CFO and Director of Pingify International, Inc. Resigns Amid Stock Promotion Scheme and Urges Regulators to Investigate
May 06 2014 - 11:59PM
Access Wire
San Jose, CA / ACCESSWIRE / May 7, 2014 / Pingify International,
Inc. (Pinksheets: PGFY) Chief Financial Officer and Director
Vlad Milutin, submitted his resignation to company President
Jason Gray today, in objection to a promotion campaign to
artificially raise the price and trading volume of Pingify.
According to Mr. Milutin, the promotion campaign, otherwise
known as a pump and dump scheme, has significantly overinflated the
value of Pingify shares, especially in the light of the company's
current business position. Mr. Milutin commented, "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. I myself have never owned a single share of
the company and have never solicited anyone to become an
investor. I urge the SEC and FINRA to investigate the trading
of the shares in order to discover who the perpetrators of
this scheme are."
Mr. Milutin's letter to Mr. Gray appears below.
Contact:
Vlad Milutin Vlad1Milutin@gmail.com
Jason Gray President Pingify, International, Inc. Suite
2020 (Scotia Place Tower 1) 10060 Jasper Ave. Edmonton, ALB T5J 1V9
Canada
By email to: Jason@Pingify.com
With copies to the SEC and FINRA Offices of
the Whistleblower WhistleBlower@sec.gov,
WhistleBlower@finra.org
Re: Resignation as Chief Financial Officer and Director of
Pingify International, Inc.
Dear Jason:
I am greatly depressed by the recently commenced promotion
campaign on Pingify stock. That the public could be conned
into giving this company with no assets and limited prospects,
upwards of a $75 million market cap is quite distressing to me. I
am not aware of any contracts or other sources of revenue at this
time and no assets on the books. That emails from Mike
Statler of StockTips could paint such a rosy picture as to
suggest these shares are worth $5.00 each, thereby giving the
company a $250 million market cap, is ludicrous.
Obviously, one or more of the purchasers of S-1 shares
@$.005 is behind this this effort to defraud the public, as
they held all of the shares of the company not owned by you.
As I did not recruit any of the shareholders, I am sorry that
more effort was not done on your part to determine the
honorable intentions of these seed shareholders. I call on
the SEC and FINRA to investigate the trading of the shares of
Pingify, International, Inc. and determine the people who are
responsible for this pump and dump effort. As a consequence of
my concerns, I am hereby submitting my resignation as CFO and
Director of Pingify International, Inc.,
effective immediately.
Sincerely,
Vlad Milutin
Pingify (CE) (USOTC:PGFY)
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