Litigation

Timmay as Fraudbuster?

By Tracy Coenen

Penny stock trader, author, entrepreneur Timothy Sykes (aka Timmay) has put on his little detective hat and found a fraud in progress. Being promoted by none other than CNBC “reporter” Sri Jegarajah. Timmay makes an excellent point…. Networks like CNBC aren’t about serious news or reporting. They’re about entertainment and advertising dollars.

And by not being skeptical about the stories they’re “reporting,” they are doing a huge disservice to all those who think that they’re credible just because they’re called CNBC. But the CNBC guy made a huge mistake… he somehow took the words of a paid promoter and thought that this was credible research.

Here’s a snippet of what Timmay had to say… great research… and apparently not all that hard for anyone who bothered to look.

Besides quoting CNOA?s CEO (we all know how useless that is, what?s he gonna admit the company?s a pump and dump scheme?), and a Seeking Alpha article?whose writers are no more qualified than bums begging for change on the street, Sri proudly quotes Source Advisors, forgetting (not realizing?) to mention they?ve been paid $25,000 ?by a third party? (pump and dumper, cough, cough) to publish their BS report. And, as if to repent for his sins, Sri closes out the article quoting Patrick Murphy of Murphy Analytics who was only paid $1,000 for his efforts (scroll down to the bottom and be better than Sri, aka read the disclaimer).

Sorry Sri, I?m gonna have to take you down on this?you?re either lazy, naïve, stupid or corrupt?take your pick?no matter how you slice it you should be fired. You?re no journalist, you?re an entertainer, go learn to play a musical instrument, maybe you won?t hurt as many people in that racket.

And don?t even think about coming at me with CNOA?s earnings report. Yes, to naïve investors, it looks beautiful, but they forget that China?and more specifically?Chinese penny stocks?are beautifully corrupt. Any and all figures are sure to be exaggerated?at best?and totally fraudulent at worst. The only reason I don?t bother digging cuz I don?t feel like getting my kneecaps busted by these promoters. Not that it would even do any good because the only thing that matters here is QUIN. They are the market makers who blatantly control where this stock goes. They can pump this thing up to $3-$4 if they want, they don?t even have to pay off idiots like Sri, at least probly not (I?m not sure of what Sri?s deal is with them).

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Full post as published by The FRAUDfiles Blog on April 14, 2008 (boomark / email).