VSTC/GTX Global.. caught in the scam again
http://www.pinksheets.com/quote/quote.jsp?symbol=vstc
Seems VSTC, under the tutelage of Edward Ovsenik, Mark Brecher, Peter Schriener, Ivan Ivanov (and maybe even David Hagen offshore in the Bahamas, or Howell Woltz sending out notes from Jail too) has been engaging in the same tactics that GTXC wasusing. From the "Ivestors" link on their own web site you go to pinksheets.com (one of the things that all reputable companies use as their IR information, I say sarcastically). Check out the message today...
VSTC -- Vision Technology Corp.Com ($0.001) Primary Venue: Pink Sheets
Pink Sheets believes adequate current information must be publicly available during any period that the issuer or affiliates of the issuer are directly or indirectly engaged in promotional activities having the effect of encouraging trading of the issuer's securities in the OTC market. Pink Sheets has observed that such promotional activities are occurring for this security, but that adequate current information may not be available. Consequently, Pink Sheets has removed the quotes from this website until such information is made available by the issuer to the investing community. Investors are encouraged to use care and due diligence in their investment decisions, as companies that engage in promotional activities without supplying adequate current information are often the subject of fraudulent activity.
As documented here (most recently Sunday, September 17, 2006 "VSTC.. er GTX Global Is this the end?" and Thursday, September 21, 2006 "VSTC rises from the GTX Global Ashes... sorta") there continues to be...
VSTC is a scam, and the investment community is finally figuring this out. Now, when will the SEC and FBI do the same?
Seems VSTC, under the tutelage of Edward Ovsenik, Mark Brecher, Peter Schriener, Ivan Ivanov (and maybe even David Hagen offshore in the Bahamas, or Howell Woltz sending out notes from Jail too) has been engaging in the same tactics that GTXC wasusing. From the "Ivestors" link on their own web site you go to pinksheets.com (one of the things that all reputable companies use as their IR information, I say sarcastically). Check out the message today...
VSTC -- Vision Technology Corp.Com ($0.001) Primary Venue: Pink Sheets
Pink Sheets believes adequate current information must be publicly available during any period that the issuer or affiliates of the issuer are directly or indirectly engaged in promotional activities having the effect of encouraging trading of the issuer's securities in the OTC market. Pink Sheets has observed that such promotional activities are occurring for this security, but that adequate current information may not be available. Consequently, Pink Sheets has removed the quotes from this website until such information is made available by the issuer to the investing community. Investors are encouraged to use care and due diligence in their investment decisions, as companies that engage in promotional activities without supplying adequate current information are often the subject of fraudulent activity.
As documented here (most recently Sunday, September 17, 2006 "VSTC.. er GTX Global Is this the end?" and Thursday, September 21, 2006 "VSTC rises from the GTX Global Ashes... sorta") there continues to be...
- No publicly available information on the company, executives, customers, partners or prospects
- No information on any previously announced deals, plans or relationships (none of which was ever real)
- No information on the technology, products or direction
- No information on the new "finance team" (Monday, August 21, 2006 "VSTC New Finance "team" or Thursday, August 24, 2006 "VSTC New Finance Team: Part 2")
- No information on the consultants hired (KA Parker (2 posts here on him) or Conrad Lysiak (2+ posts here)
- No information on the latest "strategic acquisition" SQL Minds (Tuesday, August 22, 2006 "VSTC "Strategic Acquisition" )
VSTC is a scam, and the investment community is finally figuring this out. Now, when will the SEC and FBI do the same?
posted by ex-GTX at 5:22 AM
9 Comments:
dude, it's back down again. GTX Global is back down again.
C:\Documents and Settings\>ping www.gtxglobal.net
Pinging www.gtxglobal.net [66.195.196.62] with 32 bytes of data:
Request timed out.
Request timed out.
Request timed out.
Request timed out.
Ping statistics for 66.195.196.62:
Packets: Sent = 4, Received = 0, Lost = 4 (100% loss),
C:\Documents and Settings\>ping www.gtxc.us
Pinging www.gtxc.us [66.195.196.62] with 32 bytes of data:
Request timed out.
Request timed out.
Request timed out.
Request timed out.
Ping statistics for 66.195.196.62:
Packets: Sent = 4, Received = 0, Lost = 4 (100% loss),
C:\Documents and Settings\>ping www.visiontechnologycorp.com
Pinging www.visiontechnologycorp.com [82.165.130.43] with 32 bytes of data:
Reply from 82.165.130.43: bytes=32 time=91ms TTL=46
Reply from 82.165.130.43: bytes=32 time=108ms TTL=46
Reply from 82.165.130.43: bytes=32 time=108ms TTL=46
Reply from 82.165.130.43: bytes=32 time=108ms TTL=46
Ping statistics for 82.165.130.43:
Packets: Sent = 4, Received = 4, Lost = 0 (0% loss),
Approximate round trip times in milli-seconds:
Minimum = 91ms, Maximum = 108ms, Average = 103ms
C:\Documents and Settings\
If the scam is being uncovered again, how much longer do you think the visiontechnologycorp.com site will stay up?
DD.. and a couple of the other "12" here, here's an interesting paper about short selling that I just ran across the other day by a guy at Yale named Owen Lamont. The basic thesis of this paper underscores something I've felt intuitively for some time: namely, those companies that are the most confrontational about their stock having been shorted tend to be among the best short sale candidates out there.
We've all seen it before in the financial press, most recently with companies like overstock. com (OSTK).
First they start off by complaining about matters of basic fairness in the markets, then they start going to government regulators to make it more costly for folks to short their stock, then they go to their shareholders and tell them to take physical delivery of their shares, then they begin waging a P.R. campaign to disprove the shorts, and finally they initiate litigation against the shorts to quash negative opinions about their companies in the marketplace.
Seems like GTXC/VSTC has followed some of the same tenets. Sue stocklemon, make all kinds of announcements on new teams, moving to fully reporting, etc.
Do a google search on "Owen Lamont -- Go Down Fighting -- Short Sellers vs. Firms" (it's a pdf and apparently you can't attach documents to posts here)
Since there was some discussion here about motives (which if I'm correct, ex-gtx never said what his/her position was). But, be that as it may, I did a quick search using basic terms like "publicly held companies that file lawsuits against short sellers and internet message board bashers" and came up with about half a dozen hits. In every case, without exception, the stock prices of those companies declined significantly after initiating litigation against their critics.
Since this particular study was undertaken by an academic, while he was working with the smart boys at the University of Chicago like Milton Friedman and Eugene Fama it is, as you'd expect, a lot more structured.
This has to be the most thorough and exhaustive study about this particular phenomenon related to short selling that I've run across. Dr. Lamont goes back and studies a 25-year period of time from 1977 - 2002 and comes up with a universe of an astonishing 270 firms that engaged in these tactics to impede short selling.
Now, with regards to these guys, there is little left (it appears) to short sell on, but looking at the historical stock prices and volume spikes (some of which has been documented by ex-gtx) you can draw some conclusions that there was short selling going on, especially after (and during) the massive "pump" on GTXC. Now, with VSTC getting caught (apprently again) doing similar things, watch the stock closely.
Good luck to all.
"dude", thanks for the update. Still no product or technology pages on visiontechnologycorp.com. No changes in the contact points (they still use visLtech and gtxglobal domains). Just another example fo lack of any technical facility and any real cogent marketing/strategy abilities. I guess unless it has to do with model trains, Ed just doesn't get technology in general, and has yet to figure out he's got nothing at VSTC.
Hey dude, you slam these guys for a scam, what about your scam? Where are the pictures of David's BIG BOAT you promised us?
Tried to find "Owen Lamont" using the supposed url for his web page at Yale (with and without the typo) and there is no such page! More scam here?????
I did not post the Owen Lamont story. I simply moderate the blog for profanity. BUT, I did do some "fact checking" as it were.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=579806
http://mba.yale.edu/faculty/profiles/lamont.shtml
http://www.mba.yale.edu/faculty/pdf/godownfighting.pdf#search=%22%22owen%20lamont%22%20%22Go%20Down%20Fighting%22%22
So, I'm not sure what the question is, or whether or not David (and that is you, isn't it?) can't figure out how to use that new fangled thing called a computer.
And, David.. why don't you just send us the picture of your boat. I'd like to have it before the published (and much anticpated) pictures of you in a nice snazzy orange jumpsuit. (sure beats that Cow jacket from the xmas party in 2003, eh?)
dd,
Ivan got involved after Rick Stefanik was escorted from the building towards the end of 2004. That's a story in itself, Stefanik's story of the event is very different from the Hagen's version.) I wasn't involved in the company for very long after that, just long enough to get a very negative opinion of his abilities as a system administrator.
At any rate, he has a long time relationship with Gatelinx/GTX/VSTC, going back to at least 2004. Looks like this is another inside deal. And one that, based on my opinion of Ivan, I wouldn't touch with a 39 1/2 foot pole.
He's mentioned these posts by ex-gtx:
http://gtxcthegangthatcantshootstraight.blogspot.com/2006/09/vstc-er-gtx-global-is-this-end.html
http://gtxcthegangthatcantshootstraight.blogspot.com/2006/08/vstc-gtxcgtx-global-trying-to-hang-on.html
Since I teased you with the Stefanik thing. He called us all up on the day it happened and explained that he'd been asked to "screw Brady over" and had refused and as a result he had been fired. I've tried, but I can't recall what the specific action it was that would be considered screwing Brady....
The Hagens later claimed it was a question of competence, after employing him for something like 3 years.
I'm not sure if either side is being 100% honest, as I know that while Stefanik seemed to be a pretty decent sys admin and technologist, there were a number of complaints about his managment style.
OTOH, questioning the comptence of former employees, even if they were exceedingly competent seems to be their standard way of operating after someone leaves. As I've said before, I don't recall any one leaving their position normally... you know 2 week notice, stately transition and training of the replacement. There was always a ton of drama and accusations of incompetence once their were gone...
If you do a "whois" search on Visiontechnologycorp.com You'll find Ivan's company as the registrar. That address is:
Registrant:
Data Consulting Group, LLC.
12918 Winget Road
Charlotte, NC 28278
US
Domain Name: VISIONTECHNOLOGYCORP.COM
Administrative Contact, Technical Contact:
Data Consulting Group, LLC.
12918 Winget Road
Charlotte, NC 28278
US
704-737-5633
If you do a simple google search for Ivan Ivanov you get these 2 results.
Ivan Ivanov (704) 583-1555 12918 Winget Rd, Charlotte, NC 28278
Same address as his consulting company (maybe one is in the garage, the other in the house?) but a different phone number.
Plus this listing:
Ivan Ivanov (704) 504-9890 13726 Sledge Rd, Charlotte, NC 28278
There is one other listign for greensboro, but since Ivan never leaves Charlotte, at least he never did to Southern Pines, I'm guessing that's another Ivan's address, not this Ivan.
Ivan's company is
http://www.webcluster.com/20011108/
All 7 years of experience played out for all to see.
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