Gedward3, what's a "spank shop"? Never heard that term. And the funny thing is, you say it can't be done in the UK---that's exactly where Loto World supposedly tried to do it first; probably why it didn't work out. And Mayfly, I'd love to write it off as a loss on my taxes but can't because the company hasn't filed any type of bankruptcy. I can't write it off in principle, though. I need to find out if I was definitely scammed/conned, and if the relative who advised me on this, was involved. Can't just let it go & count it as a lesson learned.
checking legitimacy of an IPO/reverse merger
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gedward3
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Hi Blobbie,
A spank shop is just a name for a boiler room hence spanking people out of their money. I briefly worked in 1 many years ago but promptly left when i found out what was really going on and happening to investors money. The fact that many companies are not UK that are sold to investors is because you cant do a reverse merger in the UK. Each company has to apply for example to attain a listing on the AIM or FTSE 100 and there is strict criteria that has to be adhered to and certain financial limits it has to have. Pacific Continental were a legalised bucket shop that conned many investors out of millions in London. Thats because the so called legalised gangsters the FSA stood by and watched many investors get raped financially by these people. I believe at the time Pacific Continental and other similar companies used to pay upwards of £3m per year to be regulated by the FSA. You can see how much they must have been making then to pay this amount. Also explains why all the banks have f*cked up because the FSA had their nose in the trough along with the bankers and the big bonuses they were getting.
It was a bit like the blind leading the blind so they all coppped as much money as they could.
Any way dont ever give your money to anyone not even your own bank manager. If someone suggests you buying shares buy then yourself and put a stop loss in and then you know what you are likely to lose. Heres some links for you
Pacific Continental - Tampering With The Ball?.
£5,000 shares lost in US vanishing trick | This is Money.
Police turn up heat on 'boiler rooms' | This is Money
Reverse takeover - Wikipedia, the free encyclopedia
http://www.crimes-of-persuasion.com/Crimes/Telemarketing/Outbound/Major/Investments/blind_pools.htm
FOCUS: Dealmaking Reverse mergers are hotter than Szechuan - Financial Week
A spank shop is just a name for a boiler room hence spanking people out of their money. I briefly worked in 1 many years ago but promptly left when i found out what was really going on and happening to investors money. The fact that many companies are not UK that are sold to investors is because you cant do a reverse merger in the UK. Each company has to apply for example to attain a listing on the AIM or FTSE 100 and there is strict criteria that has to be adhered to and certain financial limits it has to have. Pacific Continental were a legalised bucket shop that conned many investors out of millions in London. Thats because the so called legalised gangsters the FSA stood by and watched many investors get raped financially by these people. I believe at the time Pacific Continental and other similar companies used to pay upwards of £3m per year to be regulated by the FSA. You can see how much they must have been making then to pay this amount. Also explains why all the banks have f*cked up because the FSA had their nose in the trough along with the bankers and the big bonuses they were getting.
It was a bit like the blind leading the blind so they all coppped as much money as they could.
Any way dont ever give your money to anyone not even your own bank manager. If someone suggests you buying shares buy then yourself and put a stop loss in and then you know what you are likely to lose. Heres some links for you
Pacific Continental - Tampering With The Ball?.
£5,000 shares lost in US vanishing trick | This is Money.
Police turn up heat on 'boiler rooms' | This is Money
Reverse takeover - Wikipedia, the free encyclopedia
http://www.crimes-of-persuasion.com/Crimes/Telemarketing/Outbound/Major/Investments/blind_pools.htm
FOCUS: Dealmaking Reverse mergers are hotter than Szechuan - Financial Week
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gedward3
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Blobbie,
Try this link below, Hope you didnt lose too much. I believe the SEC comes down very hard on anyone caught scamming Americans. I know years ago that there were Spank Shops set up in Thailand to scam the Australians. Thais came down heavy and busted the scam shops and in most cases gave most of the Sales guys in the room 10 years to set an example. Hence no more spank shops in Thailand.:clap:
Complaints? What to do
QUOTE=blobbie;718490]Thanks Ged. Think it's time to file complaints with the appropriate State/Federal agencies; don't know if it'll do any good, but will make me feel a little better. I guess the terms "Pyramid" or "Ponzi" might apply to this situation as well.[/QUOTE]
Try this link below, Hope you didnt lose too much. I believe the SEC comes down very hard on anyone caught scamming Americans. I know years ago that there were Spank Shops set up in Thailand to scam the Australians. Thais came down heavy and busted the scam shops and in most cases gave most of the Sales guys in the room 10 years to set an example. Hence no more spank shops in Thailand.:clap:
Complaints? What to do
QUOTE=blobbie;718490]Thanks Ged. Think it's time to file complaints with the appropriate State/Federal agencies; don't know if it'll do any good, but will make me feel a little better. I guess the terms "Pyramid" or "Ponzi" might apply to this situation as well.[/QUOTE]
felixKassan
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no website, but some active business in ukraine ?
Have heard a couple of different things about their licenses in the Ukraine. Have heard everything from them owning up to 90%, to owning 10%, to owning nothing because they didn't have/pay the money needed to retain their ownership in the Ukraine licenses. Have asked for, but have never received, proof that this company is indeed even a valid operating entity anywhere in the world.
felixKassan
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As I am located in Moscow and frequently travel to Ukraine. Next week again. I check it out. I also have some shares bought
investbest
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Thank you Felix for your post
I look forward to hearing any information you can offer about LotoWorld at this point, as I am concerned I will never see my investment money again. After several years of being told lies I am very frustrated and feel scammed. I hope this company is legitimate, but sadly I have my doubts now.
I look forward to hearing any information you can offer about LotoWorld at this point, as I am concerned I will never see my investment money again. After several years of being told lies I am very frustrated and feel scammed. I hope this company is legitimate, but sadly I have my doubts now.
investbest
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LotoWorld
Hello Felix,
I was wondering if you had found out any information regarding LotoWorld's legitimacy during your trip to Moscow, or afterward. I'm pretty sure I (we all) got scammed, but am holding onto a shred of hope that maybe we didn't.
Thank you for any news you can offer.
Hello Felix,
I was wondering if you had found out any information regarding LotoWorld's legitimacy during your trip to Moscow, or afterward. I'm pretty sure I (we all) got scammed, but am holding onto a shred of hope that maybe we didn't.
Thank you for any news you can offer.
felixKassan
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lotoworld
The fact is that there is an operation over there and they are definitely making business ! The main question is their relation (legally) to LW in the US ? I can't find out about that there, we would have to find an answer to that question in the US. As a legitimate shareholder you should have a right to obtain current financial informations from the US General Director / CEO / Chairman of LW there. Maybe you just send them an email or a reg letter requesting data ?
The fact is that there is an operation over there and they are definitely making business ! The main question is their relation (legally) to LW in the US ? I can't find out about that there, we would have to find an answer to that question in the US. As a legitimate shareholder you should have a right to obtain current financial informations from the US General Director / CEO / Chairman of LW there. Maybe you just send them an email or a reg letter requesting data ?
Sorry to be the bearer of bad news but anyone who's invested money has been scammed. And anyone thinking of investing money is being setup, ie your money will be stolen from you.
Please everyone, get real stop being so greedy for easy money (don't worry we're all guilty of it) and realise that if you deal with companies and people you know nothing about there's a 99% chance you're being setup.
Again, get real and don't invest in things that you haven't done 200% research on.
Please everyone, get real stop being so greedy for easy money (don't worry we're all guilty of it) and realise that if you deal with companies and people you know nothing about there's a 99% chance you're being setup.
Again, get real and don't invest in things that you haven't done 200% research on.
Anley, you are most likely right on this. I am a Loto World investor, and I started feeling I had been scammed six months after investing. I just didn't think a close relative would advise me on this & be possibly involved in the scamming (although I hope this doesn't turn out to be true). And anyone, or any investors, who know Loto World here in the U.S., know that you will never be able to receive any financial records from Loto World; they've never offered financial records, statements, prospectuses, or any other kind of solid evidence that this is a legitimate, operating company. I have already filed a complaint with the SEC and plan on filing two more complaints, to the Nevada Secretary of State and the State of CA Dept. of Corporations. I suggest any Loto World shareholders do the same.
Well, interesting post..The person that solicited, and scammed my friend IS a shrink..He used his trust with her when he knew she had some money..ANd he scammed her out of $30K..There has to be some law about a shink abusing a patients trust, and soliciting money for a scam I would think???
Anyone that still thinks there 'might be a chance' with this investment is living in cloud cuckoo land.
And anyone dealing with a 'broker' they haven't fully checked out and I mean FULLY should NEVER get involve in anything more complex than a plain savings account.
Sorry to be so negative to all you people but really, you mist all learn it's a bad bad world out there if you don't know what you're doing. And that's before we've got on to the scammers.
And anyone dealing with a 'broker' they haven't fully checked out and I mean FULLY should NEVER get involve in anything more complex than a plain savings account.
Sorry to be so negative to all you people but really, you mist all learn it's a bad bad world out there if you don't know what you're doing. And that's before we've got on to the scammers.
Ih8lotoworld
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Without a doubt this shrink would lose his license if he's soliciting patients during sessions.I would suggest your friend contact the state health board and get this guy in the hot seat so to speak.I'm just writing off my investment; hence the screenname. I know that the people orchestrating this scam are still saying there are delays but we are all going to be rich. My question is... when are all of us going to stop eating this bs and go after those involved?
Hi all,
loiscostaldohasmy$ - Apologies, but I am not going to divulge personal information concerning who advised me on Loto World. It was a relative, a close relative. If Loto World is indeed found to be a scam, I would have no idea whatsoever if this relative was involved or not. And I have not heard anything back from the SEC or the State of CA Dept. of Corporations, who I also filed a complaint with.
m7pubco - I would agree with Ih8lotoworld's suggestion that your friend seek out the appropriate State agencies to look into possibly filing a complaint if she was indeed solicited for Loto World investment funds during the course of psychiatric treatment.
Ih8lotoworld - Unless my accountant is wrong, because Loto World technically hasn't filed for any kind of bankruptcy relief, we cannot write this investment off as a loss just yet. If you've heard anything different, please let me know.
loiscostaldohasmy$ - Apologies, but I am not going to divulge personal information concerning who advised me on Loto World. It was a relative, a close relative. If Loto World is indeed found to be a scam, I would have no idea whatsoever if this relative was involved or not. And I have not heard anything back from the SEC or the State of CA Dept. of Corporations, who I also filed a complaint with.
m7pubco - I would agree with Ih8lotoworld's suggestion that your friend seek out the appropriate State agencies to look into possibly filing a complaint if she was indeed solicited for Loto World investment funds during the course of psychiatric treatment.
Ih8lotoworld - Unless my accountant is wrong, because Loto World technically hasn't filed for any kind of bankruptcy relief, we cannot write this investment off as a loss just yet. If you've heard anything different, please let me know.
Also, Ih8lotoworld, have you filed any complaints as of yet with any State/Federal agencies? I have filed complaints with the SEC and the State of CA Dept. of Corporations. I haven't heard anything back from either agency, but that's not their practice, even if they were investigating Loto World, to let us know about any active investigations. However, I would think the more people file complaints, the more chance there is of either agency looking into investigating.
I am also another investor who was scammed by the Castaldos. I was turned onto this POS by a so called friend in Las Vegas. This is obviously a scam, and the Castaldos need to pay for their fraud. I am going to look into a possible class action against the scammers. Anyone interested in joining in a possible suit, or anyone with information would be appreciated. Also, does anyone else have info on a lawsuit filed in Cal, from a large shareholder named Fashe???? TIA
A lawsuit, the main charge being fraud, was filed in LA Superior Court in August of 2007. Skyline69, you're close on one of the plainfiff names, but that's as far as I'll go on that. The case was settled in October of 2008, on the day the trial was set to begin. Two things I found out last year when I found out about this suit---the plaintiffs were suing for what they invested, nearly $1.5 million (plus interest) and, from what I heard, stemming from the documentation the plaintiffs attorneys received from Loto World attorneys, total shareholders investments amounted to close to $8 million.
Thanks for the reply. Do you know what the settlement terms were ???? I was under the impression that Tanas Fashe was the lead plaintiff. Was the suit filed in LA County ??? I'm trying to get a case ## to see if I can view the summary judgement online.
I must admit that I'm embarrased to admit that I fell for this scam. The warning signs were all there, and I still got involved. I'm now past the embarrasment stage, and am now very angry, and will not rest until the Castaldos are made to pay in some way,shape, or form.
I must admit that I'm embarrased to admit that I fell for this scam. The warning signs were all there, and I still got involved. I'm now past the embarrasment stage, and am now very angry, and will not rest until the Castaldos are made to pay in some way,shape, or form.
