Dear Mrs Morris,
I have been led into this trap by a firm called PriceStone which was based in Madrid but is backed by US money. This advising house has now liquidated.
Some of the stocks promoted may turn out good but many are spurious
In one case First American Railway- there was a bankruptcy case in progress for the company in Florida.
when the promotion was pushed to buy the shares based upon a letter of intent reputedly signed with a private company called SkyOne in Marina del Rey CA. This letter was fiction but the announcement was displayed on the Pink Sheets page. The company page continued to be shown despite the case in Florida.
I have spoken to the Trustee of the case in Fort Lauderdale,sent them a summary, and to the SEC office in Los Angeles. How is it possible for comaonies in Bankruptcy to continue to offer shares on the market. In the case of First American Railways, there has been no company information on the Pink Sheets -officers, address etc perhaps because the Trustee had replaced the officers and no on could trace the case.My loss in this matter is $75000. In November the management of PriceStone was saying a sale of the shares would happen There were many other nonUS buyers who were also wishing to recoup their money. You would do well to make a deep investigation into the background of PriceStone. I can provide detailed information about mor estocks and the business in Madrid. Contact with The FSA in the UK may reveal more, as their have been many complaints about PriceStone.
I have 5 other stocks sold on untruths.
I fully support the new rules to prevent FRAUDULENT promotion and sales.
Is it true that in Florida so called bankrupt companies can keep funds and not pay creditors.?
You have my full support for this change in the rules but DO NOT DELAY.