• Report: #1094394

Complaint Review: Gerard Adams

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  • Submitted: Thu, October 24, 2013
  • Updated: Thu, October 24, 2013

  • Reported By: Tom — Tampa Florida
Gerard Adams
115 River St, Suite 151, Edgewater, NJ Edgewater, New Jersey USA

Gerard Adams Equities Awareness Group Pumps and Pumps Boiler Room Scam Stocks Edgewater New Jersey

*Author of original report: Gerard Adams Sold EAG to Anthony Amado

*Author of original report: More Disturbing Info on EAG

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I invested my $50,000 life savings into a stock recommended by Gerard Adams' Equities Awareness Group that was listed as a "safe investment" and a "sure thing to double or triple" within 90 days. Instead, within 2 days, it fell 98% in value. How does a stock fall 98% in two days unless it is a pump and dump scam?

 

I found an Instagram account for Gerard Adams under the username "GerardAdamsNYC" and a few weeks after I lost my life savings, Gerard was posting pictures showing off a $300,000 Ferarri that he apparently purchased himself using money he earned from ripping people off through Equities Awareness Group. I went onto YouTube and watched several videos that exposed Gerard Adams as being a pump and dump scam artist. I wish I saw this before I lost my life savings.

 

Be aware, Equities Awareness Group is a modern day boiler room and the companies they recommend might not even exist. [continued below]....

..... I later found out Equities Awareness Group was paid a fee of $500,000 to profile the stock that I purchased. Disclosure of their compensation was hidden in the fine print of a disclaimer located on their web site and was NOT in the email I received urging me to purchase this stock.


This report was posted on Ripoff Report on 10/24/2013 03:45 PM and is a permanent record located here: http://www.ripoffreport.com/r/Gerard-Adams/Edgewater-New-Jersey-07020/Gerard-Adams-Equities-Awareness-Group-Pumps-and-Pumps-Boiler-Room-Scam-Stocks-Edgewater-N-1094394. 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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#1 Author of original report

Gerard Adams Sold EAG to Anthony Amado

AUTHOR: Tom - ()

I just confirmed that Gerard Adams sold Equities Awareness Group (EAG) several years ago to Anthony Amado. Gerard Adams is no longer involved in this organization.

It was listed on GerardAdams.com as a company he founded, so I assumed he was still involved and still the owner. After being informed that Anthony Amado now owns and runs the day to day operations of EAG, I did a search for "Anthony Amado" on the State of New Jersey Business Entity Status Report web site and he is indeed the current owner of the LLC. Gerard Adams no longer has anything to do with EAG.

My friend who first introduced me to EAG tells me that back when Gerard Adams owned and operated the company, the stocks they profiled were legitimate and many of them increased greatly in value. Anthony Amado, after purchasing the business from Gerard Adams, turned it into a modern day boiler room with the majority of their stocks falling over 90% in value.

According to LinkedIn, Anthony Amado is CEO of EAG, Michael Perinotti is a partner at EAG, Carlo Palomino is EAG's VP of Client Relations, Joe Macaluso is EAG's Equity Research Analyst, Leena Khatib is EAG's Director of Branding and Marketing, and Derek McCarthy is in charge of EAG's Marketing and Advertising.

Gerard Adams, after selling EAG, now owns and operates: Elite Daily, Steelos, MiraKill Antimicrobial Technology, Musika Frere, KD Healthcare Company (the maker of SmartChair), and Chefs Diet. These all appear to be legitimate businesses.

I apologize to Gerard Adams for making this incorrect posting. I tried to delete it so that I could repost it using Anthony Amado's name instead of Gerard Adams, but Rip Off Report apparently has a no removal policy. If you are a victim of Equities Awareness Group, please contact me so that we can perhaps setup a class action lawsuit against Anthony Amado, Michael Perinotti, Carlo Palomino, Joe Macaluso, Leena Khatib, and Derek McCarthy.

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#2 Author of original report

More Disturbing Info on EAG

AUTHOR: Tom - ()

I already checked with an attorney and Equities Awareness Group broke the law by not clearly disclosing the $500,000 they were paid to recommend the stock I lost my life savings on. If I was aware of this conflict of interest, I certainly NEVER would have invested. According to the attorney I spoke to, disclosure of the compensation MUST be present in the email they sent out urging me to buy the stock.

For your information, prior to signing up for EAG's email newsletter, I read their full legal disclaimer using the link on their homepage. No where in this disclaimer were there any payments listed for any of their stock recommendations. I assumed if they ever were paid or if they ever owned stock in any of the companies recommended, it would be disclosed at the bottom of their email recommending that stock.

What I just found out now is, EAG creates an entirely new disclaimer and new disclaimer link (without notice), for each new stock they recommend, and the only way to access it is by clicking on the disclaimer link inside of the email of the stock they recommended. Because I already read the full disclaimer on their web site using the link on their home page prior to signing up, I assumed that each email linked to the same disclaimer I already read. Never has EAG informed me that they updated this disclaimer or that they always link to an entirely new disclaimer in each email send out.

I am sure that 99.99% of the people who purchase any stock recommended by EAG, is entirely unaware of the huge fees they are paid. Even if they are lucky enough to click on the disclaimer link inside of the email for the stock they are thinking about buying, the compensation they were paid is hidden in the very center of an extremely lengthy disclaimer that is published in an extremely small font. To make it even more hidden they will never use numbers or dollar signs.

For example, in their latest email sent out urging me to buy stock in Origin Oil Inc., no where in the email does it state if they were paid or own stock in the company. At the bottom of the email there is a small written disclaimer that only states, "Don’t ever invest based on what I say. Do your own research and consult with a licensed professional before investing, only invest what you are prepared to lose. Any statements and opinions given are amateur and biased and should be treated as such. Past performance does not indicate future performance in any way. The performance of all alerts uncompensated and compensated in no way predict the performance of current and/or upcoming alerts. Check the latest SEC filings before investing, and research other information on the risks of investing in microcap companies at www.sec.gov"

99.9% of investors would assume this is their disclaimer. After this message, they put a whole lot of empty space, to make you assume the email is over and nothing else is to be read. If you scroll past the empty space it reads, "For important information concerning this email, including applicable disclaimers, please make sure to click here and read the information contained within." If you click on "click here" it takes you to a file on their web site that ends with "disclaimerooil.html".

If you are the 1 out of 10,000 investors who makes it to the "disclaimerooil.html" page it says, "To date, someone associated with StockEdge.com purchased fifteen thousand shares of Regency Resources, Inc. in the free market and may plan to buy more. The same person can and does intend to sell the entire position at any time which may or may not negatively effect the stock price."

Regency Resources, Inc wasn't even the company profiled in the email, the email was about Origin Oil Inc. I did a search for Regency Resources, Inc and the company which was previously in the oil business has now changed its name to Digital Development Group and is in the online video business.

Back in April of 2012, I received two identical emails about Regency Resources from newsletters known as TryBestPennyStocks and SimplyBestPennyStocks, which disclosed in their emails they were "compensated forty thousand dollars cash by a non-affiliate third party, eag llc, for a one week advertisement on rsrs." At least they actually disclosed in their emails that EAG paid them $40,000, even though there is no EAG LLC there is only an Equities Awareness Group LLC.

I also found five additional identical old emails I was sent in April of 2012 from Investor Soup, PennyStocksFinder, MicroStockProfit, StockRoach, Stock Preacher. These emails disclosed that "BlueWave Advisors is currently being compensated thirty thousand dollars from Equities Alliance Group (a non-controlling third party shareholder) for RSRS advertising and promotion." I did a Google search for "Equities Alliance Group" and there were only 4 results with all of them being emails published by BlueWave Advisors about Regency Resources.

Maybe TryBestPennyStocks and SimplyBestPennyStocks were paid by "Equities Alliance Group" and not "Equities Awareness Group, LLC". But the more likely scenario is that all of these newsletters are trying to illegally hide the fact that it was indeed Equities Awareness Group, LLC that paid them. Why would EAG pay these newsletters a combined $70,000 cash to promote a stock they apparently purchased 15,000 shares of?

At the time, shares of Regency Resources now known as Digital Development Group were only trading for $1.25 per share. Does it really make sense for EAG to spend $70,000 on promoting a stock they invested $18,750 into? I just did a Google search for "Regency Resources" together with "Equities Awareness Group" and discovered this April 2012 MarketWire press release from Stock Brainiac claiming that Regency Resources will gain 50%-100% and disclosing "Stock Brainiac is a wholly owned entity of Equities Awareness Group LLC. Equities Awareness Group LLC may be compensated up to one million dollars for marketing coverage on Regency Resources, Inc."


Was EAG really paid $1 million to recommend Regency Resources? According to my attorney, EAG is required to disclose the EXACT amount they were compensated and the SOURCE of the compensation. All this disclaimer states is they were paid from $0 to $1 million without naming the source.

It is easy to see why TryBestPennyStocks/SimplyBestPennyStocks and BlueWave Advisors didn't want to appear associated with EAG and put misleading compensation sources in their disclaimers of "EAG LLC" and "Equities Alliance Group". At least they included the exact amounts they were compensated, unlike EAG. In EAG's press release they didn't disclose the 15,000 shares they apparently owned.

We will still have no clue if EAG was compensated for Origin Oil or if they own stock in it. Maybe they own 15,000 shares of Origin Oil and never owned 15,000 shares of Regency Resources, which is now trading for $0.0154 down 99% from when EAG was "compensated up to one million dollars for marketing coverage."

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