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)
The 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.