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Suing: Kemp Electronics and Lemon Inc.
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Victoria Raverna RJ: Victoria Raverna CO: Victoria Raverna Post Rating: 1 + / - Total Posts: 107 Karma: 43 Joined: Apr 11, 2012 |
Posted on Apr 20, 2012 I took over Lime Co. (PAP) and discovered fraud by some previous CEOs.One CEO did some questional B2B purchase and sales with Kemp Electronics to defraud shareholders: Monitor 20 27,663 $950.00 $26,279,850.00 Kemp Electronics 2012-04-19 20:26:41 Monitor 20 27,663 $450.00 $12,448,350.00 Kemp Electronics 2012-04-19 20:46:54 Bought a bunch of Monitor from Kemp Electronics then sell it back for less than half the price 20 minutes later. Gaming Console 12 5,290 $1,800.00 $9,522,000.00 Kemp Electronics 2012-04-19 20:31:20 Bought Gaming Console for price that is much higher than import from Kemp Electronics. Then before that there is another CEO that bought Lemon from Lemon Inc for questionable price: Lemon 25 412,363 $80.00 $32,989,040.00 Lemon Inc. 2012-04-19 08:40:30 When a few days before Lime Co. sold Lemon to Lemon Inc. for less than $10: Lemon 25 412,363 $3.85 $1,587,597.55 Lemon Inc. 2012-04-17 07:33:29 Lemon 25 412,363 $3.75 $1,546,361.25 Lemon Inc. 2012-04-17 07:25:31 Lemon 28 1,997,201 $1.14 $2,276,809.14 Lemon Inc. 2012-04-17 06:45:09 Lemon 28 1,997,201 $2.50 $4,993,002.50 Lemon Inc. 2012-04-17 06:16:38 Lemon 28 1,997,201 $3.00 $5,991,603.00 Lemon Inc. 2012-04-17 06:13:34 Lemon 28 1,997,201 $3.00 $5,991,603.00 Lemon Inc. 2012-04-17 05:26:04 Lemon 28 1,997,201 $2.20 $4,393,842.20 Lemon Inc. 2012-04-17 05:20:27 Lemon 28 1,109,178 $2.80 $3,105,698.40 Lemon Inc. 2012-04-17 05:13:35 Lemon 25 215,806 $3.00 $647,418.00 Lemon Inc. 2012-04-17 05:10:27 Lemon 28 1,109,178 $1.30 $1,441,931.40 Lemon Inc. 2012-04-17 05:09:46 Lemon 28 499,297 $3.00 $1,497,891.00 Lemon Inc. 2012-04-17 05:03:50 Which show that $80 is too much to pay for Lemon. Another thing is that Lemon Inc. and the owner seem to be fake or shell account. After stealing over 30M from Lime Co., the money seem to be gone from Lemon Inc. or the owner's bank account. Those are the main fraud, there are other questionable B2B which require more investigation to decide if they're fraud or not. |
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david wile RJ: Noxiousdog CO: Noxiousdog Post Rating: 1 + / - Total Posts: 25 Karma: 51 Joined: Mar 26, 2012 |
Posted on Apr 20, 2012 Paying 80 for lemons could have been either a misclick or a failure to check the import market.Until very recently I didn't know the import market could be significantly cheaper than the b2b. |
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Ham Bunny RJ: Hambunny Post Rating: 0 + / - Total Posts: 12 Karma: 10 Joined: Apr 12, 2012 |
Posted on Apr 20, 2012 Hi,I was just about to appoint the owner of Kemp electronics as the CEO of my company. Care to elaborate more on who was involved in this scandal? |
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Matthew Suozzo RJ: Buckaroo Bonzai Post Rating: 0 + / - Total Posts: 40 Karma: 51 Joined: Apr 5, 2012 |
Posted on Apr 20, 2012 What damages are you seeking and from whom?
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Victoria Raverna RJ: Victoria Raverna CO: Victoria Raverna Post Rating: 0 + / - Total Posts: 107 Karma: 43 Joined: Apr 11, 2012 |
Posted on Apr 20, 2012 Owners of Kemp Electronics and Lemon Inc because those two companies are the one that profit from it. Mainly it is with Kemp since I'm not sure if Lemon Inc. was before the IPO or not if it was before IPO then he was free to do whatever he want to. |
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Brent Goode RJ: BB Goode CO: BB Goode Post Rating: 0 + / - Total Posts: 506 Karma: 180 Joined: Apr 5, 2012 |
Posted on Apr 20, 2012 And what damages are you seeking?
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Victoria Raverna RJ: Victoria Raverna CO: Victoria Raverna Post Rating: 0 + / - Total Posts: 107 Karma: 43 Joined: Apr 11, 2012 |
Posted on Apr 20, 2012 Damages I seek on behalf of the shareholders of PAP.Monitor = 26,279,850 - 12,448,350 = 13831500 plus 10%. A miniscule amount, but the more important is for people to stop this behavior. For Lemon Inc, depend on the timing of the IPO, if paying $80 was after IPO, then that mean the owner of Lemon Inc. commited fraud and stole from the shareholders that bought his IPO shares. In that case the damages = 34989040 - 1587597 = 33401443 plus 10%. |
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Cian Kemp RJ: Cian Kemp CO: Cian Kemp Post Rating: 4 + / - Total Posts: 183 Karma: 58 Joined: Apr 9, 2012 |
Posted on Apr 20, 2012 I admit to the monitor and gaming console thing. I was a major shareholder of the company and when I was suddenly elected chairman after the other people cut and run I was disgusted with the whole thing (company was broke with a big loan). I listed a lot of the stuff on the market to try and raise some cash (most of the items were bought from other companies at import prices, far higher than current market prices). I debated trying to fix the company, but I didn't have the capital to try and buy a controlling interest in it and expected that it would just happen again - so I wound up doing the monitor thing and selling most of my shares to try and get the most out of my previous investment.I guess I kinda screwed the other shareholders though. Sorry about that. Kemp Electronics will pay your requested damages, and I hope you can get the company back in shape (I still own 2152255 shares of it, after all). |
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eric scott RJ: Erik Scott CO: Sappo Post Rating: 3 + / - Total Posts: 130 Karma: 29 Joined: Apr 5, 2012 |
Posted on Apr 20, 2012 Perhaps we need a litigation sub-forum.This is indeed becomming a daily occurence. That or appoint a select few candidates into judicary roles... I am still giggling at these huge companies, that hire Scheister McSleezebag, then shit bricks when he liquidates their company to build himself a money-house |
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Richard Ripberger RJ: Rip CO: Rip Post Rating: 1 + / - Total Posts: 153 Karma: 78 Joined: Mar 28, 2012 |
Posted on Apr 20, 2012 Once again the real problem can be traced back to people founding companies only to rape them for capital and dump them. Causing the people left deciding (somewhat rightfully so) that all they can do is take their turn in line and try to salvage whatever investment they can.There should be something to prevent the Chairman of a recently IPOed company from selling more than 50% until at least 30 days have past. |
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Victoria Raverna RJ: Victoria Raverna CO: Victoria Raverna Post Rating: 0 + / - Total Posts: 107 Karma: 43 Joined: Apr 11, 2012 |
Posted on Apr 20, 2012 As long as I am still in charge of PAP, I'll try my best to bring it back to profitable and recover the investment of all who choose to keep their investment in it. The company seem to be not that bad and can be profitable if the owner didn't dump in and screwed public shareholders after the IPO.I had a chance to steal from the company to recover my investment but I chose not to. The company had sizable cash when I ended up at the CEO. Enough cash to cover any potential loses from my investment and make profit of it. I decided to try to save the company so that it'll be profitable to not only me but to other shareholders (players and the robot investors). |
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Josh Millard RJ: Tex Corman CO: J. Quaff Arabica Post Rating: 0 + / - Total Posts: 167 Karma: 231 Joined: Apr 3, 2012 |
Posted on Apr 20, 2012 Pro-tip: stay the heck away from stock in companies you don't explicitly trust.This reduces somewhat to "stay the heck away from the stock market" if you don't know some trustworthy folks playing the game. Which is a viable way to play. Tex Corman is a billionaire several times over based on nothing but straight up Econosian manufacture/wholesale/retail and a whole lot of elbow grease. He took a couple companies public because they were solid and he figured other folks would want a slice, and that's made a lot of people a lot of no-shenanigans money. Econosia is a land of opportunity. Risk-averse does not mean profit-averse. |
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Victoria Raverna RJ: Victoria Raverna CO: Victoria Raverna Post Rating: 0 + / - Total Posts: 107 Karma: 43 Joined: Apr 11, 2012 |
Posted on Apr 21, 2012 To shareholders of PAP, I did this transaction:Gaming Console 12 5,290 $1,500.00 $7,935,000.00 Ichiban Trading Company 2012-04-20 23:16:44 This was to help PAP since PAP doesn't have a store that can move that amount of stock quickly and $1,500 is the current B2B pricing for that quality of gaming console. Normally Ichiban Trading Company doesn't buy Gaming Console at that price from B2B. That ended up costing PAP $300 per unit because PAP purchased the console from Kemp Electronics for 1800 each. With that sale, PAP got cash that I used to buy items that sell faster to fill the stores. PAP will make the $300 per unit loses back from the sale of the store items that I purchased. |
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Victoria Raverna RJ: Victoria Raverna CO: Victoria Raverna Post Rating: 0 + / - Total Posts: 107 Karma: 43 Joined: Apr 11, 2012 |
Posted on Apr 21, 2012 Sorry, I lose the controlling shares of the company and no longer the CEO. Now the person or people behind the today IPO scamming own the company so I dumped my shares. I was trying to turn around the company and as long as the new CEO doesn't steal for it, it's back profitable now and will start to grow back in a few days once the upgrade is done. |
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