Author Topic: Scam Alert Sungames  (Read 358050 times)

Offline ybeeds

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Re: Scam Alert Sungames
« Reply #820 on: October 19, 2014, 09:44:07 PM »
Any financial types want to help me parse this?  http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10210566-14227-18903&type=sect&TabIndex=2&dcn=0001117768-14-000740&nav=1&src=Yahoo
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10210566-19801-23438&type=sect&TabIndex=2&dcn=0001117768-14-000740&nav=1&src=Yahoo
http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=10210566-30099-61853&type=sect&TabIndex=2&dcn=0001117768-14-000740&nav=1&src=Yahoo

Looks like assets of $2.5 mil and liabilities of $8.9 mil. And there is no product. "It's almost at the end," indeed.

Trouble? You don't say:
And Chandran and Robert are paid as contractors, presumably to protect their take when it all falls down.
Quote
6.            Rebates Liability

During the year ended December 31, 2013, the Company entered into a Master Distribution Agreement for its 3D tablets.  This Master Distributor incentivized many potential resellers with the promise of a 3D tablet for each $1,000 advanced to the Company, an additional rebate for this same advanced amount to the Company, and a few potential resellers were also promised $500 educational grants. The Company has incurred a rebates liability of $7,481,559 and $1,875,253 at June 30, 2014 and December 31, 2013, respectively, and an educational grant liability of $55,000 at June 30, 2014.  The Company has used $975,550 and $416,000 at June 30, 2014 and December 31, 2013, respectively, of the tablet advances to prepay tablet production with an Asian manufacturer to be delivered later in 2014. The promotional 3D tablet, rebate, and educational grants are the subject of an internal accounting review, the results of which will lead to material restatements of the annual report for 2013, and the first and second quarterly reports of 2014.
This sort of lays out what has been known publicly but was supposed to be kept under wraps...
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Offline AbeBerkowitz

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Re: Scam Alert Sungames
« Reply #821 on: October 20, 2014, 12:41:41 PM »
 I just don't understand how the investors are not furious. Shimi W promised that he went to Paris with his wife ( paid vacation) and saw all the business with his own eyes!! He pocketed big money already from the investors as he took money off the top- then he disappeared. Rabbi M raised around a million dollars and  took a cut off the top as well and had the chutzpah to ask people for all their money. How can you call yourself a Rabbi and run an organization that helps the poor when you are making them poor!! You are all  leaders of a scam and should be run out of town!
 "Local Chaver" is trying to help and he keeps getting knocked. He is on your side!
   When are the investors going to take a stand and not be afraid to speak out.

Offline Ergel

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Re: Scam Alert Sungames
« Reply #822 on: October 20, 2014, 01:12:44 PM »
I just don't understand how the investors are not furious. Shimi W promised that he went to Paris with his wife ( paid vacation) and saw all the business with his own eyes!! He pocketed big money already from the investors as he took money off the top- then he disappeared. Rabbi M raised around a million dollars and  took a cut off the top as well and had the chutzpah to ask people for all their money. How can you call yourself a Rabbi and run an organization that helps the poor when you are making them poor!! You are all  leaders of a scam and should be run out of town!
 "Local Chaver" is trying to help and he keeps getting knocked. He is on your side!
   When are the investors going to take a stand and not be afraid to speak out.
While I agree with you, look at it from the perspective of the "investors" (I use the term liberally). What do they gain at this point from speaking out. There money is tied up. What are they going to accomplish for themselves?
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Offline AbeBerkowitz

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Re: Scam Alert Sungames
« Reply #823 on: October 20, 2014, 01:16:00 PM »
 That is how they are getting away with the scam ....
If anyone charges back or speaks out- it will be their fault!  They are using your logic to get away with this scam.
   
 

Offline Ergel

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Re: Scam Alert Sungames
« Reply #824 on: October 20, 2014, 01:54:19 PM »
That is how they are getting away with the scam ....
If anyone charges back or speaks out- it will be their fault!  They are using your logic to get away with this scam.
   
 
Agreed, but what does the investor gain from doing the chargeback today as opposed to in two months when the whole thing falls apart on it's own?
Life isn't about checking the boxes. Nobody cares.

Offline Dan

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Re: Scam Alert Sungames
« Reply #825 on: October 20, 2014, 01:59:35 PM »
Chargebacks are less effective the further out they are.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline ybeeds

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Re: Scam Alert Sungames
« Reply #826 on: October 20, 2014, 02:04:23 PM »
Agreed, but what does the investor gain from doing the chargeback today as opposed to in two months when the whole thing falls apart on it's own?
...and, for those who are paying interest on their CC bills, and/or are hurting their credit score.... should end it sooner.
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Offline Ergel

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Re: Scam Alert Sungames
« Reply #827 on: October 20, 2014, 02:35:49 PM »
Chargebacks are less effective the further out they are.
Is there a difference between 12 and 14 months?
Life isn't about checking the boxes. Nobody cares.

Offline AbeBerkowitz

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Re: Scam Alert Sungames
« Reply #828 on: October 20, 2014, 03:35:52 PM »
 I just find it sick and disgusting that they are still raising money. The leaders raise money, keep 10% as brokers, and move on. They have nothing to lose! ... keep raising money and screw everyone else. I know leaders that already earned tens of thousands as a broker! They have nothing to lose by continuing to raise more money.
   It all comes around....maybe today...maybe tomorrow.... but it all comes around. The leaders will have lots of explaining to do. They cannot play dumb. There are  too many written emails and recorded calls out there. They will have to answer to the authorities.
  When all the names get out, many yeshivas will have a lot to explain. Tzedaka organizations will be questioned for good reason. All the leaders will be held responsible.
 

Offline Dan

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Re: Scam Alert Sungames
« Reply #829 on: October 20, 2014, 03:39:49 PM »
Or nobody will talk as they'll be threatened if they do.
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline AbeBerkowitz

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Re: Scam Alert Sungames
« Reply #830 on: October 20, 2014, 03:51:52 PM »
 Everyone is afraid at this time. I think once they come to the realization that the money is lost and gone forever, there will be some real upset people out there and that is when names and organizations will all come out. Especially organizations and yeshivas which collect money and people are giving them money as tzedaka and they are losing it and flushing down the toilet. All in time i guess.

Offline Drago

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Re: Scam Alert Sungames
« Reply #831 on: October 20, 2014, 04:04:54 PM »
Everyone is afraid at this time. I think once they come to the realization that the money is lost and gone forever, there will be some real upset people out there and that is when names and organizations will all come out. Especially organizations and yeshivas which collect money and people are giving them money as tzedaka and they are losing it and flushing down the toilet. All in time i guess.
Nu, start name dropping so ppl don't think they can get away with this each time.
Custodians of hekdesh money can't play around.

Offline DannyNJ

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Re: Scam Alert Sungames
« Reply #832 on: October 20, 2014, 04:17:43 PM »
I'm so surprised that this "Rov" M hasn't been thrown out of the tzedaka organization and his shul for conning naive people into giving him their money for his own personal benefit. And this is not his first time to the rodeo...

Offline disko7

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Re: Scam Alert Sungames
« Reply #833 on: October 21, 2014, 10:09:26 AM »
I know someone that lost money and shimi W and Rabbi M lied and scammed them. I know that they got money already.
 I do not understand how Rabbi M can be involved in running a tzedaka organization when he cant be trusted and a liar and known thief!
All ganovim!

Offline AbeBerkowitz

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Re: Scam Alert Sungames
« Reply #834 on: October 27, 2014, 12:17:50 PM »
So Shimi W has disappeared after he made some money. Now the new big shot is Shragie G. No one has made a cent yet -except for the top leaders who take their commission from monies raised. Yet , they still keep asking for more money and threaten those that want to chargeback. Interesting.
   Today story will probably go like this, Neil is in Asia meeting with Facebook and working out a deal with Samsung which will take place in London. The monies , after the big deal goes through will be dispersed to all your accounts. However, to make this all happen, we need another 120K! ... Lets go for it!"
  As long as we all remember-  " We are almost there!"

Offline avremie

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Re: Scam Alert Sungames
« Reply #835 on: October 27, 2014, 10:36:17 PM »
So Shimi W has disappeared after he made some money. Now the new big shot is Shragie G. No one has made a cent yet -except for the top leaders who take their commission from monies raised. Yet , they still keep asking for more money and threaten those that want to chargeback. Interesting.
   Today story will probably go like this, Neil is in Asia meeting with Facebook and working out a deal with Samsung which will take place in London. The monies , after the big deal goes through will be dispersed to all your accounts. However, to make this all happen, we need another 120K! ... Lets go for it!"
  As long as we all remember-  " We are almost there!"
We don't care anymore about these stupid updates if you have any real news please post it otherwise we are not interested.

Offline Emkay

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Re: Scam Alert Sungames
« Reply #836 on: October 28, 2014, 02:41:13 AM »
We don't care anymore about these stupid updates if you have any real news please post it otherwise we are not interested.
Who is "WE"?

Offline Drago

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Re: Scam Alert Sungames
« Reply #837 on: October 28, 2014, 04:11:45 AM »

Offline Moishebatchy

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Re: Scam Alert Sungames
« Reply #838 on: October 28, 2014, 04:56:02 AM »
Who is "WE"?

I'm kinda with him on this one. Citing first names and only an initial for the last name is not called  "real news". And the jokes where Abe proposes Neal's "itinerary" were cute at first, but are now getting tiresome and repetitive.

Sorry if I sound a bit harsh.

Offline MarkS

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Re: Scam Alert Sungames
« Reply #839 on: October 28, 2014, 06:59:14 AM »
And this is coming from people who have no skin in the game!  Helps you see how frustrating the excuses are to the people that dumped money into it!

IIRC upthread people were expressing interest in seeing the emails that are being sent out, as well as begging for A) More info B) Someone to speak out against it.   Seems like Abe is doing just that.....     Quieting him sounds like a win for the scammers....
« Last Edit: October 28, 2014, 07:03:05 AM by MarkS »