Tuesday, June 06, 2006

GTX Global/GTXC Fully Reporting...dig deeper and it still smells like more of the scam

Not to impune Mr Lysiak's character or intentions (although, as my great grandmother used to say, lie down with dogs, get up with fleas.. or soemthing like that) his alignment with Herr Hagen and the gang piloting the SS Gatelinx is troubling.
Do a zoom info search (http://www.zoominfo.com/Search/CompanyDetail.aspx?CompanyID=36716839&cs=QGCMEEnbM) and see that Conrad C. Lysiak was/is affiliated with a web site called "stockclubz.com"
From their web site... "StockClubz.com is a unique, interactive communications and resource site for the online investment community. We host individual Investment Club sites for member-companies, providing their shareholders and potential investors with forums where they can meet and exchange news and information in a real-time chat format. The Investment Club platform serves two purposes: From the company perspective, it can be an "on-line" extension and welcomed addition to any Investor Relations program. "
Sounds like just another part of the pump-and-dump scam. PLUS, if you go back and read the filings from April when Hagen and the gang got GTXC/GTX Global re-listed on the pink sheets (a 3 card monty dealer in NY isn't as good as this trick) Mr. Lysiak is ALREADY LISTED as part of the "team."

The Press Release, from May 25, 2006, for Mr Lysiak reads.. "GTX Global Corporation (Pink Sheets: GTXC - News) announced today that it has retained the services of Mr. Conrad C. Lysiak, Esq. who has prepared the appropriate filings to have GTX Global become a fully reporting company and list the company on an exchange."

HAS RETAINED!... Present tense. Nope. Because go back to the April filing... and this is what that says.. "The company has retained the services of outside consultants and legal counsel to advise the company regarding software development, marketing, and legal matters. These advisors are:
Mr. Conrad Lysiak 601 West First Avenue, Suite 503, Spokane, Washington 99201 (509- 624-1475, cclysiak@qwest.net) was retained regarding corporate governance and securities matters, including advice regarding this disclosure documentation. Mr. Lysiak does not own any company shares."


And folks, that gem was filed on April 12, 2006, a month and a half before the PR. Question #1, how can you announce (and imply) a recent development when he's already been there for some months before?

I'm gonna do some more research on who the board members of stockclubz.com are, and how they relate to or inter-relate to the other attorney's that Gatelinx.. er.. GTXC/GTX Global has retained (for various legal matters, suits and defenses), several attorneys.. start with in-house counsel Ed "easy" Ovsenik, add Lysiak... and these folks from the April filing,
  • Mr. Thomas Zaccaro and Mr. Clifford Rosky
  • Barry K Rothman
  • Scott Chambers
  • Lyn Broom

They have 7 attorney's.. and NO PRODUCT DEVELOPERS, SALES, OPERATIONS or MARKETING. Question #2, how viable a company can you have with more attorney's then employees?

Another gem from the filing in April is.. "The company has a consulting agreement with Len Green 1670 Edgewater Lane, Palatine, IL 60067 to provide accounting services for the company. Mr. Green owns fewer than 5% of the outstanding company shares."

Hmmmm.. interesting that; 1: he's from Chicago, the home of the ill-fated Yadio merger and relocation from Boca Raton, 2: He's listed as a consultant in April but there were/are announcements in December as him being the new CFO and Interim President (since "replaced" as President by Ovsenik), and additional announcements (in January) as part of the Yadio debacle that he would assume the role of CFO, Treasurer and Director 3: a consultant is getting a significant amount of shares in this scam

SOOOOO.. question #3... How can you have an employee, then a consultant, and a major shareholder all be the same guy.. not that ex-employees aren't retained as consultants.. they are... BUT, without any 8K filings of material change. He was a friggin officer in the company, CFO!.. NOW.. apparently that was never true, AND...GTXC/GTX Global (apparently) DOESN'T HAVE A CFO now either.

To re-cap... more attorney's than employees.. dubious employee listings, timing of announcements and relationships, false executive listings... AND IT'S STILL A SCAM

9 Comments:

Anonymous Bagwell said...

Hello, I've been following your blog for a little over a month now and I have to say that this is just a great story. I just had to pop in and tell you to keep it up, reading about the ever sinking ship known as GTX Global/GTXC is entertaining me more than anything on TV.

It's so entertaining that I had to get in on the action, so I called what was listed as their corporate offices just for the hell of it. Curtis Garth's voice mail has not been changed and is still functional.

How is this company still listed, you would think that by now the Feds would have caught on.

10:50 AM  
Anonymous Anonymous said...

Can you give more information about Mr. Green like a company name I am trying to look them up on the Illinois SOS website.

Thanks

3:39 PM  
Anonymous carl said...

There may not even BE a company for Mr Green. He may be someone doing account work out of their home.

I tried to find the company for you but, entering that address into Google Maps, it appears that the address supplied is in a pretty residential area.

This URL will take you to it:
http://tinyurl.com/l8xdk

Click on "Hybrid" and zoom all the way in.

I don't know much about the real estate market in IL. But, that does NOT look like the house/neighborhood I'd expect for Green.

With a market cap of 150 Mill I think was the last value I heard... That means his "less than 5%" ownership is worth a maximum of $7.5 Million.

Look at the neighborhood. The plots are small, and his looks like the smallest of his neighbors, Also, it is pretty close to O'Hare airport.

This url, from city-data.com, confirms that this is not the most opulent Chicago suburb. Just a typical, middle-middle class suburb, unless the salaries in the Chicago area are quite a bit lower than average.

http://tinyurl.com/rkwfw

Unless he is saving all his pennies for a rainy day, doesn't this look a little bit fishy?

3:07 AM  
Blogger ex-GTX said...

stockclubz.com is run by guys from the auto industry and some VP who's claim to fame is he is/was a geologist. The car thing is interesting given the connection to "Autoleasebytel"...the company that has gotten Oemke, Kos and Woltz in so much hot water.. (read the link to "anatomy of a stock fraud" posted earlier in this blog, or do a google search for it).

As for Len Green, the President.. er.. CFO.. um.. consultant... does anyone ever believe that any of these folks around Hagen are legit at this point? He got rid of anyone who knew what they were doing long ago. His ego knows no bounds, but the SEC and FBI will (someday soon) show him who's really in charge.

3:54 AM  
Anonymous Anonymous said...

Question: When will you (ex-gtx) reveal your identity?

7:59 PM  
Blogger ex-GTX said...

am I one? or am I many? It matters not.

6:15 AM  
Anonymous Anonymous said...

who wants to know? David Hagen? Ed Ovsenik? Ed's already posted here once, and you know David probably reads this. Hey Ex-Gtx, whoever you are, keep up the good work. Tell the story. Tell the truth.

11:35 AM  
Anonymous Jim said...

It'd be nice if people would at least use a fake name like "Carl" instead of having 6 different "Anonymous" people posting and not being able to tell who is who. Just my 2 cents.

9:12 PM  
Anonymous Anonymous said...

hey I will use the annonymous thingy to post but I sign off as "euromole".I am just on a need to know bassis.Chuck is still in Dubai but I heard his girlfriend is back in europe.Dont know if this means he's going back to France or to the states...will keep you posted on what I find...Any news on Annette???

2:45 AM  

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