Willy Wizard
Mr. Engel, a car salesman and stock tout who is still making instalment payments on an SEC fine levied in connection with previous touting activity, was one of the earliest CMKM Internet cheerleaders.
The stock tout has registered thousands of posts on stock message boards, profiled CMKM on his website, WillyWizard.com, issued scads of imaginative e-mails about the company and now holds forth almost daily about the pink sheet promotion on PalTalk, an Internet site that offers text and audio messaging in virtual rooms.
Mr. Engel began acquiring a position in CMKM last year based on outrageous rumours circulated by other touts including Jose Davila and U.S. air force officer Major Sterling Collins.
Alas, the wild tales of massive finds of diamonds, platinum, gold, silver and pretty much every other known mineral of any value bore no relation to reality.
Nonetheless, Mr. Engel claims that he increased his already sizeable holdings when CMKM hired the highly and imaginatively touted securities lawyer D. Roger Glenn of Edwards & Angell last June. CMKM bade farewell to Mr. Glenn in February.
By the time the dust had settled on Mr. Engel's buying, he was "all in," having sunk all of his cash into the subpenny pink sheet promotion. According to the stock tout, he had amassed approximately 980 million shares of CMKM at a cost of almost $200,000. (All amounts are in U.S. dollars.)
Mr. Engel's position briefly increased by a relatively insignificant three million shares last fall when he was one of many recipients of shares distributed by rumour-mongering tout Mr. Davila.
Perhaps sensitive to the appearance that gift might leave with regulators, Mr. Engel reports that he returned the certificates for three million shares of CMKM and three million shares of a related private company, Casavant International Mining Inc., to the transfer agent for cancellation.
Meanwhile, the stock tout, who claims credit for having brought thousands of investors to CMKM, has had to reduce his position a bit in order to meet some expenses including his SEC fine instalments. Mr. Engel reportedly now holds approximately 920 million shares of the pink sheet promotion.
With approximately $185,000 still tied up in CMKM, not to mention the "responsibility" he claims for his followers, Mr. Engel has not been overjoyed with recent developments.
Like many of the company's starry-eyed followers, however, the stock tout evidently thinks that the SEC is to blame for the current predicament, not CMKM.
Mr. Engel served up some of his thoughts on the matter in a March 18 news release.
stockwatch.com |
