CMG Holdings Group Inc (PK) (CMGO) Quote

just the messenger-- have no position

The Company has no legal proceedings as of June 30, 2024

Nope. None for $CMGO. Just that nasty indictment from the SEC against the CEO for "execut(ing) a scheme to manipulate the price of publicly traded companies for their profit."

#FixItUpChappie

XA: big salary, little revenue. Life must be sweet in the big apple.
But hey, when the oil starts gushing……

GL = good luck

Pink Current https://www.otcmarkets.com/stock/CMGO/disclosure

Convicted felon as CEO. Waddya expect?

May 17 8-K

Mr. Gillespie is currently reviewing the information for the quarter ended March 31, 2024 and should have it ready for filing sometime next week.

He just can't get anything right, can he? How long does it take to audit 2 paychecks for the CEO's family?

LOL.

What a joke.

Same CEO. Same POS stock.

Can't even flip it to make money any longer.

Yield sign on filings, lack of work, always in stealth mode….seems like
not much has changed. Must be still drug down from Covid….👻

Looks like we could be close to a rebound. $CMGO a knack of a pump after the dump. If it hits 0.00085 I am a candidate to buy big.

Current management has been fleecing shareholders longer than that!

Same…

Ouch

Stick boy has been bashing the stock for more than a decade.

One thing is consistent. Pmbs is always here.

Check in from time to time.

I still own a couple mill here.

Allegedly.

Did I miss an Annual and Quarterly Report from these guys?

How this thing isn't trips I don't understand.

Nothing going on here.

Anyone here?? What is going on? Is there any hope??

Washington D.C., May 3, 2024 —

The Securities and Exchange Commission today charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers (together, “Respondents”), with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023. The SEC also charged the Respondents with falsely representing to their clients that the firm’s work would comply with PCAOB standards; fabricating audit documentation to make it appear that the firm’s work did comply with PCAOB standards; and falsely stating in audit reports included in more than 500 public company SEC filings that the firm’s audits complied with PCAOB standards.

To settle the SEC’s charges, BF Borgers agreed to pay a $12 million civil penalty, and Benjamin Borgers agreed to pay a $2 million civil penalty. Both Respondents also agreed to permanent suspensions from appearing and practicing before the Commission as accountants, effective immediately.

“Ben Borgers and his audit firm, BF Borgers, were responsible for one of the largest wholesale failures by gatekeepers in our financial markets,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “As a result of their fraudulent conduct, they not only put investors and markets at risk by causing public companies to incorporate noncompliant audits and reviews into more than 1,500 filings with the Commission, but also undermined trust and confidence in our markets. Because investors rely on the audited financial statements of public companies when making their investment decisions, the accountants and accounting firms that audit those statements play a critical role in our financial markets. Borgers and his firm completely abandoned that role, but thanks to the painstaking work of the SEC staff, Borgers and his sham audit mill have been permanently shut down.”

The SEC’s order finds that, among other things, the Respondents failed to adequately supervise and review the work of the team performing the audits and reviews; did not properly prepare and maintain audit documentation, known as “workpapers;” and failed to obtain engagement quality reviews, without which an audit firm may not issue an audit report. According to the SEC’s order, of 369 BF Borgers clients whose public filings from January 2021 through June 2023 incorporated BF Borgers’s audits and reviews, at least 75 percent of the filings incorporated BF Borgers’s audits and reviews that did not comply with PCAOB standards.

The SEC’s order further finds that, at Benjamin Borgers’s direction, BF Borgers staff copied workpapers from previous engagements for their clients, changing only the relevant dates, and then passed them off as workpapers for the current audit period. As a result, the order finds, BF Borgers’s workpapers falsely documented work that had not been performed. Among other things, the workpapers regularly documented purported planning meetings – required to discuss a client’s business and consider any potential risk areas – that never occurred and falsely represented that both Benjamin Borgers, as the partner in charge of the engagement, and an engagement quality reviewer had reviewed and approved the work.

The SEC’s order finds that the Respondents engaged in improper professional conduct and violated, and caused violations of, the antifraud, recordkeeping, and other provisions of the federal securities laws. Without admitting or denying the SEC’s findings as to each of them, BF Borgers and Benjamin Borgers both consented to an order, effective immediately, pursuant to which they are ordered to pay civil penalties and are denied the privilege of appearing or practicing before the Commission as an accountant, as discussed above. In addition, they are censured and must cease and desist from committing or causing violations of the relevant provisions of the federal securities laws.

The SEC’s investigation was conducted by Taryn Lewis, Jake Schmidt, and Ann Tushaus of the Chicago Regional Office, and was supervised by Brian Fagel.




#FixItUpChappie
#CompanyCanAlwaysFindACriminalToHelp

Everytime I make an observation wrapped in doubt they push the stock up. The bags out the cat.

I hear the CEO's criminal trial begins in January. Lots of recycling and catering time in the future!

Well you know their mantra. The volatility is insider created. If the kingpin isn't around to keep the finger on the pulse. Who would want their family members to be tainted with such dealings. $CMGO at 0.0014 today, how soon to be pressed up past 0.0020? The money go round pays the bills.

I'm surprised the FOG hasn't responded. I hear trial dates will be set soon.

Any update on that SEC case. They found Bankman-Fried guilty enough in quick time. What's happening with Glenn's conspiracy case going?

It has reached its band bottom, looks like it's worth a punt if you believe in the $CMGO vol play.

A little birdie told me the Oil Tech company stopped paying people...including their attorney, who dropped them.

#ThePeopleYouKnow
#CriminalsStickTogether

Having a convicted felon as CEO is 1 red flag.

Damn. It must look really bad.

Any guesses on the oil tech and how much more money the shylock CEO has lent to that company?

#FixItUpChappie

It always helps the stock to tail off if you don't report. After the pump. Volatility is their product.

It's amazing how a company with no evidence of performing any type of business cannot find the time to report to the SEC.

Intermittent internet access in jail?

They must be overwhelmed with advertising jobs.

The Company was unable, without unreasonable effort or expense, to complete its financial data within the prescribed period and file the Annual Report on Form 10-K for the year ended December 31, 2023 because of additional unexpected work required to audit. The Company needs additional time to complete its financial statements and believes that the Annual Report will be completed and filed within the fifteen-day extension period provided under Rule 12b-25 of the Securities Exchange Act of 1934, as amended.

LOL

With $CMGO, all anyone ever does is wait. Except the CEO, his family, and the FOG. It's profitable there, for sure.

Wait and see what happens next.

No big sell off today, so I wouldn't expect it tomorrow.

Thanks

They should be on time. It doesn't seem much has been going on and the CEO will just copy and paste from last year's.

Any guesses on when the 4th quarter and annual reports are coming out

What's it been, 118 days since any word from the company? How many to go?

$CMGO

#CEOFailure

How many more days until the CEO has to say something?

The CEO of $CMGO's buddies (the ones who own the oil tech) were brought up on charges of fraud by the SEC. Strange declaration and support of the SEC's "facts" by their attorney in trying to get the crooks out of millions of dollars in damages.



#TheFriendsYouKeep
#FraudAfterFraud

Ouch. Now there's a drop. [sarcasm]What a great CEO $CMGO has.[/sarcasm]

#FixItUpChappie

Aren't we due a PR telling everyone how awesome the CEO is and either a.) shareholders can expect the greatest quarter ever, sometime in the future or b.) the oil company is thiiiiiiiiiiis close to having something viable.

How much more money did $CMGO lend to those who pleaded guilty to the SEC charges?

#FixItUpChappie

T-minus 94 days and counting until the CEO has to say something about all the catering.

#FixItUpChappie

Only 95 days until the CEO has to tell shareholders how bad XA is doing.

#FixItUpChappie