The $BOPT Fiasco.
Friday at 2pm SMA finally announced $BOPT as their new pick. However, many don't know the story behind $BOPT's past and why they promoted $BOPT deliberately at 2pm Friday. It is well known that George Sharp previously sued BOPT in 2009/2010 when $BOPT was formally known as Vortex Resources Corp and Yasheng Eco-Trade Corp.
Some press releases
You can see from SEC filings that they settled with George Sharp for 25k http://www.wnd.com/markets/action/getedgarwindow?accesscode=114420410032004. George Sharp signed a non disclosure agreement. However, the company later breached the Settlement Agreement by making statements in their SEC filings that were contrary to the ones agreed to in the Settlement Agreement. George Sharp sued them under the liquidated damages clause in the Settlement Agreement, as the court deemed it was unenforceable because it was a penalty. The court’s determination that the liquidated damages provision is enforceable, frees up George Sharp a little bit.
George Sharp a month ago already saw what BOPT was positioning themselves again to do, to pump and dump their stock again. This week BOPT started trading unusual volume (writing was on the wall). After the SMA teaser everyone knew this was it. George Sharp has been exchanging emails with $BOPT for weeks. George Sharp warned them that as soon as SMA announced $BOPT as their pick he would released his already prepared lawsuit.
You can see from this email from Friday, March 22, 2013 6:36 AM
From: George Sharp [mailto:email@example.com]
Sent: Friday, March 22, 2013 6:36 AM
Subject: Be advised...
That on the very day the Pump & Dump promotion begins on this scam, I will be announcing my lawsuit in a press release.
This was the response he received
I am a barrister and solicitor in Canada and I serve on the advisory board for BOPT (Eco Trade Corp) (the "Company"). I have been retained by the Company to address one of your recent emails to the Company which was threatening on a litany of levels.
On June 2, 2010, you entered into a settlement agreement and mutual release with the Company (the "Settlement Agreement") that contained, inter alia, provisions for you to refrain form certain conduct that was detrimental to the Company. However, your recent e-mail is in breach of the letter and spirit of the Settlement Agreement.
This e-mail is a formal notification that you must cease and desist from any further conduct or communication that is in breach of the Settlement Agreement.
If you fail to do so, then we will be forced to sue for breach of contract and seek punitive damages against you in your personal capacity.
Further, we will be required to seek our legal costs on a full indemnity scale.
If you have any further questions or concerns, please contact the writer at your earliest convenience.
Govern yourself accordingly.
It is funny to me that a Canadian attorney would respond to him on behalf of a company with offices identified to be in New York. Even more astounding is that Mr. McLean does not ask what the lawsuit will be about nor does he defend the company’s actions. Let's get into how this effected the plan to pump and dump $BOPT.
How the promotion game works
You have to understand these promoters are crooks. Their number one goal is to bring in volume so insiders can sell shares. They intentionally have leaks to bring in volume sometimes. The promoters often have friends who have a decent following and why it benefits them to tell these people when their pick is and sometimes even tell these people when the pick will be. I have some decent sources but no where close to where some of the people with ties to promoters and more of a following then me. I think this is exactly what they did with $BOPT. They knew they could not have a long term promotion on this because of George Sharp making it well known to them that he would sue them as soon as the promotion started, so what did they decide to do.
1. Tell their pals what the pick is
2. Those people then tell their followers what they think the pick is
3. SMA puts out teaser that fits perfectly with what everyone now thinks is the pick ( brings even more volume)
They were able to sell decent amount of paper without even promoting it yet. Think like a promoter. How are they going be able to sell the most amount of paper before George Sharp can put out a press release? Easy, Friday 2pm release. It will catch George Sharp off guard, he will not be able to get out a press release. All the amateur penny stock traders will run to buy this on confirmation at 2pm. This way they could sell as much paper as they can into the close and thats exactly what they did. This was a deliberate and successful attempt to sell as much paper they could on this before a George Sharp press release would stop its pump in its tracks.
Remember never trust a Stock Promoter.