I don't think the share count is that important at this point. The shares are linked to assets, earnings and revenues. To date, there are no assets associated with this company and there is no MM. Looks like Andrew Winston terminated the SEC reporting requirement in 2013. Soon afterward, scam operators took over the Latteno name, authorized 10 billion shares and started to post false and misleading reports to the public.Some of them may have been associated with KNC Capital LLC( the old investor). Next, a group of LLCs were formed and the 10 billion shares were issued to them and likely a brokers for the purpose of selling the shares to unsuspecting small investors. The problem, the SEC started an investigation into the sector.
When the SEC started got involved in the sector, the operators of this scam decided to unwind it. Most likely, some moved out of the country for awhile until things cool down. For a complete picture, law enforcement and regulators need to locate a least on of the parties with personal knowledge of this case. If they have nothing to hide, it should not a problem explaining exactly what happen to alleged company assets and investor's cash.
The transfer agent is not going to give people much information about this company unless it is by way of a court order. The is located in Las Vegas were the crooks are operating from. Scam artists are using the company for many scams. The reason, it will not contact law enforcement when red flags show up in stock issues or trades. Shareholders, lawyers and regulators would also add it to any lawsuits.
They did not have any ghost shares. There would only restricted shares out of the total authorized share counts. The last CEO may have used the preferred shares position to help unwind the assets. His position took prior of any remaining assets in the case of insolvency. This meant that he and our alleged debt holders would have took procession of the assets while common shareholders got wiped out. Once this happen, they would unload the assets at a steep discount providing other shareholders made no claims.
If the company did not pay its taxes and the assets were transferred, JP should not have issued any preferred stock to himself. This made matter worse because preferred stock is one step away from debt. The Department of Revenue cannot get anything from the company unless its proves the assets and that the transfers of assets were part of the fraud to avoid taxes.
This case may turn if regulators and law enforcement can catch one or two parties with personal knowledge in this case. Maybe they could convince them to tell on the rest or act as informants. Chances are law enforcement will get one of them on related or unrelated charges. This is were the break will come.
This is really beginning to look like a sophisticated Ponzi scheme to me. They paid contractors or older investors off with the sell of shares to new small investors. They raised cash from the public markets never went to the company. The operators did not intend to leave assets in this company. They just made the statements to sell the shares, at higher prices, to new investors. All the cash and assets went to third parties/insiders (initial investors).
Your post may be true but it was all a scam to get money from new investors. No telling what all they did here. Simple, they use a system a third parties to rip off public investors. The third parties could have been LLCs, contractors and a broker (a profession trader).
You may not a heard anything back from regulators because the persons who operated this ponzi scheme, may have hacked into people's computers and investigators likely know this.
The problem is there will not be buyers at higher prices unless the assets are return to the company. The original scam artists have moved on to a new scam. Most people watch this stock because they are interested in how regulators will deal with this issue. There are few theories here. One implies that insiders had the power to keep regulators from investing the operations of company. Two is they are under investigation. In any event, it is best to sit back to see how this story unfolds.
What they did is amended the Certificate of Incorporation by a special meeting of the Board of Directors. This event was designed to put the preferred shares into play at a 1:4000 conversion ratio. Most shareholders never even heard of this meeting or voted in favor of issuing preferred stocks to anyone. There was no cash to pay taxes because the operators of this company did not put the cash from the sell of the 10 billion shares sold on the market into the company. Shares issued to third parties for assets were sold off and the assets transferred out of the company. The bottom line: The company or current shareholders did not receive any value for the shares sold or issued to third parties. They got scammed out of their money.
They will take time to locate all the players in this case. They used different names to incorporate and register alleged businesses. They also issued shares to a group of LLCs to sell the same shares into the markets. This is a big maze of criminal activities. My feeling is: The LLCs were used to limit their personal liabilities when caught. I wonder who really owned the LLCs listed by the transfer agent.
Note too that the company stated that shareholders objected to the sale of the seafood business in 2013. Now these same shareholders have not made any statements or filed any complaints concerning the events after 2014 which led to the dismantling of the alleged company (Latteno).
All this happened while the SEC claimed to be investigating these companies and people via a new task force. This story is strange to say the least.
"We're delighted to be a part of the newly-sought after field of #$%$ edibles. We believe the market potential and grow curve potential significant. Our addition of over $2,100,000 to our existing sales and operations is the first of several growth acquisitions we intend to complete. We will also be releasing our various revenue and growth projections in the coming weeks," stated Ms. Thu Le, Chief Executive Officer.
If true, it is called a 'fraudulent conveyance'. The State would have to file a claim against the transferees and place a lien on their properties. Unfortunately, the law is not clear on the rights of shareholders to file the same claims when corporate officers transfer assets out of a company to leave it insolvent.
For the lawyer, I am sure he did not just find this company on his own. Someone contacted him and issued him preferred stock to unwind this. Also, either LATF bought and owned the assets in question or someone made false and misleading statements to public investors to persuade them to buy stocks in this company. They also engaged in stock manipulation to at the higher prices. They created large volume to get unsuspecting small investors to buy when they were selling off to make money. They were shorting on top of this and covering at much lower prices or with free shares. The whole thing is totally illegal.
All the cash and assets should be return to the company and it's legit shareholders who were not a part of this scheme to cheat others. The ones who sold out prior to the transfer also likely traded on inside information. This should also be investigated. They got free shares and sold them based on information other shareholders did not have. This is illegal. I don't see regulators and law enforcement letting this nonsense go.
One wonders why anyone would spend their time decreasing the price of this stock at this point. This would only be an effort to stop shareholders from writing about this company. They may think, In theory, if they can stop the writings about this case, they can stop any investigation this matter. These people honestly believe they should be able to float 10 billion shares on the public market, to milk small investors, to gain millions for their personal use. They also believe that no one should say or do anything about it. I wonder who contacted Citadel in the first place and who else was involved in generating large volume for this stock. In the past, it was a profession trader. Now, it is just someone trying create a little interest in a empty box.
Well, you see how long it took before they actually got them. These cases often take years. I am sure they are looking into the persons who ripped off LATF investors. These are not that naive to thing regulators, shareholders and law enforcement will let them operate a blatant scam to ripped off small investors for millions, to fund their personal projects. Best for them to return the assets and cash they took.
The problem is the Fed or States normally don't have the resources to investigate these cases. I am beginning to question the SEC ability to investigate anything until after the fact and many years later. These people seem to operate for years before anyone does anything to them.
Some of these people are now denying they had anything to do with LATF. I am not sure of NGUYEN in this. Seems like some were claiming to be consultants of some sort. In that role they advised others to start LLCs the companies on the transfer agent list) to sell the stock to small investors. Someone made contact all these people or alleged companies. None complained about the asset transfers because they were a part this. They also placed their personal assets out of the reach of LATF shareholders.
The latest, someone posted to Rx Harvest Collective FB page that it was no longer associated with LATF. Now a company is operating in CA under the same name. (Rx Harvest). This is after the company issued 10 billion shares to the public, transferred assets and gave preferred shares to a lawyer/CEO. I have never witness anything like this case. No one is doing anything about it. These people are blatant.
Even so, there is nothing in the law that states a former officer or employee can't compete for contracts of their previous employer or company ( the exception is when there is a non- competitive in place). As you recall, this company went through this same process under the B&D name with global milk.. The claimed to have bought the milk company. Then they started milking the public for cash to only have the previous owner of the milk branch compete with B&D food. As a result, the milk company just disappeared along with shareholder's cash and assets. This is the second time these people associated with this company did this. This is their criminal profile in a nutshell, meaning they claim to buy companies legit or not and then use other ventures to compete against the same companies. to transfer assets. In the meantime public investors/shareholders get milked out of millions.
They did not play themselves. Have you every tried to locate the companies or person listed on the transfer agent document. Most of the companies only exist on paper or not at all. I believe they were just shell companies used by the operators of this to sell the shares to unsuspecting small investors. They raked in million for their personal coffer. None of the money or cash went to LATF ('the company') to finance its projects. Small investor's cash just does not disappear when share are sold to them. The money went to someone. Regulators are not doing anything to find these people. Also, the person marketing and selling the pill from Rx Harvest knew the original operators of this company. Should not be hard to find the distributor of the pills and the people who made contact to set up a deal.
Do you know they are playing a game here. During reconstruction, the former slaves of the South were promised 40 acres and a mule to only have this act reversed later by the government. LATF shareholders were promised 40 acres and the mule is allegorically their unwillingness to except the fact their money was used by others to buy businesses and land. LATF does not have a deed to any these properties. To your concern: The act to take land or property from shareholders of a company is called a adverse possession. After the defendant pays taxes on the property for at least 7 years, the property becomes his unless there is a complaint to avoid the statue of limitation. No one has filed a complaint to date in this case. Investigation without the filing a proper complaint in court will not bear any fruit here. Something to think about.
That is right, someone only contracted a company that provides virtual office space to people. LATF never had 40 acres in CO and it did not conduct any MJ business in that State. The name, Trinh Trina Ta, who allegedly was the COO for the LATF MJ operation did not do any business in that State or CA. Her picture or name does not show up anywhere as a business person on the internet or anywhere except for LATF.
I really think most are wondering what happened here. This story does not make any sense. We have a group that gave away or sold billions of this stock to small investors. Some were sold through third parties (shell companies). This group made millions on this stock and made off with all the assets and cash. To date, no agency has done anything about it. Someone had to be contacting blogs, talking to brokers and selling the stock at a profit. Yet not one person can find them or the assets ( this includes the last CEO who received preferred stock from the company) .
Some also may be wondering why persons who are not interested in this stock, continue to write to its shareholders every single day. Looks like the last CEO and our negative posters want this to go away before a regulator, prosecutor or investigative reporter really becomes interested in this story. Digging deep, I am sure it will uncover something much bigger than LATF.
You got the picture. This is about hunting these people down. First question, who writes negative comments about a sub-penny.......my guess is the persons responsible for or who have personal knowledge the scam (insiders). Vegas is a wonderful place to start .....poker.
Well, I guess their theory is that regulators did nothing when price bolted down from over a penny and management make off with all the shareholder's assets and cash. Why should they do anything if the price bolts up 1000000 percent. Ask for help to recover assets and investors get nothing. Don't ask for help and they get price decreases to empty their accounts. Pump and dump, short and distort or straight out scam, regulators are not doing anything to catch up with these people. So why should price go..........up.
This stock is dead in the water. Looks like the people who started this cam got away with it. for the lack of resources, regulators just let it stand as a general warning on the sector. In the meantime, a group of pump and dump criminals took millions from public investors (of this company) and a short seller made out on the rest of the sector. Seems like this is how the whole process works, meaning that when people want regulators or law enforcement to do something, they claim lack of resources.