I'm looking for some advice from any securities lawyer or people in the industry or professional investors about a stock I bought and is now delisted on July 25, 2016. The stock is PRVT private media group. The SEC delisted the stock because it didn't file any financial reports since June 30, 2013, there is no news, no corporate website whether the company is bankrupt, or the shares or worthless, no information, just like the CEO and board of directors decided to leave their 'public' investor fools in the dark, I'm sure the insiders or management has the financial reports and refused to disclose them to the public. SEC has done nothing for me and only sent a request to have the financial reports. since the company has no address and the phone calls don't get answered. There is no physical address to contact anyone. I've talked to the employees and the company isn't bankrupt. Any legal recourse to have some information whether my shares are worthless or when the company will at least make news release. SEC sues retail investors for profits from insider trading but does nothing for retail public investors who get ripped off. it's more than $5,000 down the drain or loss, it's a lot of money aint' down with this rip off from the market again. after this my opinion of the stock market is SCAM entire market is a scam. SEC doesn't protect the small investor or protect them from fraud. The SEC seem like they work for the market makers or brokers. They freeze your account if you make money from trading or make a killing in options but let the obviously fraudulent stocks or companies list in the 'public' markets. As for privacy, don't expect any privacy from your broker, they sell your trading and investing datat to people with money. all traders who make money will have their profitable trading system stolen.
Are you looking for the tax loss, or for compensation? https://www.irs.gov/publications/p17/ch14.html discusses tax treatment of worthless securities. Compensation is unlikely -- possibly you'll get a few nickels from a class-action settlement.
BARCELONA, Spain, Feb. 22, 2011 /PRNewswire/ -- Private Media Group, Inc. (Nasdaq: PRVT) a worldwide leader in premium-quality adult entertainment products, today announced the launch of its revamped corporate website, www.prvt.com.
Rikard Anderson! Apdo. Postal 38! 08197 Valldoreix! Tel.: +34 - 600 54 50 73! iberdiligence@gmail.com !!Securities and Exchange Commission SEC Complaint Center 100 F Street NE, Washington DC, 20549-0213 ! cc/ Securities and Exchange Commission Att: Regional Director Pacific Regional Office 5670 Wilshire Boulevard, 11th Floor Los Angeles, CA 90036-3648 ! Barcelona, October 21st, 2008 !! Matter: Serious irregularities at Private Media Group Inc (PRVT) ! Dear Sirs, I am an researcher for Iberdiligence, specialized in financial fraud and asset location, working from Barcelona, Spain. In the last 8 years I have performed several investigations into the Private Media Group Inc (PMG) on behalf of investment banks and the swedish tax authorities, Skattemyndigheten. PMG is incorporated in Nevada, but has its operative headquarters in Barcelona, Spain. PMG is the world leader in hardcore adult “entertainment” and is listed on NASDAQ GM market (Ticker: PRVT). I have come to the conclusion that PMG is not run in accordance to US laws and is committing continuous fraud against its minority shareholders !S ummary of findings: 1. PMG has given false information to Securities and Exchange Commission (SEC) regarding beneficial shareholders since 1998 in order to hide the fact that Berth Milton Jr, owns 90% of the stock and not 52%, which Private Media Group claims in their filings to SEC. Berth Milton Jr is also the current CEO of Private Media Group. 2. PMG and its principal shareholder and CEO, Berth Milton Jr operates a ring of frontmen who buy and sell PRVT stock between them in order to keep the traded volume and the quote at an artificially high level. Current PMG market value runs at 73.4 million USD (10/21/2008) while sales for 2007 stopped at 24.9 million USD. PMG has been making losses since 2003. 3. PMG and its principal shareholders fail to inform SEC about serious legal proceedings and rulings concerning core assets such as trademarks 4. Berth Milton Jr, principal shareholder and CEO of PMG, runs parallel invoicing on sales of PMG produced content, mainly broadcasting sales, from his own offshore companies in order to defraud the company and its minority shareholders of important sums of money. In the following pages I intend to prove these serious accusations. I have documentation which support all the claims made. In this filing I enclose part of this documentation. ! Rikard Anderson! Apdo. Postal 38! 08197 Valldoreix! Tel.: +34 - 600 54 50 73! iberdiligence@gmail.com ! 1. PMG gives false information to SEC regarding real beneficiary shareholders in order to hide a frontmen structure, owned and controlled by Berth Milton Jr. PMG was consolidated as a concern on January 30, 1998. On January 30 1998 Cinecraft Ltd and Milcap Media Limited were consolidated in Private Media Group Inc (PMG) thus giving PMG its current shape. PMG had been listed on Nasdaq OTC Bulletin Board since March 1996. In 1998 PMG was listed on NASDAQ NM. 1. Cinecraft Limited, created in Gibraltar 10/16/89 Owner: According to Swedish Tax Authority: According to the Swedish Tax Authorities at least 83% Berth Milton Jr. Probably 100% Berth Milton Jr. Director (1997): Niamh Wheelan (Employee of Stefan Strehl) Address: 3 Bell Lane, Gibraltar (Stefan Strehl offices) Invoicing 1997: 62,400,000 SEK 2. Milcap Media Limited (MML), created in Cyprus 16/12/94 Owner: 100% Berth Milton Jr Director (1997): Niamh Wheelan (Employee of Stefan Sthrel) Invoicing 1997: 41,100,000 SEK ! See enclosed document 1: Acquisition agreement between Cinecraft and PMG of 12/19/97 (signed by Niamh Wheelan on behalf of Cinecraft) See enclosed document 2: Aquisition agreement between MML and PMG of 12/19/97 (signed by Niamh. Wheelan on behalf of MML) It has been well documented by myself and by the Swedish tax authorities that Berth Milton Jr was the sole shareholder of Cinecraft Limited and Milcap Media Ltd in 1998. Being the only shareholder of then recently consolidated PMG would have blocked PMG from being listed on NASDAQ. In order to hide his sole ownership, Berth Milton Jr created a web of offshore-companies, headed by different frontmen, or “nominee shareholders” and “nominee directors” according to the tax-haven terminology. Among these companies are Senate Ltd, Chiss Ltd, Bajari Properties Ltd, Pressmore Licensing Ltd, Perrystone trading Ltd, Solidmark Ltd, Churchbury Ltd, Kingstone Finance Ltd. and others. According to my documentation Berth Milton Jr is the real owner of at least 28 offshore companies. The offshore/frontmen structure was set up by Stefan Strehl, a successful German entrepreneur in the maritime sector. Mr Strehl, apart from his ship-design company, runs a Company Registrar in Gibraltar, IntraMarine Consulting. Mrs Niamh Wheelan was his employee until 2002 and the address of IntraMarine Consulting is 3 Bell Lane in Gibraltar. Stefan Strehl used his wife (Cornelia) and several employees as nominee directors and nominee shareholders for the Milton owned web-of-companies. His wife, Cornelia was assigned as nominee shareholder for Senate Limited, his secretary Jaqueline Baker was assigned as nominee shareholder for Churchbury Limited and another employee, Andrea Armas fronted as nominee for Chiss Limited. Nominee shareholders and nominee directors are used to conceal the real shareholders and is a common practice in Gibraltar as well as other tax havens. ! Rikard Anderson! Apdo. Postal 38! 08197 Valldoreix! Tel.: +34 - 600 54 50 73! iberdiligence@gmail.com !!! According to Stefan Strehl, he had no idea that his nominee shareholders would be used in a fraudulent way. When he found out about Berth Milton Jr’s dealings he quit his business relation with him. The principal shareholders in mid 1998 can be seen in enclosed document 3. Information regarding beneficial shareholders can be found in subsequent filings to SEC. A summary of this information can be found in enclosed document 5. Comparing document 3 and document 5 one can clearly deduct which of Berth Milton’s frontmen company’s shares was sold to the market: Strategic Investors Ltd, Prestige Underwriters N.V. and OTC opportunities Corp. and Stockbond Ltd. The rest of the selling frontmen companies in the list continued as shareholders after the IPO. See enclosed document 3: Principal Shareholders, Extract from SEC Filing SB-2, 8/21/98 See enclosed document 4: Selling shareholders, Extract from SEC Filing SB-2, 8/21/98 Berth Milton Jr has always denied any relation with Senate Limited and the other offshore-based beneficial shareholders. On the contrary, the fact is that he is the sole owner of each one of them. See enclosed document 5: SEC 10K Filings and Private, Evolution of Principal Shareholders 1998-2007 !S ome comments: a) Cornelia Strehl is the wife of Stefan Strehl b) Andrea Armas and Jaqueline Baker are employees of Stefan Strehl's Intra group of companies c) There are four frontmen companies at the address 3 Bell Lane, Gibraltar d) Cinecraft, who together with Milcap Media Limited was consolidated into Private Media Group has its official address at 3 Bell Lane in Gibraltar e) Several of Mr Milton Jr’s personal companies, such as Milcap Limited have their addresses on 3 Bell Lane in Gibraltar f) Berth Milton Jr admitted that he is the sole shareholder of Bajari Properties. Bajari Properties has the same amount of shares as Churchbury, Pressmore, Perrystone etc. Rikard Anderson! Apdo. Postal 38! 08197 Valldoreix! Tel.: +34 - 600 54 50 73! iberdiligence@gmail.com ! ! g) Niamh Whelan, the Intra Consulting manager in Gibraltar, signed as Director for Cinecraft as well as Milcap Media Limited in the Milcap/Cinecraft Aquisition agreement, which was the creation of PMG as a concern. h) The Swedish Tax Authority also suspect off a frontmen structure in their ruling of mid 2001. ! When Mr Strehl found out about the fraudulent aspects of Mr Milton Jr’s frontmen / web of offshorecompanies he broke off the business relation with Milton. When asked to do so by Mr Strehl, Mr Milton replaced Cornelia Strehl, Jaqueline Baker and other Stefan Strehl related nominees with other nominees, such as Kate Bentley. Ms Bentley is a well known associate of Fiduciary Management in Gibraltar, one of the most important company registrars in Gibraltar. See enclosed document 6: Companies House, Gibraltar See enclosed document 1. Cinecraft Acquisition Agreement See enclosed document 2. Milcap Acquisition Agreement !! 2. PMG and its principal shareholder, Berth Milton Jr, operate a ring of front men who rig the PRVT quote between them According to Mr Strehl and other sources, Berth Milton Jr used and uses his web-of-offshore-companies to buy and sell PRVT shares between them in order to rig the share value at an artificially high value in order to make the stock interesting to external investors. A dominant proportion of the trading in PRVT stock was and is made by Berth Milton Jr related agents. Not only does he use his more or less well- known offshore companies, he often trades with some of his lesser known companies. According to Mr Strehl, he operates a web of at least 28 offshore companies registered in different tax havens. Obviously, the final motive for wanting to rig the course is for Mr Berth Milton Jr to sell off stock from his own controlled front-companies to external investors at as a high value as possible. One can ask how would these external investors evaluate the value of PRVT share if they would have known the true nature of the ownership and how stock is being bought and sold between Berth Milton Jr's web-of-offshore- companies. His total ownership, personally and via his web-of-offshore-companies has gone from 92.83% in 1998 to 55% in 2008. See enclosed document 3. Summary of principal shareholders 1998-2007 ! Another aspect of this scheme is the PRVT share hovering slightly above 1 USD for months. Berth Milton Jr is trading the PRVT share between his offshore web of companies in order to keep the stock above the penny-level. ! Berth Milton Jr has one important motive to commit the above described fraud: He, personally, owes aprox. 650 million SEK (80 million USD) to the Swedish tax authority. He lost all appeals and according to the swedish tax authority he has to pay before 6/30/ 2009. What will happen if he doesn’t pay? According to inspectors I talked to, the case will be handed over to state attorney. One should not confuse his personal tax debt with the debt that PMG has to the same swedish tax authorities of aprox. 7 million euros. This ruling has been mentioned correctly in PMG’s filings to SEC. See enclosed document 7. Skattemyndigheten- Skattekontor, Stockholm 2 !! Rikard Anderson! Apdo. Postal 38! 08197 Valldoreix! Tel.: +34 - 600 54 50 73! iberdiligence@gmail.com !!!! 3. PMG and its principal shareholders fail to inform SEC about serious legal proceedings concerning core assets. Berth Milton Jr has never mentioned in Private Media Group’s SEC filings the court proceedings involving his fathers claim on the company. Berth Milton Jr’s father, Berth Milton Senior (Senior), founded the company in 1965. In 1993, when Senior fell ill due to coronary and other health problems related to drug and alcohol abuse, Berth Milton Jr took over the company. When Senior recovered slightly in 1995 he found that his son had moved the operation to Barcelona. Senior was left without any compensation and claimed that his son had taken over the company in a fraudulent manner. Senior claims that Berth Milton Jr falsified his signature in order to re-register the trademarks Private and Pirate in the patent and trademarks registers around the world to Cinecraft Limited, a company owned by Berth Milton Jr. Senior was litigating with Private Media Group regarding the supposedly fraudulent takeover of Private until his death in december 2006. None of these litigations has been included as pending legal matters in Private’s SEC filings A victory for Senior came in August 28, 2000: In a ruling by Patentbesvärsrätten (Patent and Trademark High Court) in Stockholm, the judge ruled that the trademarks Private and Pirate belong to Private Press AB, a company owned by Senior and the original holder of all trademarks. At the same time the court ruled that Private Media Group cannot be forbidden to use the before mentioned trademarks due to the time factor and other legal details. Anyhow, this legal case was never mentioned in the company’s SEC filings. See enclosed document 8“Patentbesvärsrättens beslut 2000-08-28” !! 4. Berth Milton Jr, principal shareholder and CEO of Private Media Group, runs parallel invoicing on sales of Private services, mainly broadcasting services, from offshore companies in order to defraud the company and its minority shareholders of important sums. The motive is to create personal liquidity for Mr Berth Milton Jr in order to enable him repay his 80 million USD tax debt to the Swedish IRS According to the 10 K filings Private Media Group is a loss-making company since 2002. Suddenly, the EBIT went from 9.4 million euros in 2001 to hovering around and below zero since 2002 and onwards. Revenue peaked at 39.4 million euros in 2002 and have been going steadily downwards ever since. In 2007 the company had revenues of 24.9 million euros. Why this sudden downturn around 2001/2002 in revenue and profit? See Document 9: Summary of Profit and Loss Data 1998-2007 !F irst: The reality is far from the official accounting. Private Media Group has continued its expansion and is indeed a very profitable company. The only problem is that Berth Milton Jr only declares the costs in the official accounting while approximately 50% of the revenues are invoiced from one of his own offshore webof- companies. Accordingly this revenue goes directly in to Berth Milton Jr’s pockets and is not reflected in Private Media Group accounting, while the cost for the goods invoiced in this fraudulent manner are carried by Private Media Group. ! One of the companies is a film distributor called IFPD Ltd. Quoting from Private Media Group 10 K form for the fiscal year 2001: “In 2000, we signed an exclusive joint venture agreement with International Film Productions and Distributions, Ltd., IFPD, to create two new adult television Rikard Anderson! Apdo. Postal 38! 08197 Valldoreix! Tel.: +34 - 600 54 50 73! iberdiligence@gmail.com !!! channels to be broadcast worldwide. IFPD is a European-based television broadcasting company associated with major content providers that specializes in the distribution of cable and satellite television channels.” IFPD is owned and controlled by Berth Milton Jr. IFPD acts as a middleman when Private Media Group sells content to cable operators and hotel chains. The problem for PMG minority shareholders is that IFPD sells contents without PMG’s “knowledge” or pays very little compensation to PMG for the content sold to the endusers. In this way Berth Milton Jr personally is pocketing the major part of each contract made with cable operators ! This fraudulent scheme increased in late 2001 and the motive is probably the before mentioned ruling by the swedish IRS. See enclosed document 7. Skattemyndigheten- Skattekontor, Stockholm 2 ! Invoicing revenues from tax havens has been a normal procedure for PMG. In 1998 PMG invoiced 41 million SEK (aprox 5 million USD) from Gibraltar and 62 million SEK (aprox 7 million USD) from Cyprus. In 2007 sales from tax havens had decreased to 807.000 Euros from Gibraltar and 11.9 million Euros from Cyprus. Some of this invoicing from tax havens for PMG content are included in the official accounting, but an important and increasing part of invoicing for PMG content is being made from companies belonging to Berth Milton Junior personally. See enclosed document 10 and 11: Notes to the consolidated financial statements and Operations by geographical area. ! Another motive is obviously to minimize the tax-burden. By using parallel invoicing Berth Milton can minimize how much profit going to appear in PMG’s official accounting. According to PMG official accounting profit has been close to zero for almost five years. See Document 9: Summary of Profit and Loss Data 1998-2007 !! 5. Summary PMG is operated like a private company. Berth Milton Jr has been operating a multiple layer fraud for almost a decade: Not only has he been selling overvalued shares to a misled public, he also has ripped off the minor shareholders by invoicing Private content from his own personal web-ofoffshore- companies thus stealing tens of millions of USD from Private Media Group each year. The NASDAQ listing is key in his fraudulent activities. It gives him the legitimacy and the possibility to defraud small investors around the globe by selling the overpriced shares. ! I have plenty of additional information if you are interested in moving forward. ! ! Sincerely, ! Rikard Anderson, Iberdiligence
U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C. SECURITIES EXCHANGE ACT OF 1934 Release No. 77738 / April 29, 2016 The U.S. Securities and Exchange Commission (“Commission”) announced the temporary suspension of trading in the securities of the following issuers, commencing at 9:30 a.m. EDT on April 29, 2016 and terminating at 11:59 p.m. EDT on May 12, 2016: Pioneer Exploration, Inc. (PIEX) Premier Brands, Inc. (BRND) Private Media Group, Inc. (PRVT) The Commission temporarily suspended trading in the securities of the foregoing companies due to a lack of current and accurate information about the companies because they had not filed certain periodic reports with the Commission. This order was entered pursuant to Section 12(k) of the Securities Exchange Act of 1934 (Exchange Act). The Commission cautions brokers, dealers, shareholders and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by these companies. Brokers and dealers should be alert to the fact that, pursuant to Exchange Act Rule 15c2-11, at the termination of the trading suspension, no quotation may be entered relating to the securities of the subject companies unless and until the broker or dealer has strictly complied with all of the provisions of the rule. If any broker or dealer is uncertain as to what is required by the rule, it should refrain from entering quotations relating to the securities of these companies that have been subject to a trading suspension until such time as it has familiarized itself with the rule and is certain that all of its provisions have been met. Any broker or dealer with questions regarding the rule should contact the staff of the Securities and Exchange Commission in Washington, DC at (202) 551-5777. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action. If any broker, dealer or other person has any information which may relate to this matter, they should immediately communicate it to the Delinquent Filings Group of the Division of Enforcement at (202) 551-5466, or by e-mail at DelinquentFilings@sec.gov.
The SEC does not have the resources to do due diligence on every listed company. Penny stocks are the Wild West....Caveat Emptor.
You are not going to want to hear this, but you bought a stock under $0.50/share that was delisted many years ago. What did you expect? Any stock that is delisted should be red flag to any of you.
I traded a lot of OTC penny stocks back in the day, there high risk high reward, this 1 failed, hope you didn't bet the farm on it, if so consider it a lesson learned. I put most of my money in 1 that was flying stupidly high, stayed out for 2 days, finally got greedy jumped in, less than 2mins I was up 20% YES, 100% easy, hang on not moved in a while, delisted lost about $2000 ( a lot for me ) in less than 2mins literally. Diversify!! or DIE!!
it wasn't a trade it was a 'diversification' in my portfolio. diversification means not to put or invest your portfolio in any one 'sector' or asset class. 50% bonds 10% cash 20% real estate land 20% stocks stocks: 10% dividend paying stocks, 5% blue chips, 5% high speculation that 5% is your alpha. high risk, high reward investments., similiar to startups. $20,000 investment can 'possibly' yield 2 million in return.or that 100:1 ratio similiar to casino odds.