Its not Global Asset Business Inc., or GAHI. but Global Assets Holdings which changed name to EPIXTAR CORP google.com
stocklemon also did a story on EPIXTAR CORP
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FTC FILES RESTRAINING ORDER - FREEZES ASSETS AND APPOINTS RECEIVER
STOCK FRAUD'S SILENT ACCOMPLICE
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EPIXTAR CORP
OTC- BULLETIN BOARD SYMBOL EPXR
Corporate Headquarters:
11900 Biscayne Blvd.
Suite 262
Miami, FL 33181
305-503-8600 or 305-981-0539
customercare@oneyp.com
The Ones Responsible
Chairman of the Board of Directors - CEO
Martin Miller
CFO
Irving Greenman
President
William D. Rhodes Jr.
SEC FILINGS
Some Basic Facts - as of September 30, 2002 (end of third quarter)
Shares outstanding (common) - 10,503,000
Total Assets - $19,916,633 (goodwill $16,801,359)
Total Liabilities - $10,403,202
Revenues for 9 months - $13,134,896
Total Net Loss for 9 months - $3,975,093
Stock bid price upon release of the complaint $2.05
Date Filed: March 19, 2003
Filed with: SEC, Federal Trade Commission (FTC), Federal Communications Commission (FCC), Florida Attorney General's Office
Known action to date - Subpoena served on the company by the State of Florida according to Epixtar's 10K just filed. Prior action by Missouri Attorney General and Iowa Consumer Protection Agency.
12 FEBRUARY 2004 - We were one of the first to alert the market and the public to this scam only to be proven right when the FTC took action against them. Now the FTC has opened a hotline for consumers who were ripped off to make a claim.
Here is a story from computing.com that tells all about it.
NOTE 30 OCTOBER 2003 - Epixtar and its subsidiaries, Liberty Online Services, Inc., National Online Services, Inc., B2B Advantage, Inc., a/k/a SBA Online, Inc., and an officer, William Rhodes, have been sued and served with an ex parte temporary restraining order, asset freeze, order permitting expedited discovery, order appointing temporary receiver, and an order to show cause in an action commenced by the Federal Trade Commission in the United States District Court for the Southern District of New York. The Order covers each of these entities, as well as their parents, subsidiaries, and affiliates. see press release
OUR COMPLAINT TO THE FTC
OUR COMPLAINT TO THE SEC
OUR SECOND COMPLAINT TO THE SEC
SPECIAL UPDATE
MAY 16 - PC WORLD ARTICLE ON EPIXTAR
April 23 - A revealing MSNBC.com story on Epixtar.
April 14 - Great News: Epixtar Corporation just filed its form 10K on April 14, 2003 and there are some significant disclosures about the progress of legal action. Here is the company's disclosure. We are particularly pleased to direct your attention to the fact that the State of Florida has served Epixtar with an investigatory subpoena. We filed our complaint with the State of Florida Attorney General's office on March 19th. Here is their disclosure.
"Despite our substantial efforts to minimize complaints, we are subject to inquires as well as formal proceedings in several states. In two states, we are negotiating settlements, which we believe will result in total fines of less than $20000 and a possible script change. While we believe our script is fully compliant with all regulations and not misleading we will agree to the change as part of an ongoing policy of complying with all regulators, including those of state consumer protection agencies. We have also agreed to a temporary restraining order in Missouri barring one of our operating subsidiaries from certain business practices related to this allegation in that state placing charges on telephone bills without the proper authorization. We intend to contest the imposition of a permanent injunction. We are also subject to an investigatory subpoena in Florida and are cooperating fully.
In addition to proceedings described above, customer complaints have resulted in the termination of arrangements with a billing house and a Lec. We do not believe these terminations will have an impact on current revenues but future complaints may lead to further terminations. We therefore have redoubled our compliance efforts as discussed above.
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We just got an email from the PUC in Texas detailing their complaint filed against National Online Services. Multiple consumer complaints and fines. You can read it here. Just click on this link TEXAS PUC COMPLAINT
Note: We wanted to get this first information to the FTC & SEC and to you because of the nature of the information. We are working on a follow up complaint as we discover more facts within the filings and will forward it to the SEC and will post it here very soon so stand by. Also, we have filed the FTC complaint with the FCC as well. Both the FTC and the FCC have enforcement authority over companies perpetrating fraud on consumers through the practice known as "cramming".
Note: We attempt to be as accurate as possible. We welcome and will publish any corrections with accompanying documentation provided by the subject company.
SUMMARY
Epixtar Corp. has just filed an amended statement of the first three quarters of its 2002 financial statements as well as a restated 10K annual report for the year ending December 31, 2001. This is only important to the situation for one very significant reason. There are legal troubles afoot and the company isn't being completely forthcoming with their shareholders about it.
In their 10K, Epixtar disclosed that "National Online has received 95 complaints and/or inquiries from regulatory agencies and 27 inquiries form the Better Business Bureau resulting from its 136,911 trial and monthly members as of April 8, 2002."
In the three following 10Q quarterly reports ending with the most recent, the quarter ending Sept 30, 2002 and signed March 3, 2003, the company failed to disclose this material fact again. They didn't mention it at all! Since these legal actions are against the company in regards to its business practices, this can have a material effect on its financial statements. As a result, this is the kind of thing a company would normally not only include in its quarterly statements, it is also something a company would normally include as a "subsequent event" if it occurred between the time the reporting period ended and the report was filed.
To make matters worse, the company just put out a press release announcing their 4th quarter income statement and, once again they didn't mention anything about legal actions that were filed in January by the Missouri Attorney General's office nor did they mention anything about another action filed by the Iowa Consumer Protection Agency. And where was the disclosure/disclaimer at the bottom of the press release anyway?
Is this a company trying to do its best like it says it is or is this some kind of ongoing criminal enterprise? I can't say for sure but I think it is time for the FTC to step in and find out. Based upon the complaints I read on the internet at
ripoffreport.com
I want the FTC there sooner rather than later. Based upon their unwillingness to fully disclose their legal issues completely and openly in their quarterly filings and in their press releases, we feel the SEC should step in and have a look too.
As a result, this time we have filed a complaint with both the Federal Trade Commission and the SEC. Will they respond? We never know so remember, it's your street, you take it back by investing in companies where ethics aren't even an issue!! Do your research!
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Our-street.com copyrignt 2003
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