- Report: #1095906
Report - Rebuttal - Arbitrate
Complaint Review: Anthony Amado
Anthony Amado481 River Rd Edgewater, New Jersey USA
Anthony Amado, Equities Awareness Group, Stock Edge Stock fraud, lies about companies, hides that they're paid to promote. Edgewater New Jersey
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My niece is dating Anthony Amado of North Bergen NJ who drives around in an $80,000 Porsche Truck and I have heard from numerous people about how successful Anthony is and how much money he makes in the stock market. I signed up to his web site Stock Edge (parent company is Equities Awareness Group) and I invested into Exlites Holdings International Inc. (EXHI) because according to Anthony, the stock which was $0.06 had only 1.9 million shares in the trading float. This meant for $15,000 I could buy 250,000 shares or more than 1/10th of the float. Boy did this turn out to be a big fat lie.
Anthony sent out an email alert early in the morning on August 12th making it clear that it was urgent for me to buy this stock immediately. [continued below]....
I immediately placed my order for 250,000 shares and I ended up getting filled at an avg of $0.12 per share and spending $30,000 for shares when only $15,000 was in the account. The stock closed that day at only $0.077 and my broker demanded that I deposit an additional $15,000 the very next day to cover the difference. I couldn't come up with that kind of money so the next day, my broker sold 125,000 of my shares.
What a disaster! The shares were sold at an average of $0.04 and only covered $5,000 of my $15,000 debt - I still owed the broker $10,000! I told the broker to hold off on selling any more shares because at this point the stock was only $0.03 after dropping 61% from the previous day's close and 75% from my purchase price in just over 24 hours. If he sold my remaining 125,000 shares it only would've covered $3,750 and my account would be negative $6,250 with no assets.
I spoke to my niece who is dating Anthony and she told me she was with him right at that moment and that Anthony himself was buying shares to support the market price. I overheard Anthony saying, "Tell her to buy more, it hit a high of $0.22 yesterday and will be $1 within a month!" I trusted Anthony so I immediately took out an emergency $10,000 cash advance on my credit card at an interest rate of 20% and used it to pay my broker the debt I owed.
Well two days later the stock was down to $0.02. I once again spoke to my niece and she said that Anthony was so confident about EXHI, "I should bet my house on it". Because I own my house free and clear I decided to take out a home equity loan for $20,000 at an interest rate of 6%. Anthony told me how by dollar cost averaging and buying 1 million additional shares at $0.02, my average price would decline from $0.12 down to $0.04 and I would only need the stock to double to be breaking even, as opposed to needing the stock to rise 500%.
I purchased 1 million additional shares at $0.02 and the stock fell on 10 of the next 11 trading days all the way down to $0.0072, for an additional decline of 64%. At this point the stock was down 94% from my initial purchase price in just 3 weeks. My niece stopped returning my phone calls and I haven't been able to get in touch with Anthony. His secretary always says he is either on vacation or in the city at a meeting. I realized it was pointless to sell at $0.0072 so I continued holding onto my shares. Over the last two months it has fallen another 51% to $0.0035. EXHI is now down 97% from my initial purchase price and down 91% from my avg price, in less than three months.
My shares are now worth $3,937.50. I paid a total of $45,000 for my shares. I'm losing over $41,000 on my shares and I'm now $30,000 in debt. Plus between my two loans I've been charged an additional $800 in interest. All together I'm down $41,862.50.
I believe I have been conned. How does a stock with only 1.9 million shares publicly available for trading in the float manage to trade 20.8 million shares on August 12th, the day I entered? Did every shareholder buy and sell their shares 11 times in one day? If only 1.9 million shares are in the float, it would mean I now own 59% of the float and the whole entire float is only worth $6,650! Something doesn't make sense here. My whole reason for buying besides my trust for Anthony was the small float! My husband just became aware that a total of 90.1 million shares have traded in just the last three months. That's 47X the float trading in 3 months!
Finally after threatening to post this message if Anthony didn't return my phone call, Anthony called me back and said the stock is being "naked shorted". I have no idea what this means, but he claims "shorts" drove it down by illegally selling shares they didn't own. Something sounds fishy about this thesis. I truly believe my niece's boyfriend Anthony Amado is a crook. Shockingly, right after I lost this $41,862.50, Anthony bought my niece a new BMW. Price tag? $47,500!
This report was posted on Ripoff Report on 10/31/2013 12:53 AM and is a permanent record located here: http://www.ripoffreport.com/r/Anthony-Amado/Edgewater-New-Jersey-07020/Anthony-Amado-Equities-Awareness-Group-Stock-Edge-Stock-fraud-lies-about-companies-hi-1095906. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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