In my post, I implied that founder Mr. Bordynuik was bilking investors with his claims of a $10/bbl crude oil equivalent. I didn't say anything about others associated with PTOI being dishonest. However if we were to compile a list:
Gregg Jaclin, who set up the PTOI shell was recently charged with fraud for setting up a number of sham shell companies.
You can assume that PTOI was the one shell company set up by Gregg Jaclin which was legitimate...but then you can see how PTOI founder, John Bordynuik, cooked the books by booking worthless media credits on PTOI's books for $10M, for which he was charged with fraud by both the SEC and OSC and ultimately settled with a fine for each.
You can assume that John Bordynuik was simply naive and didn't understand what he was doing when he either incorrectly booked the the $10M valuation and then pitched that valuation to investors...but then you can see from the suit that Mr. Bordynuik hired Gately and Associates to sign off on the fake valuation...even paying for the auditor's criminal representation for felony DUI and possession of marijuana before having him sign off on PTOI's books and even offered the auditor a job at PTOI.
You can look at current PTOI CEO Mr. Heddle...who trumpeted in late November 2013 about processor #3 being up and running near full production...and then letting investors keep thinking that for six months, while never disclosing that the plant was busted around that same time. He even 8-k'd that he was keeping operators during that six months while investors were being kept in the dark without disclosing that the operators were currently not able to operate anything.
You can poo poo away all of that...but given the circumstances it would be worthwhile for investors to at least demand some evidence that the process has some value before plunking down hard-earned money on PTOI.
It would be worthwhile to make any penny stock provide evidence that they can turn garbage into fuel at 90% gross margins before investing. PTOI should be the opposite of an exception to that rule.
Naked shorting is not PTOI's problem.
Gregg Jaclin, who set up the PTOI shell was recently charged with fraud for setting up a number of sham shell companies.
You can assume that PTOI was the one shell company set up by Gregg Jaclin which was legitimate...but then you can see how PTOI founder, John Bordynuik, cooked the books by booking worthless media credits on PTOI's books for $10M, for which he was charged with fraud by both the SEC and OSC and ultimately settled with a fine for each.
You can assume that John Bordynuik was simply naive and didn't understand what he was doing when he either incorrectly booked the the $10M valuation and then pitched that valuation to investors...but then you can see from the suit that Mr. Bordynuik hired Gately and Associates to sign off on the fake valuation...even paying for the auditor's criminal representation for felony DUI and possession of marijuana before having him sign off on PTOI's books and even offered the auditor a job at PTOI.
You can look at current PTOI CEO Mr. Heddle...who trumpeted in late November 2013 about processor #3 being up and running near full production...and then letting investors keep thinking that for six months, while never disclosing that the plant was busted around that same time. He even 8-k'd that he was keeping operators during that six months while investors were being kept in the dark without disclosing that the operators were currently not able to operate anything.
You can poo poo away all of that...but given the circumstances it would be worthwhile for investors to at least demand some evidence that the process has some value before plunking down hard-earned money on PTOI.
It would be worthwhile to make any penny stock provide evidence that they can turn garbage into fuel at 90% gross margins before investing. PTOI should be the opposite of an exception to that rule.
Naked shorting is not PTOI's problem.
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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.
