LetsBuyIt.com

DotCon lies and lies some more

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.

DotCom - Guilty

That Fishy could let this pass without mentioning some pretty obvious questions suggests that Fishy is wilfully blind to Dotcon’s crooked past.

For example:

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.

Does Dotcon serious expect to get the FMA blessing for such a prospectus when he was found guilty and convicted of hacking?? Read more »

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