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China North East Petroleum Holdings Limited Message Board

  • wallstreet_donor wallstreet_donor Jun 1, 2010 10:34 PM Flag

    Jimmy C.H. Cheung & Co

    I wonder if the company's CPAs know how to conduct a fraud audit? My guess (and fear) is they probably followed the trail of NEP cash from the CEO's bank account directly back to some ti**y bar in Hong Kong. And, as dilligent as Jimmy seems to be in his clean audit opinions, I am sure he is still at that bar right now trying to figure out from which pole dancers did the CEO received fair value for lap dances paid with NEP cash. Probably also trying to see whether these were arm's legnth transactions between the CEO and NEP pole-dancing service providers.

    And, as far as we know, the $65 million in capitalized drilling costs...well lets just say the CEO may not have struck oil with his "drilling and exploration activities" and that entire $65 million asset is likely impaired and gone.

    I suppose it would be too much for the Board to ask Jimmy to return the $65k he billed NEP last year for his audit work? Looks like the Audit Committee paid Jimmy $65k to hang out with the CEO at the Hong Kong ti**y bar and pound car bombs rather than conduct an audit.

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    • who the f_ck are you? board monitor! piss off!

      That's what the ignore button is for.try using it and
      make your life easier.

      When I see lies or even when laws been broken, I take some
      kind of action unlike your lazy ass.

      Stay out of my business!

    • If it makes either of you two feel any better, nobody on this board respects either of you and the one thing you two have in common is your equal ability to waste our time with your useless drivel.

      The stock has halted. There is no new information, thus there is nothing new to discuss. So do us all a favor and keep your pie-holes shut and your fingers away from your key pad!

    • like I said,nothing but lies and no facts.just hot air!

    • No, you should get your GED and stop fantasizing about making money in the stock market. You're just *bad* at it.

      Never used another alias and never plan on it. Is the crystal meth whispering in your ear right now, or does it just come in waves in the middle of the night? Those sores are not 'normal' - get some professional medical help.

    • nothing but lies from you.Its just kills you to know how many winning trades Ive made on NEP.I post my trades unlike ur
      sorry ass who just hides behind bogus alias's.The whole time that you bashing ive making money.Hell,I should just
      thank you!

    • General, all around loser. Tourettes. Paranoid. Chi-scam pumper. Broke. And now homophobe? Your life is like a bad cartoon.

      You deserve whatever big island trailer park you crawled out of, China. What comes around...

    • did you finally get out of jail?You may need to choose your
      gay bars more carefully.
      You act like you don't understand the games on yahoo boards
      Its going to take more than your conspiracy theories and bogus
      alias's to bring down the stock price any lower and you know it.Stock is stupid cheap.
      The whole market has sold off and energy sector has been killed
      so give us a break will all this"I told you so" BS!NEP stock price would have been hammered just like the rest of the Chinese stocks.
      NEP is rigs are running even when the stock is halted so
      my money is anything but trapped.Longs will have the last laugh when news comes out.I will rub it in your face!
      btw,trying to make extra income in gay bars can be very

    • Strong rep? 'Damn good' drilling company? Man, you truly *are* delusional, Tourette-boy.

      I understand why you're frantic about attacking *me*, since almost all of my '...SEC-reported illegal, unfounded acusations...' about 'management' <cough!> have slowly been coming true one-by-one like clockwork. With the expected effect on NEP price - at least while it traded. This, when you're months of foul-mouthed shrill screeching about earnings has been irrelevant and either lost (or frozen) other bagholders' money.

      But attacking angry longs like Wallstreet because they're mad about being Wang'd? Re-parroting your insistance on earnings trumping everything including the current suspension and looming delisting? Ignoring the fact that the Wang Clan has been vacuuming money from investors lured in by relentless pumpers like you?

      NEP's story is compelling enough, but it takes more than revenue-producing activities by themselves to prop up a stock forever when the company is run by an old-school, money-grubbing ex-party bureaucrat. Despite the enormous red flags and Wang's consistent history of wiping his feet on investor's faces, I still feel bad about anyone stuck in this money-pit of a stock.

      I would like to make an exception in *your* case, China. But there's no way to gloat over the fact that *your* money here is dead without thinking of all the other honest people here trapped in NEP. I hope for their sake Wang isn't hauled off to a labor camp for fraud and NEP can cough up some good numbers... some day.

      Keep up your multiple-ID paranoia and pathetic 'someday' prognostictions... at least other message boards don't have to suffer your spewage for the time being. In the mean time, I'll keep my fingers crossed for all the other longs here. That's about all anyone can do at the moment.

    • One and only post with that alias.Keep the BS games up!

      Your fooling no one!

      • 3 Replies to china_smallcap
      • Hey I am long NEP like most everyone else on this board but a CEO moving cash to his personal account to pay business expenses is BS in any country. A director quits in December for personal reasons and the CEO's mom is hired as the replacement? More BS. Regardless of whether NEP has a legit business, NEP is going nowhere until this house is cleaned out--which now probably includes most Board members. No instutional investor is going to buy into a company run by blind Board members and management that looked the other way while the CEO was playing games with the company's cash.

        The fraud audit will take months. In the meantime, Jimmy CPA will probably be fired and the replacement CPA firm will take months auditing 2009 records that are now tainted. If Jimmy CPA isn't fired, that spells worse news for NEP because Jimmy's opinion on the 2009 won't mean sh*t to any institutional investor since the guy obviously doesn;t know how to audit cash (can you say Satyam?),warrants, debt, accrued liabilities, stock compensation, depreciation & amortization or the ceiling test on reserves. THAT IS BASICALLY NEP'S ENTIRE BALANCE SHEET!!!!! JIMMY IS A FRIKIN A-HOLE. At least the CEO is smart enought to hire an idiot for an auditor and mom as a Board member.

        Thankfully, this is my only china stock. My Sept calls will expire worthless but I hope to cut my losses at $5 in the stock. NEP may see $10 again but not this year. No institutional investor will touch a stock where they cannot trust the Board, management or auditors.

        Too many other opportunities out there exist to be sitting tight in a crappy stock waiting for it to move back to $10. (BTW I bought in at $8.50.)

      • china_smallcaps king of the bagholders. This guy was pumping all of these pieces of sh*t at the highs. So how much did you lose this year on Chiscams moron?

      • probably best we all wait for the 10k, highly unlikely it's anywhere near that level of fraud, we'll see.

31.23+0.08(+0.26%)Jul 29 4:02 PMEDT