Posted by Timothy Sykes on Tue 2nd of Nov, 2010 08:45:13 AM
As I wrote yesterday in an expose entitled How Joe Bucci Of Ox Financial Turned $184k Into $75+ Million In 4 Months Working From This Shabby House & Cell Phone [AMAZING STORY & PICTURE], Coastal Pacific Mining Corp (CPMCF) is nothing more than a one man paid pump from a guy working out of his house via his cell phone.
I am short this paid pump and so far have been deadwrong about how high it’d go, underestimating Joe Bucci and his desire to see his stock rise exponentially, seemingly unaware or more likely not caring that his actions will likely get his stock halted and investigated by the SEC/ASC.
PennyStocking Silver subscribers and TIMalert subscribers know I’ve called several halts/SEC investigations ahead of time, namely EMERGENT HEALTH CORP (EMGE), Spongetech Delivery Systems, Inc. (SPNGQ) and Genova Biotherapeutics, Inc. (GVBP) each time being threatened by the CEO, simply by digging through the companies own SEC filings which are usually so ugly/telling, they can be used as exhibits in court cases against the companies!…and yes, I did warn subscribers of my 4 newsletters in our chatroom less than an hour before Clean Diesel Technologies, Inc. (CDTID) was halted.
This morning Joe Bucci’s CPMCF/Ox Financial failed to report their quarterlies, not ended anytime recent, but all the way back to April 2010. In an SEC filing detailing this one-man operation’s failure to file on time, , Bucci uses the excuse:
The Form 20-F for the period ended April 30, 2010 will not be submitted by the deadline due to a situation where the workload exceeds available personnel.
Why don’t they hire people then?
Because while Bucci pays himself a nice salary, CPMCF/Ox Financial/Joe Bucci (is there really any difference between the three, wouldn’t it be more honest to have the ticker be BUCCI or CELL (based on the fact that Bucci operates this now $100+ million company from his cell phone) doesn’t exactly have much $/an operating budget, the same SEC filing shows:
Net losses for the period ending April 30, 2010 are estimated to be $210,191 (2009 – $140,425) and relate mainly to management fees for fiscal 2010 of $120,000 (2009 – $60,000)
Not that the numbers can even be trusted since:
The Registrant’s independent auditors will also not be able to complete their review of the financial statements prior to November 1, 2010.
I don’t even do the hardcore digging these guys do so I hope Melissa and her team get interested in this as I’d be cruious to see how deep the paid pump hole goes…
But Joe Bucci really just dug his own business grave with his press release last night, by using 13 year-old data “calculates that based on the samplings and other geological work performed through to 1997″ and saying their assets have “potential values in excess of 1 billion dollars.”
The MORON includes a disclaimer IN the press release, not just at the end (although he does that too):
Note that while the above noted estimates are taken from historical data the Company believes to be accurate, these estimates are not derived from NI43-101 compliant mineral resource or mineral reserve studies, and are not to be construed as actual or potential reserves on the Property.
As InvestorsLive did a great post on this new twist on this paid pump, he eloquently states “WHEN A COMPANY HAS A DISCLAIMER IN THE PRESS RELEASE … THAT’S WHEN YOU KNOW … THEY KNOW … IT’S BULL SHIT”
And of course all the paid promoters have sent out more mailers hyping up the $1 billion number…not the disclaimer….
You should definitely read IL’s entire post because there are several reasons why CPMCF is like GVBP, which did get halted before dropping 99% (I shorted in the 40 cent area and while I had similar $6k losses at first, I made it all back and more, covering some of my short at 3 cents/share after the SEC halt
Mark my words, I may continue getting squeezed on my short (I reduced my position to reduce my risk, total realized gains of $400ish LOL) and I may well lose, but I and just about every other short sellers who respects the truth will try to short MUCH more on the inevitable way down/before a potential halt and even if I and others can’t find shares to short, in the end we will all look down from heaven on Joe Bucci who will be burning in hell for all eternity for his sins and subscribers of my 4 newsletters, the most agile who have actually gone long since pumps can be great buys before they are dumps, will have learned and profited…and avoided losses.
Is it illegal what Joe Bucci (who is the ONLY company contact via his cell phone and their hilarious company headquarters and only employee for this now $125+ million company with no revenues, cash or assets…remember he acquired 92 million shares at .002 cents/share) is doing?
That’s not for me to judge…I’m just a trader and teacher, not an SEC/ASC employee. All I know is it’s certainly unethical and wrong and unless we start tarring and feathering these people, they’ll keep doing it and Joe Bucci does deserve to be tarred and feathered for promoting in such a blatant way that will inevitably lose the suckers who believe him millions of dollars.
This great career criminal once remarked to me that people with no ethics, morality and no respect for doing the right thing/being honest have SUCH an advantage over those who do because they know what they’re doing is wrong and their main goal is not to get caught…while it’s much more difficult for honest/hard-working people with actual products and honesty because we do have to play by the rules (finding shares to short, risking pumps existing longer than you expect, risking margin calls…)
But it is right and just to expose such disgusting behavior…and better yet to learn to profit from it because it exemplifies Wall Street.
