Hi Dusty,
We can all sit here and blame each other for this situation, but in my opinion, that is pointless.
All of the DD in the world could not have forseen this, because one cannot predict a dishonest act.
In actuality, Dan Fisher allegedly issued to himself illegal shares of stock, then sold them on the open market, absconding to the Bahamas with the money. How could that possibly be the fault of anyone on this thread? It is clearly the fault of Fisher, along with the newly appointed hand picked T/A, and also any broker who traded these shares, knowing that Fisher was a CEO, (which he publicized), with no SEC forms filed to allow the sale of the stock.
In my opinion, the people on this thread could have done absolutely no DD at all on this stock, and we still would have seen the end result turn out the same, because the heavy buying STILL would have come into it based on the Exxon news release and the promises Fisher made. IMO, Fisher made the Exxon release to draw international attention to Arcon and bring the big bucks into the company, because he was not getting the kind of money he wanted into the company from the internet investors. Once that announcement was made, big bucks started coming in, and Fisher allegedly started getting out.
Now what I want to know is how any amount of DD in the world could have predicted that. And before you go and say "his background & character should have been checked", I will ask, why didn't you check it? We all have the same resources available to us. We all have the internet, and we all had phone numbers for Arcon and for Dan Fisher and for John Spriggs. Heck, some of us even talked to them! So, if you are going to blame Gary for this, go ahead and blame me too, and others, like Jeff Rainey, Jimbo, James Scanlon, Wayne B., Jeff Harrington, Sheri, Charger, Earl, and even yourself, because we ALL had access to the same DD, and we ALL missed it.
As far as the patents go, it is not uncommon for a company to try to "hide" a patent. In the insurance industry, we are required by various regulatory authorities to file our rates. In order to avoid our competitors from finding our rates, we "hide" them under various subcompanies. Heck, I have been digging for 2 years to try to find one of my competitors, with no luck! We all had the same information, and we all made a conscious decision to buy this stock.
Now, in hindsight, the lesson I have learned from all of this is that when your stock suddenly gets a new transfer agent for no apparant reason, send up a red flag. I may be wrong about that, but I know if that ever happens again, that will be my reaction.
:-)
Anna |
