Mr. Steven Samblis… EXPOSED !

Folks… there are some EXCELLENT posts over on Investors Hub that lay out the raw details of what many would call the fraud perpetrated on his investors by Mr. Steve Samblis, CEO of IC Places, Inc. who’s stock ticker is PNCH.

Posters Milesblue42 and meadow2009 have posted some very straight forward and significant questions about the IC Places, Inc operation, and calls into question the actions of the CEO Mr. Steven Samblis.

A few of the posts are here, here, here, and here, however there are others.  Please take a few minutes to review their posts.  But the most important aspect of their hard-hitting questions is… there has been NO rebuttal or response from Mr. Samblis.

Gentlemen…  keep up the good work.  Thank you for taking the time to present your questions and thoughts in a straight forward  and thoughtful manor.

Readers of their posts are reminded that many of their questions rise from the information contained in the SEC public filings.  These are legal filings supposedly accurately outlining the IC Places, Inc.’s operations.  Filing these documents with the knowledge that the information contained within them is not accurate, and/or the willful omission of information that could significantly affect the health and future of the business that investors deserve to know when making investment decisions, is about as serious as it gets.  If in fact this information has been knowingly falsified, (as several important aspects of such have been documented right here in this blog, such as Mr. Samblis’s employment contract, legal proceedings, and the departure of the previous President), Mr. Samblis appears to be thumbing his nose at the enforcement powers of the SEC.  And this from a man that has previously been the subject of enforcement action.

 

Pure fiction !

Yes folks… the latest 10-Q is out, and what a great exercise in fiction writing it is.  Pure smoke and mirrors.

Let’s set the stage here.  This latest 10-Q (as all SEC filings are) is a legal document.  To misrepresent the information provided in the legal section (see below graphic-click to enlarge) in our opinion sets the stage for the rest of the document.  Doing so also calls into question any other information provided on the form.  For if you misrepresent the legal information in the “legal” section… how is the rest of the document any more accurate ?  Also think of filing this document as you would your IRS tax return you file.  What happens if you misrepresent and/or omit information on that form?  There is really no difference between the two, as they are both legal documents submitted to a federal entity.

ImageOf course we are talking about the situation in which Mr. Samblis was sued (for $75,000.) for breach of contract over one of his proposed shows, for his proposed TV broadcast company (see the actual court documents here).   There is no question there was legal action against both Mr. Samblis and IC Places,  the documents prove it, and, Mr. Samblis agreed to a settlement of the case, in which he later defaulted on (all documentation available here).

We also know that there were at least 2 other previous incidents where information was misrepresented on the SEC document filings, (President resignation here), and CEO Employment contract here).  Of course this document is largely a financial document, and given the above, and having no access to the company checkbook… how can anyone believe the financial information is correct also?

As an example, look at the graphic below… it lists NO advertising revenue !  NO revenue in ALL of 2013, and NO revenue for the first 3-months of 2014.  HOW IS THAT POSSIBLE ?  How is it possible for an operating company, displaying obvious advertising on their websites, not to have any revenue in over 15 months.  Is that believable ?

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Notice the clarifying statement contained within the 10-Q where it states: “Advertising revenue is recognized when businesses place advertisements on the IC Places website or through banner ads or upon a customer’s purchase of partner offerings originated from links through the company website. Punch Television records and recognizes revenue when advertisements are aired through their websites.”  There is certainly advertising being displayed on the websites, and there are certainly links being offered on the websites, so… which statement is correct?  Both cannot be correct given the evidence.  Notice the “Punch Television” designation within the statement… apparently Mr. Samblis doesn’t proofread his filing documents prior to hitting the send button.  Perhaps Mr. Collins should be alerted to the fact that Mr. Samblis is still referring to his company as “Punch Television”… wasn’t Mr. Samblis prohibited from doing that?

So folks… how believable is ANY of the information contained within this (or any) SEC document filed by Mr. Samblis?  Many investors wait in anticipation of these filings, as the concept is for the document to give investors a clear and accurate picture of the company.  How clear and accurate of a picture of IC Places, Inc. is this document?  We suspect Mr. Samblis laughs so hard when drafting and filing these documents, that he looks forward to the time when he can do it again. Who wouldn’t want to take a trip to fantasyland every 3 months?    If Mr. Samblis wants to generate some real revenue form his efforts, perhaps he should take up fiction writing in the form of a book describing his tried and proven ways to run a successful cash-cow of a company.

And just as an aside… what kind of CEO overdraws the company checking account to the tune of $697.00 in 3-months?  (see below graphic excerpted from the referenced 10-Q filing).  Banks customarily charge $30.00 for an overdraft situation.   $697. represents about 23 overdrafts within 3-months time.  That’s about 1 overdraft every 4 days.  There’s some top-notch fiscal management for you !

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WHY would anyone trust Mr. Samblis with 1-penny (would buy 5-shares at current PPS) with their investment money given the above ???

 

PNCH falls to PINKS !

PNCH falls to PINK status, and is headed for trip-zeros (again) after 3 reverse splits.  This performance would be hard to duplicate even if you tried.

WOW… textbook picture of what NOT to do when running a company !   And… we believe all of this – ALL OF THIS… could have been prevented had Mr. Steven Samblis, CEO of IC Places, Inc. just acted like a normal CEO.  But instead he ridiculed and berated his investors that asked him questions he did not want to answer.  He made terrible business decisions by letting his ego and arrogance influence his actions and decisions.  He misrepresented the information about the company and its performance.  His actions of hiding behind multiple aliases on message boards only served to reinforce the thinking that he was avoiding being held accountable for his actions and statements.

Mr. Samblis’s actions just reinforce the concept of… you can change the name of the company, you can change the ticker symbol, you can even change the core concept of the company from a website to a broadcast multimedia company – but the one thing that did not change through all these 9+ years… was the CEO !   The history of this company, and the actions of its CEO should be taught in business schools around the country.  Failure, and what leads to it, is teachable, and many could learn from the avoidable mistakes of Mr. Samblis.

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Will Mr. Samblis quit?  Highly doubtful.  As long as there are people willing to invest without researching Mr. Samblis’s past, he will likely continue on… likely using other people’s money of course.  However… there are a dedicated group of [previous] investors out there that will do their very best to educate potential investors about Mr. Samblis’s past business decisions, actions, and performance.

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It appeared Mr. Samblis just didn’t understand the power of today’s technology regarding the ease of recording historical events, and access to historical information.  He also didn’t seem to understand the power of the investing community in getting the word out about the company, and his actions running it.  With today’s social media vehicles, its financial suicide to actively offend those that you need to rely on for support.  It will be said by many investors that lost money investing in this company, that it was the naysayers that caused its downfall.  We say… that is putting the carriage before the horse, for if there would have been no bad decisions, misrepresentations, investor disrespect, and poor performance of the company… there would have been nothing to bash.  Mr. Samblis gave the naysayers everything they needed to bash the company, and handed it to them on a silver platter.  They were only doing what needed to be done to warn others about what was likely to happen to their investments if they continued to believe in Mr. Samblis.

Look up Train Wreck in the dictionary, and you are likely to see a picture of the IC Places train careening off the rails, with Mr. Samblis at the controls, with a dazed and confused look on his face.  As they say… its just a dam shame, because it was a preventable disaster.

Is the CEO a liar ???

Is the CEO of IC Places, Inc. (formally IC Punch Media, Inc.) Mr. Steven Samblis a liar.  Well… many say yes.  Many point to his previous press releases where he promotes new relationships, affiliations, or initiatives that the company is involved with, and say because many, (and some say ALL), of these initiatives have not come to fruition (“true” as they say), that this is evidence of his lying.

Well, we disagree.  Many businesses initiate new ideas, try new things, enter into new relationships and affiliations.  Many times these new initiatives turn out to be not what they initially thought they would be, and in some cases outright fail.  That’s just business.  Some things work… others don’t.  So… simply because Mr. Samblis has tried new things to improve the company, and most if not all have not proved successful, and many have outright failed… does not mean he lied about them, or is a liar.

However… what these poor and failed initiatives make him is… probably the worst businessman (and/or CEO) of all time.  The club of businessmen and/or CEO’s that have spent tens of millions of dollars on trying new things, only to have their stock currently trade at extremely sub-penny status – AFTER 3 REVERSE SPLITS… is an extremely small club.  A club some say Mr. Steven Samblis should not only be a member of, but be the leader of.

What folks should be looking at to draw a conclusion that Mr. Samblis is likely a liar is hard evidence.  Evidence that can be documented and indisputable against the common standard of proof.  Lets look at some one at a time.

SEC filings:

1) CEO Employment contract:  Mr. Samblis files multiple 10-Q/K reports that state… “The company does not have employment contracts with its majority shareholder, who is the executive officer.“.  This is a quote from the August 12, 2011 Quarterly report filing here.

Then…the public filing dated 11/14/2012 states the following: “On November 18, 2005 the Company entered into an employment agreement with Steven Samblis to be our Chief Executive Officer.”. The passage goes on to list the compensation which includes the provision of majority control being maintained.

2) Lawsuits against the company:  The most recent filing, the 10K (see here), as well as the previous filing, the 10Q (seen here) there is NO mention (or can be said, “disclosure”) that there is in fact a legal proceeding against the company.  See it here.  In fact, the filings state..  “We are not engaged in any litigation, and we are unaware of any claims or complaints that could result in future litigation.” (emphasis added)

Then… it becomes known that there was in fact litigation that had occurred during these 2 filing periods.  See details here.

3) President of company being asked to resign:    In the 10-Q report (here), it is clearly stated that the president’s resignation was “requested“.  (see details here)

Then… just recently the resignation letter of the president became available.  See it here.  Clearly, this was a voluntary resignation on the part of the president, which is, in direct opposition to Mr. Samblis’s SEC filing statements, as well as multiple message board posts.  In fact, of late, Mr. Samblis is still maintaining that he requested the resignation.  Additionally, notice the date of resignation discrepancy between Mr. Samblis’s statements and filings, and the actual resignation letter.

Keep in mind that the above statements/declarations are from the formal SEC 10-Q reports, filed, signed, and attested to by the CEO of the company, Mr. Steven Samblis.

Other incidents:

1) Reverse split:  This one doesn’t even need any document references here.  As everyone knows, there were a vast number of posts over multiple message boards where Mr. Samblis stated he would not do a reverse split of the stock.  In several instances he used the word “never” in reference to the possibility of a reverse split.  This was likely the topic that Mr. Samblis most addressed in his message board posts, and steadfastly disputed anyone that would even hint at him doing another reverse split.

Then… as everyone knows, on March 27, 2013 he does a reverse split.

2) Statements regarding our websites:  In a message board post dated 4/28/2014 on Investors Hub, (see it here) Mr. Samblis states (see below premise), via his HollywoodFastLane alias, that “Issacs attempted to sell the sites (right after registering them) to IC Places for a hugely inflated price.

Then… Friends posted the actual email exchanges between Mr. Samblis and Larry, which clearly demonstrate Mr. Samblis was not being truthful.  (See them here.)  as can be clearly seen, a) Larry did not contact Samblis to sell the sites… Mr. Samblis made the initial contact and requested a purchase… several times, before Larry agreed.  And b) referring to the “hugely inflated price” as Mr. Samblis states… an agreed upon price of $1500.00 was struck.  However, due to Mr. Samblis’s message board posting where he blatantly disrespected Larry… Larry cancelled the deal.  Then Mr. Samblis later (October 27, 2013 email) offers over  three times that amount, voluntarily, to purchase the sites, but that offer is refused (see the next email).  Clearly Mr. Samblis has misrepresented the actual events surrounding the purchase of our sites.

Now, as most of you know, we could go on and on giving example after example of instances of where Mr. Samblis was, shall we say, reckless with the truth.  Although some instances would be open for dispute, we think there are no better examples of questionable actions, that many would call lying, then the instances involving the SEC reporting.  These SEC reporting discrepancies are clear, documented, and clearly a misrepresentation of the facts.  Many would say a blatant disregard and disrespect for the authority of the SEC.

Well folks… you have the facts, you are free to decide for yourself if Mr. Samblis is a liar.  It seems obvious Mr. Samblis has recently taken to the message boards, using what many believe to be multiple aliases to promote the company, and therein a presumed purchase of the company stock shares (some call this stock manipulation).  Many believe it is Mr. Samblis stating through multiple aliases that it is not him really posting using these multiple aliases.    One such account, HollywoodFastLane, was apparently shut down recently by Investors Hub as being in violation of their Terms of Service, and many believe a fraudulent use of such account.  Many say this is Mr. Samblis’s attempt at circumventing being held accountable for his statements and actions by claiming he was not actually the poster.  The poster made multiple statements using the HollywoodFastLane account stating that he was “hired” by the company to maintain social media content.  If this is actually Mr. Samblis making these posts, it is but another example of what many call lying.  Maybe some day his use of such tactics may be able to be discovered and documented also.

 

 

Fraud… or honest mistake – #3 ???

Well… here we go again folks.  Friends has documented on 2 previous occasions, here and here, that there appeared to be significant discrepancies in what was reported on the IC Places, Inc. (formally IC Punch Media, Inc.) SEC quarterly and yearly company filings.  Mr. Steven Samblis has yet to comment on these discrepancies.  Well… here is a 3rd. such instance.

As seen in the below graphic (click to enlarge), which is excerpted from the 10-Q report (here), it is clearly stated that Gayle Dickie’s resignation was “requested“.  Keep in mind that this statement/declaration is from the formal SEC 10-Q report, filed, signed, and attested to by the CEO of the company, Mr. Steven Samblis.

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Also, in the below graphic, Mr. Samblis addresses the issue on his Facebook Page.  This explanation has been since proven inaccurate, as Mr. Samblis was WELL aware of this legal issue prior to bringing her aboard.  In other public posts Mr. Samblis considered the issue a non-issue, yet now he uses it as a convenient excuse when he thinks it serves his interest.

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Now, take a look at the actual resignation letter from Ms. Dickie (click to enlarge).

GayleDickieResignation

Does this look like a letter from someone who was asked for their resignation?    Also notice the date of the resignation letter, and then look at the date given in the 10-Q filing.  See any dependency?

Ms. Dickie contacted Friends in order to set the record straight.  In a lengthy conversation she indicated how frustrated she was with the misinformation and innuendos that were being published, such as on Investors Hub (see below graphic) regarding, and apparently insinuating, that upon her departure she “took several deals with her that she signed to the company“.   As if to say, she took them illegally.   As we understand the situation regarding “deals”, these shows were “Optioned” in order to allow time for funding of the production.  These shows were optioned to Ms. Dickie and Mr. Bradley, not IC Places, Inc. or Mr. Samblis, therefore they were free to take them when they left the company.

Now… this is prime example of WHY there should not be multiple posters using the same alias.  Although the vast majority of reader’s are positive this is Mr. Samblis making these posts… he now has deniability for content such as is illustrated below because someone else has stated they were not Mr. Samblis making these posts under the HollywoodFastLane alias.

HollywoodFastLanePost_42314Folks… as stated above, this makes 3 verifiable and indisputable instances of very troublesome discrepancies regarding statements and disclosures in IC Places, Inc. SEC filings.  Many would say this is no coincidence, and appears to be a pattern.   I think many would agree, these instances call into question ALL other statements, disclosures, and possible omissions within the SEC filings of this company, not to mention postings on message boards, be it using his own alias, or disguising himself as someone else to avoid accountability for his statements.

Many investors ask about why there is seldom an SEC 8-K filing on new initiatives and company actions.  With the trustworthiness of several of the past SEC filings as outlined in the posts referenced above… what difference would it make.  Can investors really rely on what is stated in the IC Places, Inc. SEC filings?  And of course we are not talking about discrepancies over minor items like perhaps misspellings, minor math errors, etc., no, we are talking about MAJOR issues like disclosures regarding the President of the company, lawsuits and judgements against the company, and CEO Employment contracts calling for large sums of company money and stock.   Some would say Mr. Samblis is thumbing his nose at the SEC by apparently proactively manipulating material events to mislead, or flat out deceive the investing public, as well as the SEC, with the discrepancies contained in his company filings.

If these reporting incidents concern you also, perhaps you should contact the SEC and file a complaint.  The answers page about such is here, and the actual form to file an online complaint is here.  As the below graphic indicates, the SEC is concerned about “False or misleading statements about a company (including false or misleading SEC reports or financial statements)”.

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Folks… as we indicated above, this was a lengthy conversation with both Ms. Dickie and Mr. Bradley, covering a multitude of topics.  They are good people, true professionals in their field, with pristine reputations, and who were totally believable in their statements and comments.  Can you blame anyone for resigning under the circumstances outlined in the resignation letter?  Then, to add insult to injury, only to be told “I don’t owe you guys anything“… is just shameful and ungrateful.  Most would agree, the resignation letter demonstrated true professionalism in light of the “I don’t owe you guys anything” statement Mr. Samblis made to them.

Again, you have the facts, you can draw your own conclusion and opinion as to any wrongdoing here with regard to misrepresentations in the SEC filings, and then proceed accordingly.