The IPO Shell Game
Keller is a shareholder in Lake Play. Lake Play's CEO Marion Palmer is a shareholder in New Life Bikes and so on. Critz and his wife Dayna Critz are shareholders in all the companies as is Critz's partner Forrest Garvin and his wife, Teresa.
Sidoti says there is absolutely nothing fraudulent about these filings. That they were all filed at the same time attracts attention, but everything is legit. It just happens to be a group of individuals that are all supporting each other in their business endeavors. Sidoti said, "If this wasn't legitimate, then you'd see all kinds of LLC companies and you don't see that here."
However, there are several LLCs that appear as shareholders. Teresa Garvin is Manager of G9 Holdings, LLC. Forrest Garvin is Manager of GW Grace LLC. There is also a Winchester Investments LLC that is part of the same list of shareholders.
Many potential investors would probably not know that there are several similarities between all five of these companies. They would probably not know they all share the same shareholders. They might not know how to find the filings and read them to see that the CEOs have no idea what they are doing. They might not know how to find the silly fake websites.
Fraudulent? No. Sketchy? The investors can decide that for themselves. --Written by Debra Borchardt in New York.>To contact the writer of this article, click here: Debra Borchardt. Follow @WallandBroad
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