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Jasun7211
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June 21, 2014, 10:15:24 PM |
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I still feel the same. I don't think his intentions were bad, a poor executor. ...no doubt. I don't get attached to anything for me to even have a chance to let go. I mean you met the guy and still stuck with him. Do I smell a little Ken love triangle. Find out live tonight at this Actm "moderated" thread. Lulz  |
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arousedrhino
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June 22, 2014, 12:23:07 AM |
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Look, even if Ken pays the fine and refunds the people who want out, Ken is not allowed to then continue to have shares with folks who aren't accredited investors. It's like running a prostitution business, getting busted once and then saying, "Well it's cool we can keep running the business this way because we paid a fine." No, you can't. He'll get fined again if it continues.
Only Ken said that people can stay in. The MSD didn't say that. They said Ken has to cease the shares activity and pay refunds. If you stay in, Ken is still never going to be able to pay you a dividend. Not unless you become an accredited investor. That's the law.
You are flushing all your money away if you don't take the refund. Ken will be forced to abandon the remaining shareholders by law.
Do you think that he's going to just keep doing it? My God... The next investigation would be the SEC that will tear him apart and throw him in jail. He's not going to risk that to give you a few hundred Satoshi.
The only reason Ken is saying it'll be business as usual is that, well for him it will be but not for you. And if you don't get a refund, well then he never has to pay you anything.
You guys are holding onto nothing. Ken can't get around the law. The law says he cannot have shares with you if you're not accredited. Go get accredited if you want to stay in it. Otherwise, you'll never get another Satoshi from Ken regardless if he suddenly appeared with a miracle chip in hand. You get nothing.
Also, that 100k value of the company's assets means nothing. You didn't purchase equity shares, you purchased profit shares. They are worthless. Without financials, you can't ever prove there were profits.
It all depends if you want to make your identity public for what the MSD rules is the refund. For some the price of the shares in a refund isn't worth having our name in the public ledger about this investigation. |
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arousedrhino
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June 22, 2014, 12:32:21 AM |
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Which part? You mean the "law" that exists? It's a law. Laws can't be broken again just because you pay a fine. You don't get to keep speeding because you paid a speeding ticket once.
He'd be breaking the law again and again by continuing to operate the fund for unaccredited investors. He doesn't get a free pass by paying the fine one time.
I dunno how else to explain it. You might want to call and talk to your lawyer or maybe call the MSD youself and ask about it, they'll explain that to you. You can pretend you're ZZ so you won't get in any trouble if you're afraid they'll come to your house and take your bike or something.
Well you can keep speeding and pay the fines repeatedly. It's only after a certain number of tickets that your license gets taken away and then you can no longer speed unless you also drive illegally. Corporations break the law pay a fine and break the law again, thats usually how it works in America. The SEC issues fines to firms like Goldman Sachs, they pay the fine and continue on with their business with no changes. http://www.ibtimes.com/banks-have-been-fined-nearly-3-billion-sec-have-spent-66-billion-litigation-one-major-bank-hasntJPMORGAN: The SEC charged the firm with misleading investors in offerings of residential mortgage-backed securities. It agreed to pay $296.9 million to settle the SEC's charges. (11/16/12)
CITIGROUP: The charge was misleading investors about a $1 billion CDO tied to the housing market in which Citigroup bet against investors as the market showed signs of distress. The settlement was $285 million that would be returned to harmed investors. (10/19/11)
GOLDMAN SACHS: The SEC charged the firm with defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter. Goldman agreed to pay a record penalty in a $550 million settlement and reform its business practices. (7/15/10)
CREDIT SUISSE SECURITIES: The SEC charged it with misleading investors in an offering of residential mortgage-backed securities. Credit Suisse agreed to pay $120 million to settle the SEC's charges. (11/16/12)
CHARLES SCHWAB: The SEC charged entities and executives with making misleading statements to investors in marketing a mutual fund heavily invested in mortgage-backed and other risky securities. The Schwab entities paid more than $118 million to settle charges.
MORGAN KEEGAN: The firm agreed to pay $100 million to the SEC and two employees also agreed to pay penalties, including one who agreed to be barred from the securities industry. (6/22/11)
STATE STREET: The SEC charged the firm with misleading investors about exposure to subprime investments while selectively disclosing more complete information to favored investors. State Street agreed to repay investors more than $300 million to settle the charges. (2/4/10)
BANK of AMERICA: The SEC charged the company with misleading investors about billions of dollars in bonuses being paid to Merrill Lynch executives at the time of its acquisition of the firm, and failing to disclose extraordinary losses that Merrill sustained. Bank of America paid $150 million to settle charges. (2/4/10)
There's also http://en.wikipedia.org/wiki/List_of_major_SEC_enforcement_actions_(2009%E2%80%9312) which is just 2009-2012, they are in there multiple times but are still in business. |
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IPO Magic
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June 22, 2014, 12:55:45 AM |
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^They'll nevar get The Kenneth!  And when they try to get me
I just run awa-hay
We've been doin' this for a long long time
Babe you gotta love me for my life of criiiiiiiiiiime
Get the message now!? |
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arousedrhino
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June 22, 2014, 01:55:55 AM |
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^They'll nevar get The Kenneth! And when they try to get me
I just run awa-hay
We've been doin' this for a long long time
Babe you gotta love me for my life of criiiiiiiiiiime
Get the message now!?haha, the fines will probably cripple him though. They can afford the fines, ActM cannot. |
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Nosniw
Newbie
 Offline
Activity: 45
Merit: 0
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June 22, 2014, 04:10:49 AM |
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My understanding of it is Ken is no longer allowed to issue more shares.
He stated in his own press release through his lawyer that this would not be a problem as he would not be seeking further investment.
where is Ken's own press release  ?? |
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aquarius
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June 22, 2014, 09:47:56 AM |
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thanks for posting! I have not seen those. |
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zumzero
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June 22, 2014, 10:31:50 AM |
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I wonder what the chances are that anyone having sold shares through CT since the cease and desist will be prosecuted.
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bigdude
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June 22, 2014, 01:22:37 PM |
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"Mr Slaughters companies continue to operate without the need for additional investment"
So AMC/VMC will keep running for those investors who decide not to get a refund?
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knybe
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June 22, 2014, 02:30:51 PM |
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Again what the fuck is wrong with Ken that he can't come in here, where he knows we're all clamoring for information, and give us these fucking press releases?
The dysfunctionality in his inability to communicate is a major reason I want out and nothing more ever to do with this jackass.
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aquarius
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June 22, 2014, 03:09:01 PM |
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"Mr Slaughters companies continue to operate without the need for additional investment"
So AMC/VMC will keep running for those investors who decide not to get a refund?
yes |
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runam0k
Legendary
Offline
Activity: 1092
Merit: 1001
Touchdown
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June 22, 2014, 04:51:30 PM |
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I wonder what the chances are that anyone having sold shares through CT since the cease and desist will be prosecuted.
Zero. CT is nothing more than a secondary market. So long as Ken isn't there selling new shares to new unaccredited investors. |
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navitatl
Member
Offline
Activity: 119
Merit: 10
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June 22, 2014, 05:27:27 PM |
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I wonder what the chances are that anyone having sold shares through CT since the cease and desist will be prosecuted.
Zero. CT is nothing more than a secondary market. So long as Ken isn't there selling new shares to new unaccredited investors. On March 6th on Cryptotrade there was a large buy order set at .00001, and any order above that would get sold into immediately. Someone dumped over 1.3 million shares at this price in a several hour span (most at .00001001), then they pulled their buy order. It definitely felt like someone with access to the "issue-new-shares" button. |
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VinceSamios
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June 22, 2014, 07:46:33 PM |
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I wonder what the chances are that anyone having sold shares through CT since the cease and desist will be prosecuted.
Zero. CT is nothing more than a secondary market. So long as Ken isn't there selling new shares to new unaccredited investors. On March 6th on Cryptotrade there was a large buy order set at .00001, and any order above that would get sold into immediately. Someone dumped over 1.3 million shares at this price in a several hour span (most at .00001001), then they pulled their buy order. It definitely felt like someone with access to the "issue-new-shares" button. Except you can see how many shares are on the market.... so no... |
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zumzero
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June 22, 2014, 09:55:46 PM |
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So this cease and desist only applies to Ken or anyone working for him and prevents he or them from selling new shares. Otherwise he's free to continue with his business unhindered. His lawyers have clearly instructed him to break all contact with the shareholders which makes sense. The next time we can expect to hear from Ken will be when he announces the conditions and details of the restitution package. That could be quite soon.
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Nosniw
Newbie
Offline
Activity: 45
Merit: 0
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June 22, 2014, 11:03:33 PM |
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I wonder what the chances are that anyone having sold shares through CT since the cease and desist will be prosecuted.
Zero. CT is nothing more than a secondary market. So long as Ken isn't there selling new shares to new unaccredited investors. On March 6th on Cryptotrade there was a large buy order set at .00001, and any order above that would get sold into immediately. Someone dumped over 1.3 million shares at this price in a several hour span (most at .00001001), then they pulled their buy order. It definitely felt like someone with access to the "issue-new-shares" button. you don't have to feel anything no new shares was issued... you can see it on "Details" page Shares 9682825 / 25000000 Outstanding |
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damiano
Legendary
Offline
Activity: 1246
Merit: 1000
103 days, 21 hours and 10 minutes.
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June 23, 2014, 05:23:44 AM |
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"Mr Slaughters companies continue to operate without the need for additional investment"
So AMC/VMC will keep running for those investors who decide not to get a refund?
Hahaha with what money ? |
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JoTheKhan
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June 23, 2014, 06:46:01 AM |
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"Mr Slaughters companies continue to operate without the need for additional investment"
So AMC/VMC will keep running for those investors who decide not to get a refund?
Hahaha with what money ? At some point he sat around for months thinking about what to do next. That was probably rather cheap, he can probably pull that off for a few more months before he goes bust. |
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VinceSamios
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June 23, 2014, 08:28:54 AM |
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So just a little reality check...
Everyone is guessing that the company is fucked... guessing.
At the same time there is clearly enough capital to pay a lawyer.
Secondly that lawyer has repeatedly stated that the company doesn't require additional investment. That's not Ken making the statement, it's a lawyer who has to follow certain rules.
So the lawyers statements say the company can continue to trade despite the situation. So there is still £100k in hardware assets... we don't know about other assets... In theory 100k should be the lowest valuation for ActM... Unless we don't trust lawyers....
but back to the original point - we are all guessing that the company is doomed... nobody knows for sure...
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