In Fishy’s article this morning, Dotcon drops the clanger that he was in the throes of launching an IPO for his quasi song-swap service.
That Fishy could let this pass without mentioning some pretty obvious questions suggests that Fishy is wilfully blind to Dotcon’s crooked past.
Does Dotcon seriously expect to issue a prospectus in New Zealand for a sharemarket listed company when he has been convicted for insider trading/pump and dump stock frauds in the past? (The¬†Letsbuyit.com¬†affair)
When Kim Schmitz was convicted in 2002 of manipulating shares in online retailer LetsBuyIt.com, it marked the end of Germany’s biggest insider-trading case ever and exposed just how easy it was to profit at other investors’ expense. The self-styled Internet entrepreneur’s previous conviction for computer fraud didn’t stop him from announcing a spurious rescue effort for the online retailer that temporarily goosed the stock — and gave him the chance to sell his shares at a profit of $1.5 million. Worse, when it came time for sentencing, Schmitz got a slap on the wrist: a 20-month suspended sentence after five months in jail awaiting trial.