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What ever happened to all the people that worked for CSHD before it was halted ? Some of you DD professionals should look into this and maybe make some phone calls .
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quote:Originally posted by thesource: What ever happened to all the people that worked for CSHD before it was halted ? Some of you DD professionals should look into this and maybe make some phone calls .
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Some one made a killing on this . Hopefully we will find out sooner or later . I don't know whether to shake their hand or kick their azz . I guess it depends on who profitted from it .
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well, as posted... we know MA's transactions grossed around 6 to 7 million dollars--that is, by filings. Anything that's not public record, who knows?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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OK...when you people say you lost that much are you saying you guys put that much IN the stock...as in original investment ? Capital? Or are you saying that IF you would have sold that is how much you could have had? Because right now my jaw has dropped and Im shaking my head...now I guess I understand where some of the anger is coming from...
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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quote:Originally posted by 10of13: OK...when you people say you lost that much are you saying you guys put that much IN the stock...as in original investment ? Capital? Or are you saying that IF you would have sold that is how much you could have had? Because right now my jaw has dropped and Im shaking my head...now I guess I understand where some of the anger is coming from...
Just to give you an idea, I made money. I sold and re-bought some shares prior to the 10K just in case but not near what I made. However I did introduce some family members to this stock, they had never put money into a penny stock before. My uncle who has a nice portfolio of big board stocks sunk close to 100K into this. I tried to get him to sell along the way but he kept hearing Rufus and the $15. He still holds half in certs and the other half in street name. Never sold a single share, even though I pretty much harassed him to sell. The other family members also held. They listened to what Rufus stated over and over and could not believe how a CEO could say those things if it wasn't true.
Thank God my relationship with them is strong enough that they didn't blame me for their losses, unlike some who play pennies and look to place blame anywhere other than where is belongs. However, Rufus is responsible for the simple fact that he repeated over and over to buy the heck out of it and that it would reset to $15. He didn't say he believed or that their was any possibility that it wouldn't happen. He unequivocally stated it would happen.
True story and also the reason I have asked some advice on how to proceed with long term losses.
these accounts make *my* stomach hurt... which, I guess, is why I kept posting questions along the way. I mean, I knew it was bad, but I never dreamed individuals were going in that deep.
I almost can't believe it, given the warnings and DD--yet, why would anyone lie about such losses?
awful... I trust and hope and pray that even with such a hit, these folks were funded well enough to recover, somehow...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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This is why its important that this SOB gets whats coming to him . I lost my money and it sucked but I'm in other things and have a good cash flow to bounce back . Others lost alot more and cannot replace it . As I said before , I am pretty sure Capt Solo lost his entire lifes savings and even lost his wife after she found out it was pissed away by some con man .
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As posted well before the suspension, plays like these can be quite lucrative to flip early on, but the time comes when one simply must realize that each succeeding flip is more dangerous precisely because of the possibility of suspension.
As shown with BHUB, the parameters are even more precariously precise now, given the NASD's new halt tool. Risk/reward, position sizing, tracking day-trades: all these and more need to be part of the plan, especially if one is not in a PDT account...
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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as far as i'm concerned? filing false SEC filings is the same as lying under oath...
i want to see them prove he lied, not just all this assumption BS...
as for profit and loss? i came out ahead, cuz i sold most of my shares and said when i did it, which is rare for me (to post a buy or sell point), but this was a rare case after all
do you think anybody should be allowed to file false SEC statements and NOT look out thru the grey bars?
as for the sewing circle comment stockcop? i think that if you know it all, and don't need to learn anything else? then you should tell us all about how everything works... i never expected anybody would actually claim hundreds of millions in assets in a filing when they had NOTHING,
yes, i expect people to inflate #'s as often as they can, by percentages, but 700+ million$ from outa the air is preposterous, and if anybody does this? they belong in jail... so, IMO the SEC is asleep at the wheel... they have a fiduciary duty to throw these liars into the pit of doom
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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Glass i agree...the SEC has done more harm than good in this case...sorry source I don't agree that it was RPH...at least not completely..."someone" did something...and "someone" gained largely...just not sure who, how or why... Part of me thinks that RPH might have been scammed as well...we may never know...
I feel for those that lost in this...I was lucky enough to cover more Capital and take some profit early on...via flipping for the first few weeks...I did loose some of my profit in the halt and I was "dumb" enough to buy more shares on the greys...but not near what some of you have posted...very sorry
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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whether a stock is a scam or not? somebody is taking "chips off the table" in quite a few plays...
i have to say that the recent runup on the DOW makes me wonder how much recent rule changes and the overall loss of collateral due to the subprime lending has forced the hedgers to cover short positions.
we've seen a good year but it's only July and it MAY be too good (so far)...
Sen. Bennett Renews Call for Hearing into Stock Market Fraud by Mark Faulk
In a speech on the floor of the U.S. Senate today, Senator Bob Bennett (R-UT) called for Senate Banking Committee Chairman Chris Dodd to conduct a hearing into stock market fraud, bspecifically addressing the issue of naked short selling. Sen. Bennett has been a long time proponent of stock market reform, and was instrumental in proposing a Senate Banking Committee hearing into naked short selling as early as late 2004, which were eventually shelved by then Banking Committee Chairman Sen. Richard Shelby (R-AL). He said that Sen. Dodd, who has entered the 2008 Presidential election, was willing to conduct a hearing into the issue:
“I think it is serious enough that we ought to have a hearing about this in the Banking Committee, and I have spoken to the Chairman of the Banking Committee, Senator Dodd, and asked him if it wouldn’t be possible for us to have much of a hearing at some point in the future, and he’s expressed a willingness to do that. I can understand, we can’t set a time for that right now. There are too many other things going on in the Banking Committee, but I’m delighted to know that he’s willing to cooperate with us in examining this. And I would like to suggest several things that I would like to discuss at that hearing.”
A source close to the issue said, “Senator Bennett has spent an enormous amount of time studying this problem, he’s intimately familiar with the abuses in the stock market. This speech is his opening salvo.” He went on to say that “We need an avalanche of letters and emails from every state in the Union going to every member of the U.S. Senate, urging Sen. Dodd, the chairman of the Banking Committee, to hold the hearing on Sen. Bennett’s recommendations.”
After first explaining the basic issue of naked short selling to his fellow Senators, Sen. Bennett then addressed the SEC and the creation of the DTCC, and their role in trade settlement, and how the need for a system to facilitate trade settlement led to the creation of the DTCC, or the Depository Trust and Clearing Corporation. He said that the while the DTCC is regulated by the S.E.C. that” I don’t think that last statement is true. I’m not sure that the S.E.C. has control over the DTCC. He then quoted from a Wall Street Journal article that said, “Almost all stock is now kept at the company central depository and never leaves there. Instead, a stock buyers’ brokerage account is electronically credited with the securities entitlement. This credit can, in turn, be sold to someone else.”
Then Sen. Bennett described how electronic settlement, which he called “replacing paper with electrons,” can “provide cover for naked shorting of the stock” because shareholders are given an electronic credit for the purchase instead of physical delivery of the shares. From there, he described how electronic trading, and the DTCC’s practice of keeping shares in what has become known as the “DTCC Borrow Pool,” invites manipulation of the system:
“So this happens: a short seller enters the market and says, “I want to short—I want to sell 1,000 shares of XYZ stock so at some point he has to produce 1,000 shares to cover his sale. How do you do that? You borrow the shares. And then you buy them back at some future time. All right. From whom do you borrow them? The DTCC. They have all of the shares on deposit. So you go to the DTCC and you say, I want to borrow 1,000 shares of XYZ stock. They say, fine, we have them on deposit and will lend them to you so you can use them for your ‘short’ sale. All right, everything’s fine. Except that, in this electronic age, it is possible for you to keep shuffling around the electronic impulses that represent the stock and never, ever, have to buy it back. Stop and think about that, Mr. President. That’s a pretty good business plan. You can sell as much as you want and never, ever, have to pay for it. You could go in, the stock trading at $5 a share. You go in and sell 1,000 shares. You paid $5,000 for selling 1,000 shares and you never have to buy them. Because you are constantly moving around the electronic impulses that represent those shares. You never have to cover.
Now, when you talk to the DTCC people they say ‘No, we always make sure that there is a delivery and if there’s not, it’s not our fault. It’s not our responsibility to police this, it is up to the brokerage house to do this.’ The S.E.C. has spent enough time looking at this and enough time talking to me that they issued to me a three-page letter outlining the steps they have taken to stop the practice of ‘naked short selling.’”
After talking about recent rules implemented by the S.E.C. in an effort to deal with the problem of naked short selling, he talked about another method of circumventing the rules, a scheme that is commonly referred to as “stock kiting,” where two brokers pass shares back and forth between themselves, with each one holding the shares for thirteen days, the limit before forced settlement of the trade, and then passing it back to the other broker, where, according to Sen. Bennett, “they ping-pong these back and forth as long as they want. So you can have a situation where people are selling shares that don’t exist, taking commissions on the sale, and the profits of the sale, and never ever having to produce the shares.”
Bennett also said “I think a Congressional hearing is a good place for those who are running the DTCC to explain to us how it really works. And I would like the S.E.C. to come in and give us their background and information as to how their rules are working to try to stop the naked short selling.”
He laid out a number of proposals in his speech, including “a rule that says that brokers cannot borrow for short sales more stock than is on deposit with the DTCC. I think that’s just obvious. If there are 3 million shares of XYZ company on deposit at the DTCC, people should not be able to short sell 4 million shares…So my first recommendation would be that the DTCC cannot make available loans for short sellers more stock than they have on deposit. Once they have reached the point that 100% of the shares they have on deposit have been loaned out, they can’t loan out anymore. I think that’s just an obvious, commonsense recommendation, but it doesn’t apply now.” He also said, “there ought to be a rule that says that a broker cannot be paid a commission on a short sale until the shares are delivered.”
"It does not involve very many people, but for the people—to the people who are involved, it, frankly, can be a matter of life and death. And there are enough of them starting businesses and creating entrepreneurial activities in the United States that we owe it to them to find out exactly what is going on with respect to this.
That’s why I’ve asked Chairman Dodd to consider a hearing on this matter, to let us hear from the S.E.C., to let us hear from the DTCC, to let us hear from those in the marketplace who have actual experience with this and see if the present S.E.C. rules are sufficient or if we need to do additional things around the lines of the two items that I have suggested.”
Our anonymous source, who has spent years behind the scenes working for stock market reform, stressed that the hearing could hinge on the level of response from those who have been affected by stock market fraud, saying, “There’s been no bill introduced, but Senator Bennett is prepared to introduce a bill if these issues are not resolved. We need a nationwide campaign to get people to write their senators urging them to tell Sen. Dodd to hold hearings into the issues that Sen. Bennett addressed in the U.S. Senate today.”
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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quote:Originally posted by 10of13: Glass i agree...the SEC has done more harm than good in this case...sorry source I don't agree that it was RPH...at least not completely..."someone" did something...and "someone" gained largely...just not sure who, how or why... Part of me thinks that RPH might have been scammed as well...we may never know...
I feel for those that lost in this...I was lucky enough to cover more Capital and take some profit early on...via flipping for the first few weeks...I did loose some of my profit in the halt and I was "dumb" enough to buy more shares on the greys...but not near what some of you have posted...very sorry
Rufus was the captain of the ship . The bucks stops there and he should have his azz hammered to the wall for filing those bonds . Its his job to verify them and make sure they are legit before running his big mouth to the world and promising $15.00 a share . He is a scammer and knew that he was lying out of his teeth when he said those things .
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thesource? I kinda look at it this way..."us investors"...thought we had DD'd and looked into everything...thought we knew what we were doing...we convinced ourselves that this was "real"...Can it not be that RPH thought he had done the same? Sure...he was the "Captain"...but he was just as positive as we were that all was real...we made a mistake...why couldn't he have? Yes...you can blame RPH...but the real person to blame is "our selves"...just as if it's not real, RPH should blame himself...
"We" won't ever agree on everything...my gut tells me that RPH's intent wasn't to scam us...just as your gut tells you he did...bottom line is...looks like this was a scam...that much "we" can agree on...
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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quote:Originally posted by 10of13: thesource? I kinda look at it this way..."us investors"...thought we had DD'd and looked into everything...thought we knew what we were doing...we convinced ourselves that this was "real"...Can it not be that RPH thought he had done the same? Sure...he was the "Captain"...but he was just as positive as we were that all was real...we made a mistake...why couldn't he have? Yes...you can blame RPH...but the real person to blame is "our selves"...just as if it's not real, RPH should blame himself...
"We" won't ever agree on everything...my gut tells me that RPH's intent wasn't to scam us...just as your gut tells you he did...bottom line is...looks like this was a scam...that much "we" can agree on...
He is the one that claims to be some kind of expert on bonds . He's the one that made the statements and guaranteed something he couldn't produce . He's the one that filed that bs in the Georgia court . He's the one that filed the 10K . He's the one that went on SPR and on HSM running his mouth and stating as it were a fact that the stock will be reset at $15.00 a share . He's the one that knew something wasn't right with the reverse merger but chose to say nothing . He's the one that will not hire an attorney . He's the one who got the company here in the 1st place by not cooperating with the SEC to begin with .
Do I believe that he knew this was all bogus from the get go ? Hell yeah I do . Ask yourself this , where did all the money go him and Ben S. claimed to have had before the BBAN scam ? They claimed to be in control of millions of dollars in bonds but nothing has ever been heard about it since . Where did all the money go he claimed the US gov put him in charge of ? Come on , you have to see a pattern with this guy . Hind sight is 20/20 but atleast take your glasses off so you can see it .
I'm sure it doesn't really bother you as bad as it does people who fell for this crap and lost a lot of their own money just like I don't feel bad about making money in ECFL even though its a scam clear as day .
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LOL...I agree that IF RPH was the scamster...feed him what ever you like...(your choice seems a little high in the protein department...)
Yes, hind sight is 20/20...we knew about the BBAN thing...we knew about the country club thing...and all the other HUGE red flags...yet...we placed our money in it...
My glasses were never really on...but I've put on the reading glasses and waiting to read the news on "who done it"....
Source? You stated..."He's the one who got the company here in the 1st place by not cooperating with the SEC to begin with"... That is ONE of the reasons why I don't think that he was the "one who done it"...
At this point I need more than just an opinion on who THINKS did it...i need the full disclosure...that's all i am waiting on and hoping for...I don't want this to just disappear and never really KNOW the answer...what ever that answer is...
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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seems to me that people who want the scams to just disappear are the same people that wanna pull the next one after everybody forgets the last one...
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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I can't answer you on why this retard sticks around . If it were me , I'd be on the first plane to Costa Rica and live it up there .
I "think the answer to the question is the guy is not all there and thrives on the attention he receives from this . Maybe he is the victim or maybe he's just too damn stupid to realize that this is for real and he's facing some serious stuff if the FBI does file criminal charges against him and the others involved .
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quote:Originally posted by glassman: seems to me that people who want the scams to just disappear are the same people that wanna pull the next one after everybody forgets the last one...
If thats aimed toward me , I never said I wanted this to disappear . I hope this thread stays near the top and people can learn from it without having to experience it first hand . I got caught up in it back in Sept and it was my first penny stock . I'd always heard the penny stocks were bad news but figured what the hell . Now I've lost in this one and a few others as well . The biggest problem is greed . Penny stocks promise huge gains and very little risk (so the pumpers say when pumping). Anyone that tries to question something is automatically labled a basher or didn't do their DD . GBDX is a prime example of this right now . Those guys have everyone brain washed on Ihub and run off anyone that questions them . I was thrown in jail for 10 days because of it and yes I still hold a small portion of shares but they are mostly freebies .
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thesource, You have to ask yourself a few questions before condemning Rufus, completely.
What I wonder is why you and others that want to place the full blame on Rufus fail to post anything about Mike Aslezander(SP on purpose) Now here we have the guy that made himself a sweetheart deal in taking FHAL public through Furia. He admits to selling shares, even though, he claims it was his wife. He made profit. Now factor in the Log deal that was proven false that he brought to the table prior to Rufus being involved. Also that he had enough money to buy another company and attempt to do the log deal again. Funny that the company he attempted to merge with backed out of the deal after DDing the log deal. So how can anyone let him off the hook?
Too further my point, Mike took over the company and then put it back in Rufus' hands. I wonder if that was when he got the TA to issue him the additional 50M shares? Because shortly after that he helps to put TUT in power, begins for the first time bashing Rufus and has since disappeared.
Rufus is the only one who is still available and talking. Mike, Dave Perley and TUT have all gone underground. According to all info that is coming out, Rufus is broke, he got evicted, lost his horses, can't afford a lawyer. Heck so then where is all the money he supposedly made on the deal?
There is much more to the story than Rufus being the scamster. As I have posted before he is responsible in that he pumped the stock, guaranteed people things he was not able to provide and as you say was the man behind the wheel.
The difference is that I believe there were people who were doing the driving from the back of the bus. He is not educated and has said so many times on SPR. In fact, he has stated that he learned everything from the Internet. He is the perfect patsy.
My biggest problem with him at this time is his evasive postings and lack of decency by not giving people who have lost here the information they are entitled to.
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Source? "I "think the answer to the question is the guy is not all there and thrives on the attention he receives from this . Maybe he is the victim or maybe he's just too damn stupid to realize that this is for real and he's facing some serious stuff if the FBI does file criminal charges against him and the others involved ."
LOL..that could very well be the answer...
-------------------- #1 Rule: Protect your capital! #2 Rule: Never fall for the BS on the boards!
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You are correct but once again I say this in response . It was Rufus who shouted the loudest and beat on his chest in triumph . He's the one who made the guarantees , no one else . As for Mike "A".zzhole , I'm sure he's not out of the woods yet . I heard the FBI paid him a visit a while back and probably told him that he's not in the clear just yet . I'm not sure how fut tuck is involved other than he was looking to score big on this deal . Maybe its a lot deeper than that but I cannot say one way or the other . I do believe that bozo "Jesus Power" will be praying to the real Jesus before this is all over to save his sorry azz as well because he was wrapped up in this P&D and had insider info .
As said before , if Rufus was all the things he's claimed to be then he would not have been taken advantage of like he's trying to paint the picture . I think Rufus indirectly made money on this and the others probably made it a little more directly . If Rufus didn't profit from this scam , then he's even a bigger retard for it because its his head on the chopping block .
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Deciding "who exactly did what" does not particularly interest me... at some point, even the best Joe Retail DD can go only so far...
At this point, what *does* interest me is future prevention... Do any of you, upon reflection, think that those who were hoisting red flags and asking questions (that no one seemed to want to hear) could have posted differently or better? ie, would any amount of DD or poster's "rep" have mattered? Or, to frame it another way-- what if anything *could have posted* to help avoid/prevent such staggering losses?
-------------------- Nashoba Holba Chepulechi Adventures in microcapitalism...
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