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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services
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To: Nutty Buddy who wrote (25870)12/2/1998 9:30:00 PM
From: Little Engine  Read Replies (3) of 27968
 
<<<Did Ira Monas KNOWINGLY put out false information >>>

Well, yes. Time and time again. Let's start with a simple one -- he told shareholders that the financials had been sent to the SEC, when at that point, they did not even exist since the audit had not been done.

Then of course, there was the claim that FAMH made ".1085" per share. Those numbers were based on $8.5 million in revenues, which Ira knew were not even coming in. All he had to do was look at the total amount of checks cut to temps to figure that out. Or to see if anything close to $8 million had been deposited in the firm's bank accounts during the year.

Never mind the earnings claim... it would have been obvious to the company president, if he ever showed up for work, that the revenues were not there.

It seems obvious that the plan all along was to issue lots of stock and fleece investors. And why not? It worked. It's not as if anyone is busy suing Arif or Ira. Texas laws are clear that what they did was fraud -- has anyone even complained to the attorney general there?

As long as the stock is worth .025, then Arif's 40 million shares are worth $1 million. So why should he care how low the price goes?

The SEC is too swamped to deal with these thieves. They'll get off scot free.
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