- Report: #438072
Report - Rebuttal - Arbitrate
Complaint Review: WallStreetGrand.com, Gerard Adams
WallStreetGrand.com, Gerard Adamswww.WallStreetGrand.com Manhattan, New York U.S.A.
WallStreetGrand.com, Gerard Adams Penny stock newsletter fraud orchestrated by WallStreetGrand Manhattan New York
*REBUTTAL Owner of company: *********The Truth About Wall Street Grand************
*Author of original report: Found an interesting (and disturbing) website about WallStreetGrand.com
On 3/22/09, I received an email from Gerard Adams about a "tip of a lifetime" that he received from his "#1 source". The email discussed a penny stock company called Sports Supplement Group, Inc. (OTCBB: SRSP).
Gerard was extremely convinced that SRSP is "as close to a sure thing that you can get" and that "none of the tips that [Gerard] has received from this source have been a loser. Below i've copied/pasted 3 paragraphs from the email alert from WallStreetGrand that recommended SRSP:
I would take this tip very seriously because I am very confident that it is going to be a big winner for our club. In my opinion, this is not going to be a one night wonder either. Anytime I get a tip from this source it moves up gradually on a daily/weekly basis until BOOM it breaks out and runs like the wind.
This company is Sports Supplement Group (SRSP) and trades on the OTC BB. SRSP closed Friday at $0.555 and has only been trading a daily average volume of 3,162. As you can see on finance.yahoo.com the stock is a very new issue and there isn't much information out there to research. I know this may make it harder for you to research the company but it also shows how much of a ground floor opportunity this is before they start to put out news and hit the investment community. My source told me that I was one of the first groups he has told and he will be marketing the company heavily in the upcoming weeks! This is going to be HUGE! Once volume starts to come in I think this will start to move very quickly.
My source told me all about the company and I couldn't believe my ears! You have no idea how big this could be!
As you can imagine, I was very convinced after reading such a promising report so I bought 7,500 shares of stock in SRSP on 3/23/09. Now I understand all of the risks involved with penny stocks... but I couldn't believe what happened with SRSP just a few days after Gerard Adams at WallStreetGrand spoke so highly of the stock.
On 3/26/09, just 4 days after Gerard Adams stated that he is "99.999% sure that [SRSP] will become a very profitable winning stock pick".... SRSP lost over 90% of its value! That's right... WallStreetGrand's "huge new pick" SRSP lost over 90% of its value in one day. Want to know why WallStreetGrand's big pick dropped by 90% in one day?
On the evening of 3/25/09 SRSP reported that its financing agreement with Knights Bridge Capital Group Inc. had been cancelled and, as a result, SRSP would be unable to pay its auditors and also wouldn't have the working capital necessary to generate revenues. In a nutshell, SRSP announced that the company has very little money left and will be unable to complete its operations without a new financing commitment.
And to top all of this off... I just learned that Gerard Adams at WallStreetGrand had received compensation of $20,000 to "promote" this stock. In the disclaimer of their email, WallStreetGrand discloses that "[WallStreetGrand] has been compensated twenty thousand dollars from a 3rd party Blue Wave Advisors".
So basically Gerard Adams and WallStreetGrand got paid $20,000 to recommend a stock to me that lost 90% of its value within a week and disclosed that they don't even have enough money left to pay their auditors.
I will never forget my experience with Gerard Adams at WallStreetGrand.com and really hope that nobody else gets duped by his "tips of a lifetime" that he's "very confident" about.
A Disturbed Investor
Cedar Grove, New Jersey
This report was posted on Ripoff Report on 03/26/2009 08:06 PM and is a permanent record located here: http://www.ripoffreport.com/r/WallStreetGrandcom-Gerard-Adams/Manhattan-New-York-10007/WallStreetGrandcom-Gerard-Adams-Penny-stock-newsletter-fraud-orchestrated-by-WallStreetG-438072. 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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