Canned Meat - CHFR Pumped & Dumped
I'm glad to see that someone made some money off of last week's spam-induced run-up in China Fruit (CHFR). Nexia Holdings, a diversified holdings company that also trades (NEXA) on the OTC market, dumped $200,000 worth of CHFR shares over this short week. In a shareholder letter dated today, CEO Richard Surber stated
Things only get more interesting from here.
In this SEC filing, Chinese fruit company Tai Na became a wholly-owned subsidiary of Diversified Holdings.
Three months later, another SEC document shows that Diversified Holdings changed its name to China Fruit, and Tai Na became a wholly-owned subsidiary of China Fruit.
While the name changes are a bit obfuscating, it is clear there was a significant boost in both the volume and the share price of China Fruit due the spam campaign, which began on February 15. And "luckily" for Nexia CEO Surber, the increase in volume allowed him to dump the stock all the way down to its current pre-spam level. Good work, Surber, and congrats on catching the kind of liquidity that was oh-so-illusive - hell, non-existent - just two weeks ago.
Nexia's subsidiary Diversified Holdings, Inc. has realized about $200,000 over the last three days from the sale of a portion of its holdings in China Fruits Corporation. I sold a portion of the Company's portfolio securities to fund inventory production and development costs for spring inventory.
Things only get more interesting from here.
In this SEC filing, Chinese fruit company Tai Na became a wholly-owned subsidiary of Diversified Holdings.
Three months later, another SEC document shows that Diversified Holdings changed its name to China Fruit, and Tai Na became a wholly-owned subsidiary of China Fruit.
While the name changes are a bit obfuscating, it is clear there was a significant boost in both the volume and the share price of China Fruit due the spam campaign, which began on February 15. And "luckily" for Nexia CEO Surber, the increase in volume allowed him to dump the stock all the way down to its current pre-spam level. Good work, Surber, and congrats on catching the kind of liquidity that was oh-so-illusive - hell, non-existent - just two weeks ago.
2 Comments:
isn't that illegal?
Yes. Very much so. Not sure if the SEC really cares about these small players, when there are such bigger fish to fry.
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