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Pastimes : Plastics to Oil - Pyrolysis and Secret Catalysts and Alterna
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To: mahatmapaul who wrote (53559)8/6/2021 4:08:19 PM
From: PaperProphet of 53574
 
Founder John Bordynuik pulled out all the stops in deceiving investors. I'm sure he was scheming day in and day out to figure out the next deceptive story.

I've seen a lot of penny stock scams. Scams striking deals with major companies like PTOI did with RockTenn, isn't uncommon. The scam company offers a no-risk deal that the major company can't refuse and for which the scam has no intention of following through. Then the scam puts out press releases to name drop the major company and sells shares into the investor interest created.

The other trick I've seen is that penny stock scams create an LLC and then strike a deal with the LLC to fool investors into thinking things are happening. In PTOI's case, I don't know if they had a hand in creating the LLCs they put out in press releases, but they definitely struck sham deals.

If anyone lacks ethics or wants to trade their ethics for money, it's super easy money to buy controlling interest in a shell company and to milk investors out of tens of millions of dollars or even around a hundred million dollars. Even the victims of penny stock scams pitch in to help pump the scam on message boards and to their friends and family. Message boards like IHub at least initially install pro-company moderators to squash skeptics to help the scam as well. Running a penny stock scam is super easy money. There's a reason why fraud runs rampant in penny stocks.
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