Lonnie, of course Ira and Arif could go to jail, if they are criminally prosecuted. A c-a lawsuit by shareholders, former or current, will not accomplish this, although some posters here seem to think it could. Lots of ignorance re the elementary differences between civ and crim. Lonnie, thief by deception, whatever, these shysters blatantly broke the laws, and they will be charged i believe. Only a matter of time.
And let me replay the scenario for you: A family-owned contract labor co that has little going for it gets a new pres, annouonces a few acquisitions, and begins to otherwise promote itself, including a paid announcement in IBD, which led me to this opportunity. I make a couple of calls, get some hype, and no figures in writing, despite asking that they send the #s to me in the mail. A mm calls me telling me the stock is going to go the moon and is hugely undervalued, and is selling for .14 and will make .18 / share for the year. I fib a little and tell him no thanks, it's too risky for me. He gets really agitated and tries to pitch me again.
Couple of days later I see the stock start to move, and i buy at 0.19. Soon it goes up to 44 (caused by the .1085 announcement) but before it gets there, in the high 30's i sell some. THen it hits 44 and starts to descend back into the 30's. In the 30's I sell the rest. Then I call the co again and get more hope and hype, again request in writing, again nothing comes in the mail. A couple of weeks later, I call and again request any data at all in writing, can they send it to me?? "Oh, of course, what is your address?" For the 3rd time nothing arrives.
Two of these times I spoke with Ira, and immediately sensed he was a Long Island hustler type. No big eureka there. What was I supposed to think, this is the next Intel?? They cannot even mail me the #s they claim they have on paper? Could any of the geniuses on this board have gotten the same gut instinct had they bothered to make a few calls themselves?? Of course they could.
After it fell into the high 20's I bought some again, and sweated as it went lower, but then smiled when it came back and went quite a bit higher. Sold in the high 40's. Then it went to .65 or whatever.
I got back in in the very high teens, and there I sit, on a paper loss for this trade, but still overall profitable.
I am not wiser than anybody else; I am just a working boy. I just don't fall in love with stocks. And I don't even get a crush on bb stocks. So if i can do this, why can't all the other people on this board, instead of buying bb stocks with no 3rd-party-verified information about them, and putting them away for their kids' college fund?
Victor
p.s., where did you get the notion that I think these famh frauds did nothing wrong? |
