Is This The Beginning Of The End
For Portage Resources?
For Portage Resources?
We've made no secret of our belief that Portage Resources (POTG) is an absolute scam. In our June 29th advisory, we lamented the fact that anybody would buy stock in a company, based on foreign ground, making pie-in-the-sky claims that cannot be researched. Our August 2nd advisory illustrated how POTG President's Paul Luna's seemingly generous cancellation of 200 million shares of POTG stock he personally owned, was actually a sham. Of course the markets bore out our claims of a penny stock scam as relentless bid whacking has resulted in investor losses as high as 95%.
Well it appears that the beginning of the end of POTG is at hand. After yesterday's close, the National Securities Clearing Corporation, a subsidiary of the Depository Trust and clearing Corporation, announced that it will no longer facilitate automatic settlement of POTG shares, an action that should severely curtail new purchases of that stock. This is a rather draconian measure usually invoked when suspicious trading, usually of unauthorized shares, is suspected. Of course, such trading in an absolute scam such as POTG should come as no surprise to anyone, but we expect this to be just a first step in the elimination of POTG's listing. We would not be surprised to see a chill order (suspension of services) to be forthcoming form the DTC and eventually a trading suspension issued by the SEC for lack of current and confirmable information. We may even see a left-handed admission by the company itself, that its previously claimed billion dollar play, is in fact worthless, much like we saw with Greenwood Gold Resources (GGRI), another scam with pie-in-the-sky gold claims, earlier this year. At any rate, even the savviest of penny players will now be avoiding this one, while only those who have delusions of POTG and Paul Luna's credibility will be doubling down.
Be aware that the DTC has removed the following issues from the automated trade settlement system CNS and now requires trade for trade settlements for previously identified Pump & Dump subjects POTG, SAVW, DGIN, TSPG and BYRG, as well as, SMEV, EGOH, ONFI and SOUP. This means that shares purchased in these issues cannot be sold until the trade has been settled (usually three trading days) and could also mean that actual share certificates will now be required to settle trades in these stocks. Such an order is severe and suggests that there is a belief that unauthorized shares have been trading. As trade for trade settlements are cumbersome and require an intensive accounting procedure, many brokers will not permit the buying of these stocks or will charge higher brokerage fees for the trades, thereby probably effecting the liquidity of the stock. This is often a warning sign that something is afoot and the best idea is to stay away!
Finally, a special shout out to all veterans with thanks for serving our country. Freedom truly owes you a tremendous debt of gratitude.
Since Thursday's close:
AwesomePennyStocks.com and at least 1 other paid tout have been promoting MILV in conjunction with a ongoing Pump & Dump campaign.
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GladiatorStocks.com and at least 9 other paid touts have been promoting CSOC in conjunction with an ongoing Pump & Dump campaign.
XtremePicks.com and at least 1 other paid tout have been promoting BRYN in conjunction with a ongoing Pump & Dump campaign.