“The PUMP”… fizzle foshizzle !

Yes folks… the “pump”, and subsequent dump… came and went today, with a little over 32-million shares traded, there was NO PPS increase.  The PPS did get up to .0015 very early in the day, however then the dumping started, and the PPS fell pretty much most of the day.  A VERY poor showing for all the professional pumping the preceded the dismal outcome of the efforts.

Those familiar with the tactics of this CEO, Mr. Steven Samblis, knew full well what was in store when all the new posters arrived on Investors Hub.  You have to hand it to them, they tried their best, and for many stocks it may have worked… but with this one they were doomed before they started.  You can put all the lipstick you want on this one, but if ti looks like a pig, walks like a pig, and trades like a pig… it must be a pig.

What’s sad is that there were likely inexperienced traders viewing this ticker for the first time as a result of the pumping… and although they may have not chose to join the discussion, they likely lost money today.  And those that may have made a few bucks should feel very lucky they were able to unload their shares in time to avoid a loss.  Those that have experience with this company, and CEO, Mr. Steven Samblis, knew enough to simply stay away.  Although the intent is buy low and sell high… sellers have to compete with the likes of Asher and company who have paid next to nothing for their shares.  They can sell way under all other buyers… and STILL make a profit.  It’s a shame there are those that have no compassion for the inexperienced investor that they would selfishly pump the stock so they can make a buck.  To many, that type of behavior is right in line with what the CEO has been accused of.   But, its a different world today.  Some people would steal from the church offering and sleep just fine at night.  Apparently Mr. Samblis feels no remorse for all the financial loss he is responsible for.

Folks, just be careful if you are going to attempt to play with this ticker.  You would likely have better odds of making money if you went to the casinos and played the slots… and we all know the odds of winning at the slots.  You may think you are buying low but if the PPS increases, will you be able to unload those shares without a loss.  Remember, you will be competing for buyers with those that have paid FAR LESS then you did, and they have far more shares to unload.  Even if you were to be one of the lucky ones who make a couple of bucks… is the amount you could possibly make, worth the risk of a more likely loss.   Take a few minutes and do some research on this company, and its history.  Its history of generating revenue, its history of reverse splits, its history of changing business directions frequently, its history of never being profitable, its history of failed projects, its history of the CEO and his unprofessional actions, and now… its history of pumps and dumps.

There is plenty of information on this company and its CEO Mr. Steven Samblis, and it’s only a simple Google search away.  Take five minutes and learn the history.

Edmund Burke said… “Those who don’t know history are doomed to repeat it.” 

 

Accountant “fired”… believable ???

Yes folks… the CEO of IC Places, Inc., Mr. Steve Samblis, files an 8K with the SEC (see it here)  stating that the accounting firm, DKM Certified Public Accountants, have been terminated.  Believable ???  Well, you may remember it was just a short time ago that Mr. Samblis stated, on several occasions, and reported such via several SEC filings, that the previous president of IC Places (then IC Punch Media) was fired also… and that was documented to be far less than truthful.  See the details here.

So… can this termination be believable in light of previous numerous documented instances where Mr. Samblis has been, shall we say, reckless with the truth?   In a response by Travis Green, CPA, Audit Partner, with the firm DKM Certified Public Accountants when questioned about the missing lawsuit information in the 10K (details here) replies on 5/1/14 “Any information that would come to our attention subsequent to our audit report date would have to be measured on a case by case basis and in entirety to determine if it would have a material effect on the financial statements.“.  Could it be that DMK Certified Public Accounts simply did not care to be associated with Mr. Samblis and his omission of information as relevant to the “… substantial doubt as to the Company’s ability to continue as a going concern as the Company has incurred net losses since inception and existing uncertain conditions which the Company faces relative to its obtaining capital in the equity markets.”.  As the link documents, there was (and maybe still is) a substantial legal judgement against Mr. Samblis and IC Places, Inc.  This is something that not only should have appeared in the SEC filing, but the omission is compounded by proactively indicating that there was in fact no legal actions during that reporting period.  Obviously given the actual documentation shown in the link, demonstrates both the omission, and the statement of no legal proceedings was factually inaccurate.  Was such omission  purposeful and an attempt to deceive and defraud… that is for the courts (and you) to decide, however most will likely agree, it appears so.

So, could it be, that like the presidents “firing”, the real truth is, DKM chose to no longer represent Mr. Samblis?   Perhaps DMK will comment on the controversy at some later date.  Additionally, one wonders if the new accounting firm, Hartley Moore Accountancy Corporation, 2400 E. Katella, Suite 862 Anaheim CA. 92806, is aware of Mr. Samblis’s history with accuracy in the reporting of material facts revelent to IC Places and its solvency.

Also, take notice that the new firm uses the term “Accountancy” in their title.  It appears that for the filing fee of $80.00, just about anyone can form an “Accountancy” company, and, according to the statute here, there doesn’t even need to be a Certified Public “Accountant” within the company.  (see the below graphic (click to enlarge)) See the full exception here.

CPA

Now… there may be some very reputable “Accountancy” firms out there, however, when viewed in the context of why would Mr. Samblis chose an “Accountancy” firm over a CPA firm like he had in DKM… one would question the motive involved, and therefore question if the new firm is reputable.  Can we now expect to see a play on terms relative to the SEC filings, i.e. document has been audited by a Certified Public Accountancy”.

Stay tuned folks… it only gets better and better !

 

Is WEED coming to PNCH ???

The buzz lately has been around the question of… will Mr. Steven Samblis, CEO of IC Places, Inc, be turning the company into a marijuana related company.

Well… lol… Mr. Samblis has said no when previously asked if he would turn the company into something related to marijuana, however, given his history on vehemently denying he would do another reverse split… we guess nothing is “off the table” in his efforts at keeping the gravy train moving.  We suspect Mr. Samblis would not rule anything out in his attempts to revive the once lucrative flow of cash he previously enjoyed.  One can only imagine the ridiculous ideas that may have popped into his mind in an effort to save the company from extinction.  Ideas such as Drive-in TV, frequent company name changes, arguing and disrespecting shareholders, yo-mama comments on a public message board… and the list goes on and on.  It appears the only thing Mr. Samblis is really good at, is running the company into the ground.  After three reverse splits in about 9-years… the PPS trades in the trips as of this writing.  Some really great results there Mr. Samblis.

We think this post on Investors Hub sums up the situation best. (click to enlarge)

WeedPostThe post’s reference to Mr. Samblis having been a stock promoter in the past can be documented here, and here.  As is written in the article, Mr. Samblis promoted stocks via a magazine, and email.  So… as the poster infers, Mr. Samblis is well versed in how to promote stocks that need promoting.

Now… what we have a hard time understanding is, if the SEC had a problem with Mr. Samblis simply not disclosing the amount he was paid instead of simply stating he may have been compensated for the endorsement, a minor interpretation of the rules so to speak… then how can they currently ignore investigating what many believe is Mr. Samblis’s current efforts  at stock promotion using false pretenses such as aliases on a message board supporting his company?   Many would call his current actions deception pure and simple.  Perhaps the SEC has a current investigation in progress, no one would know because the SEC does not reveal, or comment on, ongoing investigations.  But if they do not have a current investigation open, then the SEC would be missing an excellent opportunity to investigate what many believe is a company CEO, who previously had an SEC complaint filed against him, engaging in deceptive actions in an effort to promote the purchase of stock in his own company.  If the suggestion that Mr. Samblis is in fact using these aliases to promote the sale of his stock, it would seem that Mr. Samblis is thumbing his nose at the SEC and their regulations, having been a focus previously.  Certainly the SEC and its enforcement power has the ability to determine if the allegations are accurate.

And… as if that wouldn’t be enough for the SEC to start an investigation, there is the revenue question, i.e where is any revenue being recorded.  There is an excellent post here by Milesblue42 over on Investors Hub which outlines the issue and asks the questions.  In fact, Milesblue42 has been asking excellent questions relating to revenue and where any is at.  It’s very hard to believe that when viewers see ads displaying on Mr. Samblis’s websites, that those ads are being displayed free of charge.  We previously visited this subject here.  Also, there is a related article here that reports on another CEO that had “allegedly commingled investor funds among the two companies, and stole or misappropriated more than $230,000 for his personal use and enrichment…”.  Is Mr. Samblis commingling funds or misappropriating any investor funds?  Many believe he is.  One would think the allegations suspected by many would be sufficient grounds and serious enough for an SEC investigation also.

Stay tuned folks… never a dull moment when Mr. Samblis is involved.