May 7, 2014: In a brave, unselfish act, the likes of which we have never before seen from the scam that is the penny markets, Pingify International, Inc. (PGFY) Chief Financial Officer and Director, Vlad Milutin, resigned overnight, citing his concern with the current StockTips.com Pump & Dump campaign. In a press release issued around midnight, which included a copy of his letter of resignation to company President Jason Gray with copies to the Whistle Blower departments of the SEC and FINRA, Milutin pointed his finger at the purchasers of stock through the S-1 offering. Those shareholders acquired stock at $.005 per share; which then reached as high as $1.72 on Monday, the campaign's launch day.
Within his press release, Milutin recognized the damage Pump & Dump campaigns do to naive investors: The exposure of thousands of investors to great losses is too much for me to bear, and as a result, I have submitted my resignation.
Milutin implored the regulators to investigate the happenings with PGFY stock and that calling could bring a quick suspension of trading on the shares.
With this act, Milutin undoubtedly save hundreds if not thousands of potential investors from significant losses and perhaps finally opened the eyes of those who continue to follow pray to the vultures that dominate the penny markets.
On Monday, we issued an advisory on PGFY in which we surmised that the SEC could be turning its eyes to promotions by StockTips.com and the imaginary Mike Statler, now that a series of trading suspensions put John Babikian's Awesome Penny Stocks out of business. In an April 25th blog posting, stock promoter Aim High Profits suggested that PGFY had ties with Babikian.