interest in a plane. "The traditional Stratton Oakmont has been replaced by the opt-in newsletter... the world of pump-and-dumps occurs in the shadows." Welcome to the new 'get-rich-quick' bubble euphoria...

 

Via Bloomberg,

"AwesomePennyStocks"...

John Babikian used an e-mail list called AwesomePennyStocks to tout a coal company’s stock while dumping his own shares, the Securities and Exchange Commission said last week in a civil complaint. AwesomePennyStocks’ messages about that firm and 38 others, sent over five years, helped fuel spikes in share prices that boosted the combined value of the stocks by as much as $3 billion, according to data compiled by Bloomberg.

 

Bulk e-mails have long-since supplanted the boiler rooms of the 1990s as the most effective way to hype shares of little-known companies. The value of a prescription-drug distributor that AwesomePennyStocks promoted in 2012 ballooned by more than $700 million within two months. After the messages stopped, the shares collapsed.

 

“Compared to the ones I ran into, that’s big,” Tom Sporkin, the SEC’s former chief of market intelligence, said of the website after Bloomberg News shared the data with him. “It’s the biggest one I’ve heard of.”

The New Wolf of Wall Street...

Babikian owned a Bugatti Veyron -- the cars cost more than $1 million and take 2.5 seconds to hit 60 miles (96.6 kilometers) per hour -- as well as a Bentley and Lamborghini, according to documents from Revenue Quebec, the province’s tax authority. It obtained a judgment allowing seizure of some of his assets last year, after he left the country, relating to its claim that he owed C$4.6 million ($4.1 million) in unpaid taxes.

 

The SEC is freezing Babikian’s assets, including two homes and the proceeds of selling a fractional interest in a plane, the agency said in a March 13 statement. Babikian bought a boxy, modern Los Angeles house in 2010 for $2.2 million

As things have changed...

AwesomePennyStocks was “one of the biggest promoters,”

 

“The traditional Stratton Oakmont has been replaced by the opt-in newsletter,” Coulson said, referring to the boiler room depicted in “The Wolf of Wall Street,” the 2013 movie directed by Martin Scorsese. “People just get an e-mail and they buy these things without doing any fundamental analysis.”

 

...

 

“It’s what I call the street crime of securities,” Sporkin said. “The world of pump-and-dumps occurs in the shadows.”

 

...

 

"The sheep that buy end up holding the bag and losing everything,”

Mystery Man...

Short-sellers and rival stock promoters said in interviews that AwesomePennyStocks was the biggest and most successful of the penny-stock websites and that they had tried for years to figure out who was behind it.

 

...

 

“It was always kind of a mystery,” Peter Nicosia, who runs a stock-promotion site called Bull in Advantage LLC, said late last year. “They had the market cornered.”

Awesome...

AwesomePennyStocks has closed after “an AWESOME run over the last few years,” according to the website. “We have seen multiple picks soar dramatically from our initial alerts, and we have seen our members reap the profits.”

We are sure this unfortunate promotion will do nothing to sour the get-rich-quick mindset of American investors as they see day-after-day how easy it is to day-trade and make millions from a market that never fails...

 

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Mon, 03/17/2014 - 19:57 | 4561190 Ratscam
Ratscam's picture

E-Jordan Belfort

Mon, 03/17/2014 - 20:05 | 4561206 Looney
Looney's picture

Who cares 'bout a 26-year-old kid, unless he/she pukes all over a celebrity? ;-) I wanna see all RIFIN's top CEO's being... bwaa-haaa-haaa... given MOAR bonuses.

I am George W. 'Bama and I approve this messenger-er  ;-)

Looney

Mon, 03/17/2014 - 20:21 | 4561240 Tippoo Sultan
Tippoo Sultan's picture

"Boiler Room." Classic.

Mon, 03/17/2014 - 20:27 | 4561303 NoDebt
NoDebt's picture

If you're stupid enough to invest based on recommendations from a place called Awesome Penny Stocks, I'm sorry, but stupid is one thing that just can't be fixed.

Mon, 03/17/2014 - 21:22 | 4561453 insanelysane
insanelysane's picture

And Corzine roams free.

Mon, 03/17/2014 - 21:56 | 4561552 willwork4food
willwork4food's picture

I stupidly bought a ton of penny stocks years ago and this guys site sounds familiar. The assholes that ran the company were from Chicago and were pumped by a NJ company. Everything looked good. Naturally my greed had glazed my eyes wide shut at the time. When they handed all of us a 250:1 REVERSE stock split, I looked deeper and had quite a lot of emails from the assholes all around, including threatening to be sued -by them. I submitted it with a shitload of evidence of fraud to the SEC, the VA SEC and had one idiot guy actually come out to my house and say nothing could be done because it wasn't a VA company. Then WTF did you waste your time for coming out when you had the reports I emailed/mailed you?

Learned a valuable lesson. Never say education is cheap.

Mon, 03/17/2014 - 23:23 | 4561798 SmackDaddy
SmackDaddy's picture

you're a fucking moron

Mon, 03/17/2014 - 23:29 | 4561817 A Lunatic
A Lunatic's picture

I'll give you four stars for clarity, but you might want to work on your delivery.....

Mon, 03/17/2014 - 23:56 | 4561879 quintago
quintago's picture

Somebody tell me how this is different than GS selling paper they were simultaneously shorting.

Tue, 03/18/2014 - 00:53 | 4561958 CognacAndMencken
CognacAndMencken's picture

Whatever happened to The National Inflation Association? They used to create a bunch of doomsday videos that many of the silver/gold bugs loved. Once they got your attention with nonsensical hyperinflation videos, they'd do weekly email blasts and shamelessly pump some stupid penny stock. Apparently, the best way to protect yourself from imminent financial ruin was to buy *this* particular penny stock.

Hilariously, most of the silver bugs fell for it. Pure buffoonery.

Tue, 03/18/2014 - 06:33 | 4562210 Moe Howard
Moe Howard's picture

I invested in a stock NIA recommended and made about 3 grand.

Neveer tried it again, though.

Tue, 03/18/2014 - 09:25 | 4562657 Chuck Norris
Chuck Norris's picture

"It obtained a judgment allowing seizure of some of his assets last year, after he left the country, relating to its claim that he owed C$4.6 million ($4.1 million) in unpaid taxes."

Note to self: next time I run a boiler room scam, pay my taxes.  Maybe I'll get away with it. 

Tue, 03/18/2014 - 07:58 | 4562337 Agstacker
Agstacker's picture

Buy silver.

Mon, 03/17/2014 - 22:36 | 4561671 Leveraged Algorithm
Leveraged Algorithm's picture

No different than Congress and their insider trading.

Mon, 03/17/2014 - 23:10 | 4561766 Handful of Dust
Handful of Dust's picture

Babikian sounds like top-notch Wall Street material.

Tue, 03/18/2014 - 00:34 | 4561933 Bonapartist
Bonapartist's picture

Doesn't sound like enough of a sociopath

Mon, 03/17/2014 - 23:41 | 4561843 Buck Johnson
Buck Johnson's picture

Exactly, exactly.

 

 

 

Mon, 03/17/2014 - 21:27 | 4561466 Groundhog Day
Groundhog Day's picture

Ahhh yes, when a young lad pumps and dumps and makes millions off of individual investors the SEC is all over him but when GS, JPM, MS, at al front run client trades or take the other side of their own recommendations and make billions it's perfectly legal and ok

Mon, 03/17/2014 - 22:08 | 4561591 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Do as I say, not as I do. 

-The squid

Mon, 03/17/2014 - 23:25 | 4561804 SmackDaddy
SmackDaddy's picture

yeah, it's not fraud, just an 'economy of scale'

Mon, 03/17/2014 - 20:20 | 4561262 AlaricBalth
AlaricBalth's picture

This kid is just a bagholder for the masterminds behind these schemes. Small cap lending service companies prey on undercapitalized penny stock companies. They offer loans, convertible into common shares at a fraction of the listed price. Upon the inevitable default due to misallocation of loan proceeds into the hands of complicit exec's, the loan is converted into millions of shares of discounted stock. Then the company or lender hires these stock promotion entities to furiously pump the stock to unwitting investors looking for a home run. Subsequently the shares are dumped by the lenders and the stock plummets.

Mon, 03/17/2014 - 20:27 | 4561300 aVileRat
aVileRat's picture

Yup

Bucketshops which promote or leverage crap projects is a scam as old as the Buttonwood tree's table. Sadly, if you ban the pink sheets, the legitimate funding avenue for retail participation would be cut off. Regulation has done jack shit to control the gambling and bullshit that goes on down there.

 

Mon, 03/17/2014 - 20:39 | 4561327 AlaricBalth
AlaricBalth's picture

Exactly.

The most important aspect of these schemes is to have the restricted shares, which are issued as a result of the loan default, recategorized as free trading. This maneuver needs an opinion letter from an unscrupulous lawyer, which for the right fee is not hard to find.

On July 31, 2013, the Securities and Exchange Commission (“SEC”) brought an enforcement action against securities lawyer, Diane Dalmy...

http://www.securitieslawyer101.com/diane-dalmy/

Mon, 03/17/2014 - 20:41 | 4561354 steelhead23
steelhead23's picture

This is one hell of an accusation.  If this is true, the feds should offer to let the kid keep his car - if he rats-out the players behind the curtains.  You see, if Alaric is right, this is a looting operation, designed to cover losses in the credit departments of some very large institutions.  By golly, it could even send people to jail.  Hmm - I note that elsewhere I have seen that Babikian is nowhere to be seen.  Could it be that one or more of his "accomplisses", having seen how Belfort treated his accomplisses after being nailed, took him out?  If Alaric is even the tiniest bit right, the knock on the door John Babikian should most fear is not the federales, but the mafioso.

Mon, 03/17/2014 - 21:46 | 4561522 DelusionalGrandeur
DelusionalGrandeur's picture

My sentiments exactly...... And also Patrick Byrne's.

http://www.deepcapture.com/you-dont-have-to-be-einstein-to-get-this-but-...

Mon, 03/17/2014 - 21:29 | 4561474 Groundhog Day
Groundhog Day's picture

Yorkville advisors and the ilk do it for a living

Mon, 03/17/2014 - 20:25 | 4561294 TideFighter
TideFighter's picture

In my early trading days, it was Tokyo Joe. Joe made 1mm a month just off of dues.

Mon, 03/17/2014 - 20:30 | 4561314 Silver Shield
Silver Shield's picture

How is this any different than BitCoin?
Take something worthless and pump it to the greater fool.

Mon, 03/17/2014 - 20:00 | 4561198 LetThemEatRand
LetThemEatRand's picture

Free Corzine, Blankfein and Dimon.

Mon, 03/17/2014 - 20:10 | 4561239 Overfed
Overfed's picture

Alas, had he contributed more $$ to the O'bomb-a campaign and/or DNC, his name could be on that list as well.

Mon, 03/17/2014 - 20:16 | 4561255 LetThemEatRand
LetThemEatRand's picture

Very true.  And just FYI, Cruz is married to a Goldman exec and Romney's number one contributor was GS.  GS was Obama's number two if I recall (or maybe vice-versa, but what's the dff).

Mon, 03/17/2014 - 20:40 | 4561322 Overfed
Overfed's picture

Yeah. I know. There are no good options, the last one just recently retired. We're pretty much fucked.

On that note, I had a table at a local gunshow recently, and one of the vendors was lamenting Ro-money's defeat in the (s)election. I challenged him to name one even slightly important thing that would be different right now had he won. Naturally, he couldn't.

Mon, 03/17/2014 - 21:40 | 4561508 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Romeny would not have been able to scream racism while telling bold face lies.

Although he would have been called a racist by Senator Obama when the Senator got caught telling bold face lies

Mon, 03/17/2014 - 21:05 | 4561421 optimator
optimator's picture

Tribute to Ceasar and all would have been well.

Mon, 03/17/2014 - 20:00 | 4561199 fijisailor
fijisailor's picture

So this was "the wolf of wall street"?

Mon, 03/17/2014 - 20:01 | 4561203 Cacete de Ouro
Cacete de Ouro's picture

In for a penny, in for a pound

Mon, 03/17/2014 - 20:03 | 4561204 Freddie
Freddie's picture

 

"The sheep that buy end up holding the bag and losing everything"

Sounds like Obama voters.


Mon, 03/17/2014 - 20:01 | 4561205 Dr. Engali
Dr. Engali's picture

Thank goodness Jon Corzine is free.

Mon, 03/17/2014 - 20:12 | 4561247 disabledvet
disabledvet's picture

"faster than my car can get to 60 I can get you to...

i knew a guy at the receiving end of this at work. one day he came up to me and asked me what a reverse split was. i didn't have the wheremegal's to tell him the meaning in the truth.

this was long before Citigroup of course. How this can actually be illegal post 2008 is beyond me actually. "You know the market might be getting toppy when the Government actually does start arresting people" though. I mean at one time Ford Motor was under buck a share.

Mon, 03/17/2014 - 20:46 | 4561368 Azwethinkweiz
Azwethinkweiz's picture

DROP just voted on having a R/S. Tiger wore that shit on his bag....look at all the athletic-celebrity endorsements on that one. Not to mention, Bruce Krasting's pump and dump of $DROP. Hey, The Bruce, did you recommend a sell to your homies when it hit .30? That was only a month or two after you published your article.

Mon, 03/17/2014 - 21:26 | 4561463 insanelysane
insanelysane's picture

I see the difference.  This guy got people to make a decision and buy stocks he was selling.  On the other hand, Corzine and Company, just went in and made the decision for people to directly transfer their money into the company account.  It's completely reasonable that this guy is going to do time and Corzine is walking around.  One influenced people into giving up their money and the other influenced the "justice system" into not finding anything wrong with transfering money without permission.

Mon, 03/17/2014 - 21:45 | 4561518 Azwethinkweiz
Azwethinkweiz's picture

Are you dumb, dude? Yeah, I said "dude."

So because THIS GUY had morons who subscribed to a letter and those morons believed in his words, he should do time.

BUT, Corzine, who had politicians in his pocket, who ran the same sort of scheme only by not sending letters but by sending contracts which under law were protected against segregating client funds and then gambling with those client funds, should do no jail time?

DARWIN WOULD BE SO FUCKING PROUD.

Yes, let's protect the idiots with an IQ of 11 and give only a portion of their stolen funds, which those with a far greater IQ, pennies on the dollar...and let's put the guy in jail who only took advantage of idiots over the guy who stole from semi-smart people.

How do you not see the difference????

Mon, 03/17/2014 - 22:25 | 4561637 TheReplacement
TheReplacement's picture

Chillax bra-a-aa-a.  I think he was going for how he can understand how this has come to pass due to (read between the lines part) corruption in government.  In other words, you would be stupid to expect anything else.  He agrees with you on how wrong it all is.

Mon, 03/17/2014 - 21:47 | 4561526 Azwethinkweiz
Azwethinkweiz's picture

I downvoted you for being willfully stupid. You get it...you just fail to see the reasoning. Wise up!

Mon, 03/17/2014 - 20:06 | 4561221 A Lunatic
A Lunatic's picture

Lesson #1; never take those bulk e-mail solicitations seriously. (unless it's the one about how my mom makes thousands a month from home; those are for realz..........)

Mon, 03/17/2014 - 22:26 | 4561642 TheReplacement
TheReplacement's picture

I don't get those.  How does she do it?

Mon, 03/17/2014 - 20:06 | 4561225 Seize Mars
Seize Mars's picture

Ok, fine - where the fuck is Corzine hiding?

Oops, sorry Dr. Engali, you beat me to it.

Mon, 03/17/2014 - 20:09 | 4561233 Dr. Engali
Dr. Engali's picture

No reason to apologize for a question that needs to be asked repeatedly until these bastards come to justice.

Mon, 03/17/2014 - 20:14 | 4561253 disabledvet
disabledvet's picture

justice?
I'll become a doctor the day that happens.

Mon, 03/17/2014 - 20:28 | 4561305 yogibear
yogibear's picture

Just Us.

Mon, 03/17/2014 - 20:08 | 4561229 Ralph Spoilsport
Ralph Spoilsport's picture

Awesome is based on the noun 'awe'. Here are some synonyms for awe:

dread, horror, shock, terror, fright, stupefaction, fear

Awe shit.

Mon, 03/17/2014 - 20:10 | 4561230 sixsigma cygnus...
sixsigma cygnusatratus's picture

Thank goodness the SEC is on the job and keeping our country safe from financial predators.  I mean the bad ones, not the ones who paid for political protection... 

Mon, 03/17/2014 - 20:21 | 4561278 Amish Hacker
Amish Hacker's picture

Yes, your public servants looked up from the tranny porn long enough to notice that a minor fraud was being committed by someone not in the club, so they made an example of him. Rest easy, everyone.

Mon, 03/17/2014 - 20:15 | 4561236 Bonapartist
Bonapartist's picture

If he was in the Tribe and sold this shit while working for GS he would be supping with the Blankfeins tonight and then whisked off to an "Eyes Wide Shut"-type orgy.

Mon, 03/17/2014 - 20:23 | 4561286 Seize Mars
Seize Mars's picture

It's funny, that whole "get out of jail free" thing, isn't it?

https://en.wikipedia.org/wiki/The_Station_nightclub_fire#Nightclub_owner...

Mon, 03/17/2014 - 20:18 | 4561267 hotrod
hotrod's picture

But never a budget for Bart and the CFTC to check on gold and silver manipulation.

Mon, 03/17/2014 - 20:21 | 4561280 DelusionalGrandeur
DelusionalGrandeur's picture

Wow....26 years old driving a freaking Veyron. It's hard to feel any sympathy for those that got caught up in the scam though. I mean do some DD and go do some analysis instead of following your gut. I dunno...seems like the SEC doesn't like competition. They've supplanted their mission statement the day they grandfathered countless billions of Naked Shorted Shares when Reg SHO went into effect. It's called settlement! T+3 plain and simple. The nefarious acts continue to be played out every day but I guess as long as they can serve this guy's head and Bugatti up on a platter, they can keep patting themselves on the back. When the bush admin  repealed the rule seperating regular banks from investment banking (I cant for the life of me remember the damn name of the regulation, and if anyone can remind me I'd appreciate it.) I think that is when a major uptick in illegal activities started taking place. I dunno, seems white collar crime does pay a whole helluva lot more than trying to do the right thing. This sap just happened to get caught and like I said, the nefarious SEC can continue to pat themselves on the back. Fucking sickening.

Mon, 03/17/2014 - 20:24 | 4561292 Ralph Spoilsport
Ralph Spoilsport's picture

ZH used to have a Veyron too but he got banned.

Mon, 03/17/2014 - 20:35 | 4561332 Azwethinkweiz
Azwethinkweiz's picture

Right on.

If you can't read a balance sheet, do your own due diligence or know how to write so you can sit and watch CNBC all day and take notes, you rea what you sow. Just go buy a fucking quick pick and scratch a few cherries off a card.

Mon, 03/17/2014 - 20:24 | 4561289 Ellesmere
Ellesmere's picture

Balnkfein is still walking ... this guy made less than his bonus.

Mon, 03/17/2014 - 20:27 | 4561301 yogibear
yogibear's picture

I see plenty of 20 somethings driving these cars along with Porsche s, Maserati s and Ferrari's.

Trading must be real good.   

Mon, 03/17/2014 - 20:32 | 4561317 Azwethinkweiz
Azwethinkweiz's picture

So is a easy credit, a mom and dad with extra cash to give away as allowance and superb rap skills.

Mon, 03/17/2014 - 20:27 | 4561302 JuliaS
JuliaS's picture

So the only reason somebody paid attention was because of unpaid taxes. Someone didn't get a fair share of the loot.

Mon, 03/17/2014 - 20:41 | 4561356 Azwethinkweiz
Azwethinkweiz's picture

BEST COMMENT THAT WILL BE SAID IN THIS THREAD.

You fucking nailed it!!! Spot on!!!!!!!!!

Mon, 03/17/2014 - 21:43 | 4561513 Bonapartist
Bonapartist's picture

It's the only way they got Capone

Mon, 03/17/2014 - 21:58 | 4561551 bonin006
bonin006's picture

you beat me to it.

Mon, 03/17/2014 - 20:29 | 4561311 adr
adr's picture

Just end the fucking farce. End the stock market and then you won't have 26 year old Buggati driving stock scammers. Nor would you have 60ish year old mega rich stock scammers heading the mega banks.

You wouldn't have the stock scam of Amazon, Green Mountain, Herbalife, etc. You might end up with a real economy again.

End the market, no other choice. The bull needs 300lbs of dynamite planted under its balls.

Mon, 03/17/2014 - 21:45 | 4561521 Bonapartist
Bonapartist's picture

Some day the whole scam will be looked upon as being stupider than "Tulip Mania"-  at least back then you got a fucking tulip bulb for your $.

Mon, 03/17/2014 - 20:30 | 4561312 Azwethinkweiz
Azwethinkweiz's picture

What a brilliant little turd. And to think, how many thousands upon thousands of 26 years olds, holding a college degree in business and economics, are living at home with their parents whilst waiting tables each night? How many 40-60 year old retirees are bagging your groceries after years and years of hard work, nearly bankrupt due to the medical bill to cure their or a loved one's cancer? Society has fallen so far down the drain. Crooks today are the modern entrepreneurs. I hate to say that as there are still many brilliant people with ideas...but in this day an age, you'll be sued by a patent attoryney or pay up the arse for insurance and permits. Jail might be the best higher learning institution nowadays----you're taught crime. Crime certainly does pay. Just look at all the banksters who are still out and about roaming the streets but have made their wage and then some to bribe those who are supposed to uphold the law. #freebabikian

Mon, 03/17/2014 - 20:40 | 4561349 WMM II
WMM II's picture

"What a brilliant little turd."

 

 

probably learned the trade from good ol' uncle jamie.

 

:)

Mon, 03/17/2014 - 20:53 | 4561391 _SILENCER
_SILENCER's picture

You know, you guys can all become staggering wealthy at home, just like me, if you watch my secret video and use this ONE WEIRD TRICK.

Mon, 03/17/2014 - 21:03 | 4561417 Wahooo
Wahooo's picture

I don't get it. What did he do wrong? He sent emails to people touting stocks and they bought them without even searching Google for signs of life at the companies? So if I set up a web site and start touting stocks which I then sell, that's illegal?

Isn't that what squids do?

Mon, 03/17/2014 - 21:27 | 4561465 insanelysane
insanelysane's picture

Elon Musk does this on a daily basis.

Mon, 03/17/2014 - 21:32 | 4561481 DelusionalGrandeur
DelusionalGrandeur's picture

You forgot your /sarc tag right? Or are you being serious?

Mon, 03/17/2014 - 21:06 | 4561426 medium giraffe
medium giraffe's picture

It doesn't mention anything about the advisory post he got within the Kremlin.

Mon, 03/17/2014 - 21:09 | 4561431 Godisanhftbot
Godisanhftbot's picture

 Death Penalty ONE TIME.

 

 End of scams.

Mon, 03/17/2014 - 23:34 | 4561827 SmackDaddy
SmackDaddy's picture

with the big financial scams, im always surprised by the abscence of vigilantes

Mon, 03/17/2014 - 21:10 | 4561435 Godisanhftbot
Godisanhftbot's picture

 Oh yeah, why the fuck did it take so long?

 

 Next neck in the noose, the fa66ots at the regulators.

Mon, 03/17/2014 - 21:44 | 4561516 rsnoble
rsnoble's picture

Only legit HFT outfits can do this.

Mon, 03/17/2014 - 21:46 | 4561523 overexposed
overexposed's picture

Not sure how this is any different than your average day on CNBS...

Mon, 03/17/2014 - 22:17 | 4561614 Downtoolong
Downtoolong's picture

It’s so bad all you can do is laugh.

I’m dying to hear about the other side of it too.

If there is one reality show I might watch it would comprise a stream of sob stories from saps who lost money buying this shit. 

Mon, 03/17/2014 - 23:30 | 4561819 SmackDaddy
SmackDaddy's picture

shit man, take that show on tour.   id pay money to laugh in their faces....

Mon, 03/17/2014 - 22:43 | 4561685 starman
starman's picture

 Him and Goldman LOL! wait its legal for Goldman sorry dude.

Mon, 03/17/2014 - 23:28 | 4561811 SmackDaddy
SmackDaddy's picture

One of these things turned up in my spanm filter  Checked it out just for the fun of it.  But it was basically a gambling outfit funded by Toronto's #1 organized crime lawyer.  Haha too cliche....  Cant remember the ticker on the stock now..

Mon, 03/17/2014 - 23:43 | 4561848 The Fonz...befo...
The Fonz...before shark jump's picture

Ha this has nothing on the Facebook pump...

Instead of newsletter you have a major motion picture and you build "hype" on the stock by claiming FB responsible for spreading the Arab spring....

All the while millions of their so called billion plus subscribers are fake...all the while the stock has a market cap in the triple BILLIONs and employs no many people?

As the great George Carlin would say

Now talk about your good bullshit story HOLY SHIT!

Tue, 03/18/2014 - 00:12 | 4561904 jonjon831983
jonjon831983's picture

Book deal and based on true story movie rights.

He's set.

Tue, 03/18/2014 - 00:31 | 4561931 kw2012
kw2012's picture

Years ago, I did an experiment to see if I could make a fortune on penny stocks. I scanned and filtered hundreds of stocks down to just ten. Based on news flow, revenue projections(allegedly) yada. I thought I picked the best 10 penny stocks out there. A year later, two stocks were down 30-60%, the rest were down 98-99%. I witnessed all sorts of sordid stuff. The purchase of shell corporations. The huge dilutions of secondary offerings. Pipedreams promoted that never had a chance in hell of occurring. 

 

Thankfully I never invested. For the next two years, I went to war against the pumpers. Warning potential investors of problems ahead. After two years I decided to let others carry the torch. More often than not, a newbie would show up. Ask questions, then invest anyways only to come back 6 months later furious that he/she had lost nearly all of their savings. I decided I could spend a lifetime doing this and there would be new suckers still showing up everyday. So in the end, I decided I needed to focus on MY problems and my investments and others would have to learn to sink or swim on their own.

Tue, 03/18/2014 - 08:32 | 4562471 toys for tits
toys for tits's picture

All educations cost money.

Tue, 03/18/2014 - 01:29 | 4561991 Barry McBear
Barry McBear's picture

Thanks Bernanke

Tue, 03/18/2014 - 03:33 | 4562097 A Dollar Short
A Dollar Short's picture

Yes, thanks BernQuackie!

Tue, 03/18/2014 - 05:02 | 4562146 Calculus99
Calculus99's picture

I don't know about the US but here in the UK the scammer's choice of car is a Bentley. Seems it's the first thing they buy after their scams start producing.

If you ever want to do business with someone who drives a Bentley, you better check them out extremely carefully...

Tue, 03/18/2014 - 06:40 | 4562216 Moe Howard
Moe Howard's picture

Bet that punk has a large stash sunk in a lake somewhere.

Tue, 03/18/2014 - 07:18 | 4562252 Pumpkin
Pumpkin's picture

What makes this punk think that he can just crash the club?  I bet he doesn't even worship the devil, take bribes, molest children or anything!

Tue, 03/18/2014 - 08:04 | 4562358 22winmag
22winmag's picture

Exactly... his "permits" weren't in order.

Tue, 03/18/2014 - 08:31 | 4562449 Peter Pan
Peter Pan's picture

He paid the price for not being part of the establishment.

Tue, 03/18/2014 - 09:20 | 4562637 comrade rally monkey
comrade rally monkey's picture

awesomecareact

 

all in the marketing

 

good for a least a few more dopes

.

 

 

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