Another member of the Subaye (SBAY) crew is sure to be a favorite for a Bad Directing award. Presenting for your consideration Lawrence G. Schafran, all-around super-duper director. The presence of this 72 year old man, with a resume filled with failed companies of the lowest tier, with neither technology experience in his biography, nor any relevant experience in China, is yet another bright red flag flying high above SBAY headquarters.
Back in October 2006, Larry joined the board of RemoteMDx (RMDX nka SCRA) a supposed maker of house-arrest ankle bracelets (oh the irony), being run out of a nice suburb of Salt Lake City, very close to the Big and Little Cottonwood Canyon ski areas.
SANDY, UT — (MARKET WIRE) — 10/23/06 — RemoteMDx, Inc. (OTCBB:
RMDX) today announced that it has added two additional independent
directors to its Board of Directors. The appointments of Larry
Schafran and David Hanlon come as RemoteMDx continues to experience
exponential growth, requiring seasoned direction from two high level
business executives. RemoteMDx through its SecureAlert subsidiary is
a leader in pioneering technologies and services to aid law
enforcement in monitoring offenders who are a risk to their
RMDX was best known as a scam that collapsed in early 2008, exposed by Citron Research. RMDX‘s collapse greatly scarred a German bank, NordLB that was left on the hook after a client failed to pay for tons of OTC-BB dreck that he was buying through the bank.
NordLB Sells RemoteMDx Stake at a Loss, Handelsblatt Reports
By Oliver Suess
Aug. 5 (Bloomberg) — Norddeutsche Landesbank Girozentrale
sold its stake in a U.S. company making tracking devices for
prisoners at loss of 50 million euros ($77.7 million),
NordLB said in March that it fired a trader for violating
internal bank regulations by purchasing shares in several
companies including RemoteMDx on behalf of a client.
Larry joined the board of Electro Energy, Inc. (EEEI), in November 2006, and the shares may not have seen a single uptick between his arrival and their delisting just last month, on January 10, 2011.
And then there is SulphCo (SUF fka SLPH). Yes, the Reno, NV based Rudy Gunnerman special. Gunnerman has been hyping his water/fuel mixtures and “sonocracking” parlor tricks for decades. Where to begin? How about this Barron’s article, or this one? SUF was trading for $19.40 at the time of the first Barron’s link, 13c today. Of course, Larry joined the board in December, 2006, 11 months after the Barron’s piece exposed the company as a piece of junk.
Before getting into the penny stock game, it appears that Larry had a career in real estate in New York City. Your author has no information on this period of his life, but is willing to guess that he may have made the acquaintance of the Wolfson family. Perhaps they brought him into SUF?
Let’s not forget to mention Larry’s duties sitting on the boards of Tarragon Corp (TARRQ) now delisted, and Publicard (CARD) now delisted, National Patent (NPDV) a traded shell, America’s Suppliers, Inc. (AASL) a little 18c number on the Pink Sheets, and Worldspace (WRSPQ) where, like RMDX and SUF, Larry is head of the audit committe.
He’s at least 72 years old now, but almost as busy as Jimmy!