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Microcap & Penny Stocks : PLNI - Game Over
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To: Jeffrey S. Mitchell who wrote (12170)10/3/2008 1:09:32 PM
From: scion   of 12518
 
...between January 2005 and April 2007, Plasticon raised at least $8.2 million through stock offerings involving investors in multiple states.

D. Unregistered Securities Offering

48) As discussed above, between January 2005 and April 2007, Plasticon raised at least $8.2 million through stock offerings involving investors in multiple states.

49) Plasticon sold securities on a continuous basis. At no time did six months pass between sales.

50) In most cases, Plasticon issued shares to Turek or LexReal, purportedly in exchange for services or to extinguish pre-existing debt obligations. Turek or LexReal then sold those shares a short time later to the investors in exchange for cash. Turek and Plasticon represented to the investors in stock purchase agreements, which Turek signed, that the shares were “free trading.” Upon information and belief, based on those representations, many of the investors sold some or all of their shares on the open market within weeks or months of receiving the shares.

51) No registration statement was on file or in effect with regard to the offering and Turek and Plasticon did not provide the investors with financial statements or other information of the type that would be contained in a registration statement.

52) Moreover, Turek and Plasticon knew or were reckless in not knowing that the investing public did not have access to information about Plasticon due to Plasticon’s practice of failing timely to file reports with the SEC with respect to its periodic reporting obligations.

sec.gov
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