"Just to be clear, according to you the new standa
Post# of 43064
Posted On: 11/09/2014 7:10:26 PM
"Just to be clear, according to you the new standard for establishing a company as a scam (and worth taking to court for fraud) is that some investors lost money trading its stock?"
It's not a new standard. Suffering damages is part of being defrauded. If a person knowingly makes misrepresentations, if others rely on those misrepresentation and, finally, if they suffer damages because of their reliance on the misrepresentations, that's the case for fraud.
In the media credit fraud for example, the SEC was able to get Mr. Bordynuik's Skype logs which showed he was well aware that he was falsely booking $10M worth of media credits. The SEC also found out that Mr. Bordynuik was counceled several times that booking the media credits at $10M was incorrect. Mr. Bordynuik's response was basically that he needed the valuation and that booking them at the fake price was "audit proof." Mr. Bordynuik then conspired with an auditor, even trying to get the auditor out of jail for other offenses, to get the auditor to sign off on the fraudulent valuation. Anyone who believed that PTOI had a positive book value because of that misrepresentation instead of the negative book value it actually had, and lost money because of that, was defrauded.
Past suits show that Mr. Bordynuik likes to play the "I'm just a stupid victim too" card so if anyone charges him with fraud for saying he can make fuel for under $10/bbl with offers in place for WTI-$3, I'm sure he will say he believed every word that came out of his own mouth so obviously there's a little work, but the payoff is the recovery of some losses. Through all the lengthy exhaustive testing, Mr. Bordynuik would had to have been too dumb to determine the costs and prices. And keep in mind while Mr. Bordynuik kept the story alive that he was going to have 2,500 sites, each site producing 115 bbl/day and clearing about $100/bbl in the next "few years," he was also dumping about a million dollars worth of shares onto investors heads at somewhere between $1 too $1.40/share. It's almost as if Mr. Bordynuik somehow knew that his own words were total BS....
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It's not a new standard. Suffering damages is part of being defrauded. If a person knowingly makes misrepresentations, if others rely on those misrepresentation and, finally, if they suffer damages because of their reliance on the misrepresentations, that's the case for fraud.
In the media credit fraud for example, the SEC was able to get Mr. Bordynuik's Skype logs which showed he was well aware that he was falsely booking $10M worth of media credits. The SEC also found out that Mr. Bordynuik was counceled several times that booking the media credits at $10M was incorrect. Mr. Bordynuik's response was basically that he needed the valuation and that booking them at the fake price was "audit proof." Mr. Bordynuik then conspired with an auditor, even trying to get the auditor out of jail for other offenses, to get the auditor to sign off on the fraudulent valuation. Anyone who believed that PTOI had a positive book value because of that misrepresentation instead of the negative book value it actually had, and lost money because of that, was defrauded.
Past suits show that Mr. Bordynuik likes to play the "I'm just a stupid victim too" card so if anyone charges him with fraud for saying he can make fuel for under $10/bbl with offers in place for WTI-$3, I'm sure he will say he believed every word that came out of his own mouth so obviously there's a little work, but the payoff is the recovery of some losses. Through all the lengthy exhaustive testing, Mr. Bordynuik would had to have been too dumb to determine the costs and prices. And keep in mind while Mr. Bordynuik kept the story alive that he was going to have 2,500 sites, each site producing 115 bbl/day and clearing about $100/bbl in the next "few years," he was also dumping about a million dollars worth of shares onto investors heads at somewhere between $1 too $1.40/share. It's almost as if Mr. Bordynuik somehow knew that his own words were total BS....
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(0)Plastic2Oil, Inc. (PTOI) Stock Research Links
Yes, I understand your penny stock also is the real deal, created with the inventiveness of Edison and destined to be the next Microsoft. Yes, I understand that the delays are also only because your company is making their product and/or technology even more revolutionary.
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