Kiosks, cocaine and Khashoggi.
In the world of dot-COM disturbed, you’re probably not more than a baroquely tortuous intrigues of the enveloping GenesisIntermedia.com Van Nuys, Calif. - One company, claims to use as bizarre as independent of arrivals cars, a consumer sale of telecommunications companies, a good and a network of Web shopping Mall kiosks.
Behind this business - or with him in one or the other - is a character such as the occupation that are not often seen, even in a penny stock Souk, much less the Nasdaq National Market, where Genesis is (or was last) acted (Nasdaq: geni). In this thread also a threat to all fairy tales Cautionary investors sake of a quick killing of a volatile prices such as storage Genesis, since spring has risen from $ 6.50 to $ 25, then go back .
The lesson: Do your Due Diligence. Then, running like crazy, that each company had to prove that, in custody - even partially - by investors who try to hide their identity behind a veil of anonymity investment companies resounding. You can never know when the regulatory authorities could show and halt trade with actions. That’s exactly what happened with individual investors, in Genesis, September.
So hiding behind the veil? First, Saudi Arabia, diffuse an arms dealer is wanted on a bank guarantee for Thai fraud in the country, and at least two drug dealers with felony rap sheets, one of whom died and had links to the Central Intelligence Agency. Two regional brokerage firms in Minnesota and New Jersey, have also been swept in history as the New York financial Carl Icahn, had the misfortune to develop a credit of $ 100 million for line Genesis Exchange in June of some good option in the history of enterprise storage.
Nasdaq regulatory authorities market trade Genesis stopped looking “information” of the company reaction visible on some confused - and confusing - public statements about their stocks had a triple-Split. A September 5 press advertising company, the plan, said the split would take place on 24 September. A day later, the company has followed a service in which the date of the split was more vague.
But on 19 September Genesis announced that the gap was divided city in the wake of market turmoil of the September 11 terrorist attacks. Genesis was right to a Hit, if plunged the entire market, it decreased from $ 17 on September 10 to $ 13 on 19 September. The action will continue to crumble, and the morning of 25 September, it had dropped to $ 8.30 per share - how much business in a confusing statement saying that the weakness of Genesis in the action, the result was “organizations, some information has not updated their databases for the postponement of the dividing line. This causes simply share continue to decline and end of the day, it was $ 5.90. That is when the regulatory authorities arrested trade until the company could explain what happened.
This is stayed for two brokerage companies, Native Nations Securities and Bank Walk group, suspended millions of losses by some complex transactions, stocks of the Confederation of regulatory authorities are now studied. But, is responsible for the revolt is almost a Side Show, behind the Nasdaq announcement - Genesis connect shareholders of $ 137.5 million, the value of components, they do not sell - was much more a story in fact.
Start with the largest individual shareholder of Genesis: a place called Ultimate Holdings. Ultimate Holdings would be an investment instrument for a Saudi arms dealer Adnan Khashoggi named, played a key role in supporting arms brokering illicit traffic from the USA to Iran then that the Iran-Contra affair. (By the way, Mr. Khashoggi and Imelda Marcos, former First Lady of the Philippines, were acquitted in common and attempts of the Federal Constitution of fraud charges in New York, and it is time to refugees from a bank guarantees fraud in the country Thai).
Genesis Underwriter’s Outfit was an original with the name of Millennium Financial. The company - now known as I-Bankers Securities - is assisted by a colleague named Michael Roy Fugler. It is preceded by an investment banker and brokerage, Mr. Fugler worked as a lawyer defending criminal - in what capacity it deals with narcotics in connection with the Arkansas case, a pilot named Barry Seal.
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