Traders Monthly fraud??

Discussion in 'Chit Chat' started by marketsurfer, Apr 6, 2009.

  1. I’m just gonna link my old posts about Traitor Monthly:

    Editor-in-thief Randall Lane is a loooooser

    Trader Monthly was broke long before any Wall Street mess

    Probable fraud involved when Trader Monthly went bust

    …& repost the latest article in full as I can’t say anything more about this topic, just a shady wannabe penny stock with an even shadier wannabe penny stock CEO neither of which were even competent enough to pull of a pump and dump, other than with their dumb-as-Vick media friends:

    EYEBROWS were raised recently when the bankrupt Doubledown Media, which at one time published Trader Monthly and other glossies aimed at the wealthy Wall Street set, filed its latest financial disclosures documents and it showed some hefty six-figure sums going to the top two corporate officers.

    A section entitled “withdrawls from a partnership or distributions by a corporations” shows CEO Randall Lane was given in $151,172.80 and James Dunning, the chairman and a 73 percent owner of the venture, was given $103,146.58 — which was described as “interest on loan.”

    Lane said that his disbursement was his salary and expenses for the year. “I’d taken a 50 percent pay cut and personally put in about $50,000 of my own money to make payroll at the end,” said Lane.

    “I put my entire life savings into the company,” he said. He estimated that as much as $400,000 to $500,000 is now basically worthless.

    But Doubledown creditors will be more interested in the withdrawal made from the ailing Doubledown operation by Dunning, a mulit-millionaire publishing entrepreneur married to Martha Stewart’s longtime publicist Susan Magrino.

    At one point in his career, he had tried to put together a coalition to buy the New York Mets but lost out to Fred Wilpon and Nelson Doubleday. He did bought the old Petersen Publishing empire from its founder and flipped to British publisher Emap for $1.4 billion in the mid-1990s.

    At Doubledown, Dunning replaced Magnus Greaves as the principal investor. Dunning eventually pumped in around $7 million.

    Most vexing to former employees was the final $300,000 “loan” made in 2008 as debts were piling up and the landlord was getting ready to evict the company for non-payment of rent. Dunning’s loan was to convert into equity of the company defaulted on it.

    Some question whether the withdrawal was legal. The filings seem to indicate that he was paid $103,146.58 and was still owed $197,195.84. One Dunning supporter claimed that he had helped keep the company afloat and the $103,146 was interest owed from past loans and that he stopped getting the interest payments once he made the last ditch $300,000 loan.

    At another point, Dunning is listed as an unsecured creditor owed $197,195.

    “I don’t understand why Jim Dunning of all people would get $100,000,” said one former investor, who has received no pay outs. “Employees did not get their last two weeks pay, people didn’t get their expenses and everyone had already had their pay cut in half.”

    The court records show Dunning received his payments from February 2008 to November 4, 2008. Doubledown filed for Chapter 7 bankruptcy in February 2009, which means the business is closes and liquidated.

    Originally, the company said it had assets and liabilities of $10 million to $50 million each. In its latest filing, the company listed assets of only $2.4 million and liabilities of $3,96 million. Keith J. Kelly

    And not that I care to beat this dead donkey, but if you can follow this reasoning from a smart dude who emailed me:

    1) the person in the article who said the 100k was from an earlier loan -that doesnt make sense
    if it was from an earlier loan then he would be a creditor for a larger amount…he made a 300k loan, paid himself 103 and lists himself owed 197
    math will get ya everytime


    2) randall says he took 50%
    so does that mean that he paid himself 300k?
    would be a sort of huge salary for such a modest business
    his top editors didnt make 90

  2. This belongs in chit-chat.
  3. it comes from the site of Mr. Untrustworthy NoiseMaker. It belongs under Spam.
  4. gangof4


    does anyone else think that marketsurfer's version of internet porn is jerking off to pics of Timmy?

    seriously, the extent of his man-love for this little worm is, well..... creepy.
  5. EPrado


    Not sure why this is such great new for Timmay. The guy behind Trader Monthly made Sykes look like a Grade One Ass-Clown in The NY post. Was beyond embarassing for Sykes. So basically Sykes was made a complete fool of by a complete loser. Way to go Timmay.

    As far as Market smurf? I wouldn't expect anything less for him. He has a huge man-crush on Sykes.
  6. NYC212


    havnet seen this rag around. is it still putting out new issues?
  7. Brandonf

    Brandonf ET Sponsor

    I really don't understand the Tim hate here. He's a guy who had a spectacular failure and took it like a man. Most people would cower in the corner and never recover. He went through a long period of hustle and bustle to build himself back up to where he is and I find him to be an ethical guy in everything he's done.

  8. I concur, other than the guy failed publically in his hedge fund due to a stupid investment--i wouldn't call it spectacular-- he has made more money at a younger age than most on elite trader, found his strength in marketing and is pushing the limits there as well. yeah, the guy is bombastic publically, not everyone is going to like it, so what--- like him or hate him, tim sykes is a success story, no matter how you cut it. by the way, last time i checked his new PUBLIC trading venture is up substantially. i don't get the hate either, other than jealousy must suck.