Author Topic: Scam Alert Sungames (Read 352143 times)

aradisc · « **Reply #440 on:** August 16, 2014, 08:53:31 PM »

And it looks like the CEO of Sungame is a known quantity in Alberta:

http://www.albertasecurities.com/news-and-publications/Pages/customdisp.aspx?pi=1308

Quote

Alberta Securities Commission (ASC) staff have issued a notice of hearing alleging Neil Chandran and Energy TV Inc. perpetrated a fraud, and along with Chandran Holding Media Inc., raised $56 million by engaging in illegal trades and distributions.

Boruch999 · « **Reply #441 on:** August 16, 2014, 09:25:07 PM »

This

Quote from: aradisc on August 16, 2014, 08:53:31 PM

And it looks like the CEO of Sungame is a known quantity in Alberta:

http://www.albertasecurities.com/news-and-publications/Pages/customdisp.aspx?pi=1308

leads to this....

http://www.scam.com/showthread.php?t=138532

buyitnow · « **Reply #442 on:** August 18, 2014, 03:08:27 PM »

what happened to this blog? did someone buckle under pressure?

http://sungamescam.blogspot.com/

bubkiz · « **Reply #443 on:** August 18, 2014, 03:12:12 PM »

probably.

aradisc · « **Reply #444 on:** August 18, 2014, 04:04:23 PM »

Quote from: buyitnow on August 18, 2014, 03:08:27 PM

what happened to this blog? did someone buckle under pressure?

http://sungamescam.blogspot.com/

Cached version still accessible, for now: http://webcache.googleusercontent.com/search?q=cache:BgqIUk6bdFkJ:sungamescam.blogspot.com/+&cd=4&hl=en&ct=clnk&gl=us&client=firefox-a

buyitnow · « **Reply #445 on:** August 18, 2014, 05:34:03 PM »

interesting... the counter party in the stock certificate that was posted on the (now deleted) blog is a financial firm. when you look up the address of their UK offices, it's a regus location!

then there is a sister-company to SG in that same certificate.

if you try and delve into their S1 filing and then related auditing firms original share holders (pre IPO), you find yourself in a dazzling web of corporate shenanigans that could make your eyes go square. these guys are pros.

aradisc · « **Reply #446 on:** August 18, 2014, 06:03:58 PM »

Quote from: buyitnow on August 18, 2014, 05:34:03 PM

interesting... the counter party in the stock certificate that was posted on the (now deleted) blog is a financial firm. when you look up the address of their UK offices, it's a regus location!

then there is a sister-company to SG in that same certificate.

if you try and delve into their S1 filing and then related auditing firms original share holders (pre IPO), you find yourself in a dazzling web of corporate shenanigans that could make your eyes go square. these guys are pros.

Oh, no doubt they're pros, judging by the amount of time that they've been in this hustle and they haven't yet been caught (Alberta only catching on a few months ago). Websites and messaging are quite professional as well. Like any good fraudster, they've probably been riding on the fact that their marks are either delusional or too embarrassed to contact authorities.

PlatinumGuy · « **Reply #447 on:** August 18, 2014, 09:39:45 PM »

Quote from: aygart on August 14, 2014, 04:12:04 PM

how many of them invested in Madoff?

Madoff had incredible legitimate investment success in the beginning

aygart · « **Reply #448 on:** August 18, 2014, 11:07:52 PM »

Quote from: PlatinumGuy on August 18, 2014, 09:39:45 PM

Madoff had incredible legitimate investment success in the beginning

Fine so the others

buyitnow · « **Reply #449 on:** August 19, 2014, 04:45:46 PM »

Quote from: aradisc on August 18, 2014, 06:03:58 PM

Oh, no doubt they're pros, judging by the amount of time that they've been in this hustle and they haven't yet been caught (Alberta only catching on a few months ago). Websites and messaging are quite professional as well. Like any good fraudster, they've probably been riding on the fact that their marks are either delusional or too embarrassed to contact authorities.

their website is actually the least professional part of the operation. they really shine in creating a complex web of inter-related corporations (some of which are publicly traded) to hide what is really going on. none of the these companies actually creates or delivers anything but they all serve some purpose in making the others look legit. it requires a mastermind to keep track of all that.

aradisc · « **Reply #450 on:** August 19, 2014, 10:53:57 PM »

Quote from: buyitnow on August 19, 2014, 04:45:46 PM

their website is actually the least professional part of the operation. they really shine in creating a complex web of inter-related corporations (some of which are publicly traded) to hide what is really going on. none of the these companies actually creates or delivers anything but they all serve some purpose in making the others look legit. it requires a mastermind to keep track of all that.

You're right that it's quite complex, but they didn't create everything from thin air. It looks like Sungame was an established company about to go bankrupt- in swoops NC & Co to buy them out, and get a new "legitimate" front entity for their scamming. From an SEC filing:

Quote

Effective April 15, 2011 Sungame Corporation entered into a merger agreement with Freevi Corporation, acquiring 100% of the outstanding common stock of Freevi Corporation... The transaction was accounted for as a reverse merger as the shareholders of Freevi Corporation retained the majority of the outstanding common stock of Sungame Corporation after the share exchange... Subsequent to the April 15, 2011 recapitalization Freevi Corporation ceased to exist, with Sungame Corporation as the sole surviving entity.

buyitnow · « **Reply #451 on:** August 26, 2014, 07:48:01 AM »

the entity behind all these shenanigans is not a creative force of any sort. they simply play corporate games and blindside small-time investors in the financial markets by using their various shell companies for a smoke and mirrors effect. this gaming company is good at one thing: gaming the system. they will be taken down -- it is only a matter of time.