SAN DIEGO ( TheStreet) -- Before your eyes roll -- if you do nothing else, scan down to the bold-faced part of this story, and start reading from that point on.
If you have a few minutes more:
Nor did the news that he landed in a Federal prison in Seattle, waiting for an arraignment Tuesday, as the Feds seek criminal charges against him on the same securities charges.
My only question, even though these are just charges: What took 'em so long?
L&L is too small to matter, but it's a reminder that stock promotion of the worst kind is alive and well.
I first stumbled on L&L a few years ago when I was focused on Chinese reverse mergers. It was acquiring coal mines in China, and based on the promote that it was a pure play on China coal, its stock had zoomed from pennies to as high as $15, before stumbling back to just about $1, before trading of its stock was halted last November.
For a refresher, here's what I originally wrote about it in December 2010, on CNBC:
-- L&L was founded in 1995 as Royal Coronado, a shell looking for business. While not technically a reverse merger, it has similar attributes.
-- It has morphed into a coal-mining company in China.
-- According to company filings, CEO and founder Dickson Lee (who had started a broker-dealer called Century Pacific Securities) also has had run-ins with securities officials in New Mexico, California and Connecticut.