Author Topic: Scam Alert Sungames  (Read 332594 times)

Online PlatinumGuy

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Re: Scam Alert Sungames
« Reply #120 on: April 18, 2014, 04:18:27 AM »
This Yeshiva collectively has swiped over $500,000 for this. They only received $175,000 back.


http://www.fbi.gov/contact-us

Dead serious.
״וזה כלל גדול: שישנא אדם כל דבר שקר. וכל מה שיוסיף שנאה לדרכי השקר – יוסיף אהבה לתורה.״ - אורחות צדיקים

Offline Drago

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Re: Scam Alert Sungames
« Reply #121 on: April 18, 2014, 04:37:02 AM »
If it's not a scam (and you have better chances of getting hit by lightning than that) you're scamming the investors, breaking a few SEC regulations, scamming whatever entity provides the 'education' grant, etc.

Nope, don't see anything not yoshor about that... Hey as long as we make money it's all good, right? (/sarcasm)
Don't worry. Dans Fan is being as sarcastic as the rest of us are.
No sane person here actually buys into it, except for the ppl profiting from it.

Offline thetoad

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Re: Scam Alert Sungames
« Reply #122 on: April 18, 2014, 05:57:05 AM »
if its not a scam and you make all your money, whats not yosher about it? you might be a  navul b'rushut ha'torah but what does it have to do with the above?

ok, I get your sarcasm (not at first though), but I wonder how one can a RY and think this is even in the realm of acceptableness. 

Offline churnbabychurn

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Re: Scam Alert Sungames
« Reply #123 on: April 18, 2014, 09:12:50 AM »

Offline ariIs

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Re: Scam Alert Sungames
« Reply #124 on: April 18, 2014, 12:34:56 PM »
Don't worry. Dans Fan is being as sarcastic as the rest of us are.
No sane person here actually buys into it, except for the ppl profiting from it.

I guess my sarcasm detector is not as good as others'.
I still find it very sad that this sort of scam is viewed as OK to engage in by various yeshivas, etc. Even (especially?)  if they are profiting from it.

Offline ariIs

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Re: Scam Alert Sungames
« Reply #125 on: April 18, 2014, 12:47:57 PM »
Ah, they had a 10-K filing on Apr 15th. http://biz.yahoo.com/e/140415/sgmz10-k.html
They say:

Quote
We have incurred significant losses and negative cash flows from operations since our inception in on November 14, 2006. We have an accumulated deficit of $3,121,681 and a working capital deficiency of $2,966,851 as of December 31, 2013. These conditions raise substantial doubt about our ability to continue as a going concern

So if I understand this correctly, they're probably getting as much $ as they can from people 'buying' their non-existent tablets on CCs, distribute the money to the 'officers' of the company and go bankrupt.
Looks pretty simple to me.
I'd short the stock.

Offline Ergel

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Re: Scam Alert Sungames
« Reply #126 on: April 18, 2014, 01:00:48 PM »
Ah, they had a 10-K filing on Apr 15th. http://biz.yahoo.com/e/140415/sgmz10-k.html
They say:

So if I understand this correctly, they're probably getting as much $ as they can from people 'buying' their non-existent tablets on CCs, distribute the money to the 'officers' of the company and go bankrupt.
Looks pretty simple to me.
I'd short the stock.
You can't cover a short after a stock has gone bankrupt. I'd be wary shorting the stock. Trade volume is around 500 shares a day. Seems like you may have a tough time covering your short
Life isn't about checking the boxes. Nobody cares.

Offline Palm5

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Re: Scam Alert Sungames
« Reply #127 on: April 18, 2014, 01:16:14 PM »
You can't cover a short after a stock has gone bankrupt. I'd be wary shorting the stock. Trade volume is around 500 shares a day. Seems like you may have a tough time covering your short

99.9% of the people on here won't be able to short an OTC stock either way.
Discount brokerages don't allow it, which is what the 99.9% of us use to trade with.

Offline ariIs

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Re: Scam Alert Sungames
« Reply #128 on: April 18, 2014, 01:28:48 PM »
You can't cover a short after a stock has gone bankrupt. I'd be wary shorting the stock. Trade volume is around 500 shares a day. Seems like you may have a tough time covering your short

That's a good point, I didn't think about that. If there were options on this stock, it would be a better play - but there don't seem to be.

Quote
99.9% of the people on here won't be able to short an OTC stock either way.
Discount brokerages don't allow it, which is what the 99.9% of us use to trade with.

Oh well ;)

Offline churnbabychurn

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Re: Scam Alert Sungames
« Reply #129 on: April 18, 2014, 02:16:48 PM »
The whole company was and is a scam/sham from day one. Pathetic that frum  yidden would be involved in anyway.

Offline Palm5

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Re: Scam Alert Sungames
« Reply #130 on: April 20, 2014, 10:33:00 AM »
States clearly that they are bleeding money to wazoo.
I can't believe people who sit and learn all day, have some of the sharpest minds.... Would fall for this? It's sad

Offline Drago

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Re: Scam Alert Sungames
« Reply #131 on: April 20, 2014, 10:52:52 AM »
States clearly that they are bleeding money to wazoo.
I can't believe people who sit and learn all day, have some of the sharpest minds.... Would fall for this? It's sad
Money makes smart ppl do dumb things.

Offline yhakak

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Re: Scam Alert Sungames
« Reply #132 on: April 20, 2014, 11:10:23 AM »
Money makes smart ppl do dumb things.

Money also makes greedy people do dumb things.

Offline Yehuda25

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Re: Scam Alert Sungames
« Reply #133 on: April 20, 2014, 11:20:08 AM »
Money makes smart ppl do dumb things.
so true ...
“To avoid criticism say nothing, do nothing, be nothing.”


― Aristotle

Offline bubkiz

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Re: Scam Alert Sungames
« Reply #134 on: June 11, 2014, 03:19:06 PM »
Any updates?