Stocklemon UPDATE ON YP.net.
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YP.Net: Everything They Don’t Want You To Know
Last month the SEC halted 2 stocks that were reported on by Stocklemon.com. We can not afford to be wrong. We stand by everything that has been said and have more to add to the YP.Net saga.
In May 2002 Pamela Thompson resigned as the Chief Financial Officer/Treasurer/Secretary of YP.Net. Ms. Thompson at one point even served as the auditor for Telco Billing (former name of YP.Net). Pamela had been with the company since 1998. YP.Net is spending much time and effort to try to suppress everything that Pamela Thompson knows about the company.
In the company’s filings, they state that they are suing Pamela Thompson for $40,000. What the company fails to mention is that they are being sued by Pamela Thompson for close to $2 million in cash and stock, not including punitive damages. That is more cash that YPNT has in the bank as of their last filing. This is a material disclosure that the company has failed to make.
The month after Pam Thompson resigned; the company encountered another high level departure. Walter Vogel, the Vice-Chairman and director of the company was not re-elected over the same issues that were brought up by Ms. Thompson. Yet, the company never filed an 8K or revealed in a filing when Walter Vogel left the company.
For those of you, who are unfamiliar with the YP.Net story, click below for a previous report published on January, 12, 2004. The largest shareholders of YPNT are two Antiguan Corps, which has been sent close to $14 million over the past few years from YPNT in a loan agreement and “lease” for their URL . The company states they do not know who owns these corps. Stocklemon stands firm on the belief that these offshore entities are controlled by officers of YPNT, and therefore they are guilty of multiple counts of fraud. This is not just the belief of Stocklemon, but also the contention of their former CFO, Vice Chairman, and Director of Operations.
http://www.stocklemon.com/articles/01_12_04.html
The importance of the ownership of the M&M’s is crucial to YP.Net. The company has sent these entities over $14 million and the entities control over 40% of the stock in YPNT..but we are told that management does not know who they are.
Pam Thompson’s case against YPNT gives us interesting insight into the company. Here are a few of the quotes that we have pulled from publicly available documents in this case.
“(YP.NET) continue to use this lawsuit in an attempt to protect Angelo Tullo from federal indictment. Presently, Ms. Thompson has met with Steve Winerip, Esq. Assistant US Attorney, Howard Sukenic, Esq., Assistant US Attorney, Special Agent Angela Wong and Eric Lee investigating Angelo Tullo, Peter Del Greco of the SEC Enforcement Division Janet Wilks, Esq. investigating YP.Net Board of Directors. Thompson is a whistle blower under the Section 806 1514a Sarbanes Oxley Criminal Fraud Accountancy Act.”
“(YP.Net) sole reason to not comply with Discovery Requests is that the Discovery Requests will disclose the illegal activities by individuals at YP.Net that are currently under investigation by several Federal law enforcement agencies”
Pam Thompson Whistleblower letter from the Dept of Labor
Here is our Favorite. Attached is a letter from the US Department of Justice discussing a criminal investigation into the President of YPNT.
Why Reveal My Identity
Three weeks ago, two black trucks pulled up to my house and proceeded to intimidate my wife who was outside my house with my 15 month old son. The men identified themselves as being from YP.Net and stated they were not going to leave until they could have a “conversation” with me. After I called the local police and the FBI, the men finally left.
The Wall Street Journal was a good place to start, and John Emshwiller (the journalist who reported the Enron story in the WSJ) is a respected journalist who I felt comfortable with revealing my identity.
The Lies Continue
The SEC filings state YPNT President is a liaison between the M&M’s and YP.Net
How did YPNT President become the liaison? Who hired him?
In a conference call Mr. Tullo stated, “I was down in Antigua in November with some of my board members discussing a final settlement”
Yet, when replying to a direct question as to who owns the M&M’s Mr. Tullo tells the Wall Street Journal, ““I wish that I knew that answer”
In the same conference call the company states “Two of the large shareholders in RIGL (the shell) involved in the transaction were the M&M folks.” They continue to say the RIGL had much business in Europe and therefore they assume that the M&M’s are of European descent.
That is a LIE. According to the 8k filed on 3/29/1999 The M&M’s received their shares in YPNT as they were the majority shareholder of Telco Billing, which was controlled by YPNT President.
Also, did Tullo forget that the M&Ms invested in his last business ABF Funding, which turned out to be a Ponzi scheme?
Listening to YP.Net conflict themselves on these issues reminds me of a famous quote by Abraham Lincoln,
“No man has a good enough memory to make a successful liar”
Things That Make You Go Hmmm
YP.Net took 3 months and large attorney and investigator bills to identify the principals behind Stocklemon, and all we did was write a few articles.
Yet, they still have not identified who owns the M&Ms and they sent them over $4 million last quarter alone. That is on top of the $5 million agreement to lease the URL yellow-pages.net Maybe they should have spent all the time and effort in identifying the owners of the M&Ms as they have in identifying Stocklemon.
Conclusion
It is apparent from publicly filed documents that this stock is a ticking time bomb of pending regulatory enforcement actions involving multiple counts from multiple agencies including the IRS, DOJ and SEC.
We can write volumes on YP.Net and the many ways in which they are defrauding their investors and the public. We still believe that the company is under investigation by numerous government agencies and they have not disclosed it. Furthermore, we believe that YPNT has gone out of their way to purposely conceal information that should be in the hands of the investing public. We look forward to seeing justice on this one.