In what is not a surprise to BuyersStrike! readers, SBAY is having tremendous difficulty filing their 10Q, check out their latest 8k. Hopefully Jimmy T will have more luck with the Q then he did with the 0 for 8 S-1 filing. While we wait, lets check back in on CAGC‘s bright shining BoD star Gene Michael Bennett.
When we last left Gene in this post it was April 2007. In June of that year, our man joined the board of China Shenghuo Pharmaceutical Holdings Inc. (KUN) which actually started life as a shell called SKRP 8, Inc.
SKRP 8, Inc. was headquartered at 1900 Avenue of the Stars, LA, CA. The CEO and 38.5% owner of SKRP 8, was a guy named Richard Rappaport. Another 38.5% owner of the shell was a woman named Debbie Schwartzberg with a tony 5th Avenue address in New York City.
KUN had an enormous run in the 2007 China bubble, peaking at $19.75 in October of that year. Today it trades for $1.28 a share.
Gene must have made quite an impression on his new puppet masters at KUN because he also turns up at China Architectural Engineering (CAEI). CAEI started life as a shell called SKRP 1, Inc. Would you be surprised to learn that SKRP 1, Inc. was headquartered at 1900 Avenue of the Stars, LA, CA.? That the CEO and 33.6% owner of SKRP 1, was a guy named Richard Rappaport? Or how about learning that another 33.6% owner of the shell was a woman named Debbie Schwartzberg with the same tony 5th Avenue address in New York City?
Gene liked CAEI so much that he served as the VP of Finance from September 2009 to November 2009 and as the Acting CFO from November 2009 to September 2010. Sadly, CAEI‘s glory days were long past. CAEI was a VERY popular stock in the China bubble of 2007, trading to $109 on a split adjusted basis. It is $1.14 today.
We’ll have some fun learning the truth about Rappaport and his cesspool of a bucket shop called Westpark Capital some time soon. For now, click on this link and enjoy reading about the $400,000 fine recently imposed on Westpark Capital by FINRA, the suspension of their Chief Compliance Officer, and some choice tidbits about employees at the firm. Here’s one from the FINRA documents:
Several of the brokers involved came to Westpark from broker-dealers that had lengthy disciplinary records and that FINRA has expelled from the securities industry, such as Stratton Oakmont, Inc., LH Ross & Co., Salomon Grey Financial Corp. and Continental Broker-Dealer Corp. When Westpark hired them, several of the brokers themselves had histories that included multiple customer complaints and/or disciplinary actions.
And don’t worry, the fascinating journey into the world of Gene Michael Bennett will continue too.