An open letter to Reserach Frontiers investors, management, and directors.
My name is Bill Wexler. I am an individual investor who, until very recently, held a sizeable short position in REFR stock. I have been trading REFR stock short for over 5 years.
I frequently post opinions about REFR and many other stocks on the Silicon Investor and Yahoo message boards. I have posted numerous negative comments about REFR. I stand by every negative comment. My research into this company has led me to conclude that it is nothing more than a fraudulent stock-promotion scheme designed to enrich insiders while leaving small investors waiting for revenues and profits that never come - despite numerous and false claims to the contrary by management.
Recently, a website was published (www.asensioexposed.com) to smear a well-known short-seller, Manuel Asensio, and which also contains numerous defamatory comments about me. The author of the website implies that I am conspiring with hedge funds to drive down stocks. This assertion is ridiculous and false.
Mr. Asensio published an article on his website which rebutted the "asensioexposed" smear campaign and put forth a theory that the authors of the web site may be somehow connected to Hemispherx BioPharma Inc. Mr. Asensio has been a longtime critic of the Hemispherix stock fraud. Understandably, Mr. Asensio did not wish to waste time and money exposing the person(s) responsible and did not pursue the investigation any further.
I - on the other hand - felt it necessary to dig a little deeper. I have recently discovered that the real author of the asensioexposed web site is one of REFR's largest shareholders and a member of its advisory staff.. Dr. Albert Paul Malvino. I have also learned that Dr. Malvino has been responsible for posting literally tens of thousands of messages on internet stock chat boards.
Much like Mr. Asensio, I don't care much for nuisance litigation, and I don't have any ill will towards Dr. Malvino. In fact - ironically - there is ample evidence that he may turn out to be one of the biggest victims of the REFR stock fraud! Despite Dr. Malvino's excellent credentials as a scientist and textbook author, he was terribly misled by REFR's management about the economic prospects of SPD. I feel that Dr. Malvino's publishing of internet "hype" (usually parroting the false claims of market size, potential profits, etc. made by REFR insiders Robert Saxe and Joe Harary) and the "asensioexposed" site are nothing more than desperate attempts to prop up his investment.
Sincerely,
Bill Wexler
billwexler@yahoo.com |
