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A.J. Watkinson
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A.J cut his teeth while working for more than 12 years on the corporate side of the financial services industry in the suburbs of New York City. In addition, A.J. has successfully traded stocks, options and currencies as an independent trader since the late 90's. Eventually A.J. moved out of... More
My company:
Penny Stock Reporting
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Penny Stock Reporting
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Penny Stocks To Watch
  • MJNA- Pump And Dump Spotlight 2 comments
    Feb 28, 2013 5:20 PM | about stocks: MJNA

    MJNA- Pump and Dump Spotlight

    In the world of penny stocks, you're sure to find oodles of great, unknown companies to invest in. But there are also penny stock scams designed to bilk hard-earned cash from investors. And usually you'll know its hit you after you've watched your investment evaporate into thin air!

    We know what to look for, and tell you who's out there pumping stocks using paid promoters.

    It's our job to expose penny stock pump and dump scams…

    And we take real pleasure in putting the smackdown on the latest penny stock pump and dump scams.

    As you read, you'll see the big red flags we've come across on these companies. And with all the great penny stocks out there… there's no reason to put a single dime into any of these companies!

    This week, we're exposing a pump and dump scam currently being run Medical Marijuana (MJNA).

    MJNA is a nasty bit of work, even though their products might be quite fun to use! You see, this penny stock has major issues for investors, as there is no firm that's making a market in the stock. Check out this disclaimer, rather WARNING from OTC…

    (click to enlarge)

    Dear investors,

    Everyone is warning you to stay away from this stock- but why are you still chasing it?

    That's the question I am posing, as this penny stock is being promoted by KNOWN PAID PUMPERS, including:

    1. Blue Horseshoe Stocks
    2. Oliver Crown Alerts
    3. Moving Pennies

    Moving Pennies was paid $5,000 alone by Gemeni Explorations Inc. to run a specific pump on February 26th. And just the fact alone that this stock is being touted by paid promoters should keep shares out of your portfolio.

    What's more, MJNA DOES NOT file anything with the SEC! They simply post earnings which investors are left to trust on their own- with none of the rigor imposed by the SEC filings process.

    Their latest report covering the end of 2012 shows Medical Marijuana with some strange accounting numbers. Both Total Assets and Total Liabilities amount to $16.38 million. Uh, guys… we're not stupid, and can see that you've fudged some math there-maybe that's why they're not filing with the SEC!

    What's weirder, the company posted $3.2 million in net income- but had an inventory write down of $6.8 million! What… did somebody in the company smoke up all the weed?

    Seriously now…

    What investor in their right mind would buy shares of company in which no one is making a market? I don't know-but you'd be crazy to buy into the hype now!

    The Wrap Up:

    Too many investors get sucked into these nightmare penny stocks scams. They fall for the overly-optimistic projections the paid promoters are selling. In the search of easy money, investors lose sight of what a real return should be… and end up holding the bag.

    At the end of the day, the predatory practices of penny stock pump and dump scams are allowed to continue by the SEC and our government. As long as pumpers disclose they've been paid, everyone is willing to look the other way.

    It's the ultimate case of "let the buyer beware!"

    Stocks: MJNA
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Comments (2)
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  • HOBO POTHEAD
    , contributor
    Comments (47) | Send Message
     
    Cowabunga and Cosmic Greetings Dude

     

    Hacking on my favorite stock, eh?

     

    Like what part of "Pump n Dump" don't you understand? Somebody has to take the "Dump" half, that's how Darwinism works. So enough with the Chicken Little nit picking about numbers that don't add up. Well that's just like your opinion, man.
    28 Feb 2013, 08:14 PM Reply Like
  • Alex S. Gabor
    , contributor
    Comments (224) | Send Message
     
    Don't worry, I am sure the SEC is looking into all these illegal companies in the HEMP and MJNA category and will shut them down soon enough. Not sure if their Officers and Directors will be arrested for fraud or money laundering or tax evasion however, although there is plenty of evidence of that ongoing.
    4 Apr 2013, 10:57 AM Reply Like
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