|To: peter michaelson who wrote (378)||1/25/2011 10:03:17 AM|
|Pantera’s Metcalf Sued by SEC for Stock Manipulation|
By David Glovin - Jan 24, 2011 2:47 PM PT
Christopher Metcalf, the former chief executive officer of Pantera Petroleum Inc., was accused in a Securities and Exchange Commission lawsuit of scheming to manipulate the oil company’s stock by paying bribes to brokers.
The SEC complaint filed today in Manhattan federal court accuses Metcalf, 41, and a stock promoter, Bozidar Vukovich, of conspiring in 2008 to pay kickbacks to a person, identified in court papers as “Individual A,” who they believed represented a group of brokers. Metcalf resigned in August as CEO of the Austin, Texas-based company, now known as ESP Resources Inc.
“Vukovich gave Individual A detailed instructions concerning the size, price and timing of” stock purchase orders, the SEC alleged. “In this way, Vukovich was able to insure that Individual A’s purchase orders were matched with Vukovich’s sell orders at prices Vukovich predetermined.”
Robert Heim, a lawyer for Metcalf and Pantera, didn’t immediately return a call seeking comment. Neither Vokovitch nor a lawyer for him could be located.
A message left with a secretary at the Scott, Louisiana- based ESP Resources wasn’t immediately returned. The company, which explores for oil and gas in North and South America, has a market value of about $10 million, according to data compiled by Bloomberg. Shares of ESP Resources trade on an over-the-counter bulletin board.
The case is SEC v. Metcalf, 11-cv-493, U.S. District Court, Southern District of New York (Manhattan).
To contact the reporters on this story: David Glovin in New York at email@example.com.
To contact the editor responsible for this story: David E. Rovella at firstname.lastname@example.org.
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|To: ParadoxTrader who wrote (978)||1/25/2011 4:59:16 PM|
|Got the ALME as well on 1/24/11.|
It says the author "does not accept compensation from publicly traded companies in return for his commentary."
It lists no compensation, but that wording does not rule out the old "third party" compensation game.
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|To: peter michaelson who wrote (973)||1/27/2011 7:09:31 PM|
|Don't Buy First China Pharmaceuticals Group (OTCB: FCPG) - Mike Swanson (01/27/11)|
Stock Market Commentary
Yesterday in my mail box I got one of the most disappointing pieces of mail in my life. It was a flyer promoting the penny stock First China Pharmaceuticals Group (OTCB:: FCPG) with the face of Tobin Smith on it.
I've watched Tobin Smith for years on FOX News where he has been a regular guest on their weekend Bulls and Bears show. On the show he has presented various investments ideas over the years, many of which made money for his viewers.
He founded Changewave.com for the Phillips publishing group, but left them a few years ago to start his own company called NBT Research.
He is someone who I always enjoyed seeing on TV, so this flyer was a huge disappointment to me, because it now shows him working in the worst part of the financial markets - the cesspool of paid penny stock promotion.
In my view there is nothing worse than being paid to promote garbage penny stocks.
On the back of the flyer in the disclaimer section it says that neither Smith nor his NBT company own a single share of the stock, however they expect "to receive new registrants to its investor relations services as a result of this advertising effort."
On his twitter account Smith calls this stock his number one pick.
This is an old game where a newsletter writer gets paid to put his face on the front page of a penny stock flyer touting a pump and dump stock. If they aren't paid in stock they end up making money off of the new subscriptions.
On the flyer it also states that "Mediacom Strategies, Inc., paid one-hundred fifty-eight thousand dollars, which it received from a shareholder(s) of the feature company, who may or will sell shares of the feature company at or about the time of this mailing..."
Now the company is a China drug company that made one million in revenue last year and made $114k in net income. The stock has a market cap of $120 million dollars!
My financial website doesn't make a million in revenue, but it has made over $114k in a year. And I've had years in the stock market where I've made much more than that.
I don't think that makes my website worth over $120 million dollars!
That is how insanely overvalued this stock is. It has a P/E of 666. The devil's number.
This is one of the biggest P/E's I've ever seen in my life.
And right on the cover of the flyer next to Tobin's face is a promise that if you buy the stock it "could grab a fast $1,135%" gain for you.
If that were to happen then this stock would grow in size to be worth more than any other company on the planet - bigger in fact than the size of the entire US national debt. It would become the first trillion dollar stock!
It's an absurd claim, but that is what happens when you get paid by penny stock companies. You sell yourself out and end up making ridiculous statements and making a fool out of yourself.
I write this in the hope that Smith will turn away from such promotions in the future. He can do better than this and I hope he will. Everyone makes mistakes. I've done a few things in the past I regret as I'm sure you have too, so do not be too hard on Smith. Hopefully this post will help wake him up.
Reality is the economy has been bad the past few years and many financial newsletters got hit on hard times in 2008. Lots of them went out of business and many people got financially desperate. Maybe that is the case here.
What is shocking is that someone on Fox News is being paid to promote penny stocks and they don't care. He is a regular TV guest on FOX, so is the biggest most mainstream person I've ever seen fall into stock promotion. As much as I complain about CNBC they would never allow a regular guest to do this.
The only way to stop such things is to point them out. Experts on TV get a huge audience and should treat that as a high responsibility.
I know I've been offered money to promote stocks and every time I have turned down such deals. You do not need to do such things to build a good financial advisory business. You can spend money on advertising yourself like I do and not depend on unsavory people.
It is true that many investors are attracted to penny stocks and there is the potential for quick returns in the penny stock world. But almost every single penny stock writer is just a paid promoter.
The only one I know who isn't and is able to do good for people is Matt Morris of Microcapmillionaires who lives just down the road from me in North Carolina. If you want to get into penny stocks and get ideas from someone who is not paid by anyone and is objective then check out his free newsletter at Microcapmillionaires.com.
He's got a video showing you how to find penny stocks before they go up. Watch it by going here.
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|To: olenick who wrote (964)||1/30/2011 10:15:40 PM|
|IPRC mailer recd last week, $750k paid by Medford Financial Ltd, published by Carpenter Global Stock Advisory.|
Stock was around 0.95 when I received it.
Mailer is 16 pages, color, glossy.
Looks like a newsletter, with a Phoneix AZ return address.
Cover page: THIS IS THE MOMENT "It May Be Years Before You'll See Such a PERFECT OIL & GAS PLAY"
from 2nd page:
- Smartly run, the company sits on a huge proven reserve of oil and natural gas.
- Its Oil and Gas Reserves are RATED P90. As you
will see, that means energy experts are convinced that the company ha a minimum 90% probability to get all this oil and gas to market.
(My comment: the 10Q says nothing like this at all, but that's no surprise.)
Message #966 from olenick at 1/19/2011 9:55:29 PM
Imperial Resources Inc. (IPRC)
Has anyone here received a mailer? I read where there was a campaign underway in late December but haven't been able to verify.
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