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7/29/2019 MJNA for Scribd
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1 Infitialis Research Collective - Report on Medical Marijuana Inc. (MJNA)
Chronically Criminal: Shielding thePublic From MJNA
Infitialis is a research collective that exposes fraud and folly in an effort to identify bubbles
before they implode and our track record of success speaks for itself. In this report, we will be
exposing fraud heaped on top of folly.
Infitialis Track Record of Exposing Fraud and Folly is Unmatched
Introduction
Medical Marijuana, Inc. (Medical Marijuana or the Company)( MJNA) is a penny stockcompany run by criminals and alleged fraudsters. While medical marijuana may be a growing
business opportunity in selected states, there is no place for blatant stock fraud in the United
States capital markets and we strongly believe the intrinsic value of MJNAis $0.00/share
due to the significant malfeasance discussed below.
In this report, we will discuss how MJNA listed on the OTC Markets (formerly known as the pink
sheets) under a weird, but quasi-legal, exemption known as "Unsolicited Quotation" whereby
shares only trade by appointment of retail order flow. In other words, there is no active market
for the issuers securities and on a whim all bids/offers can instantaneously vanish,
leading to choppy trading and large valuation swings. Despite our extensive market experience,
this is the first time we have ever run into this type of security with a >$100mm market valuation,let alone a $355mm market valuation. Moreover, based on our discussions with securities
counsel, the SEC has all but done away with these types of companies save for a select few like
Medical Marijuana that have somehow so far escaped the eyes of the regulators.
Adding insult to injury, because MJNA is a non-SEC reporting issuer, it has almost no real
obligations to its shareholders. Here are a few examples of what MJNA can get away with that
99.9% of public companies cannot:
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2 Infitialis Research Collective - Report on Medical Marijuana Inc. (MJNA)
1. MJNA does not have to file financial statements with the SEC or make availableany material disclosures to its shareholders.
2. MJNA does not have to file quarterly or annual disclosure reports with the SECaccording to the laws and regulations of the 1934 Securities Act
3. Officers and Directors of MJNA have no obligation to shareholders to operatewithin Sarbanes-Oxley or any other financial controls promulgated by the
Commission following the various accounting scandals that erupted in the wakeof the Enron, WorldCom, and Tyco situations following the dot-com crash.
MJNA Appears to be a Significant Stock Scam & Not a Legitimate
EnterpriseMJNA has recently been able to obtain the shocking market valuation of $355.6mm making it
more valuable than well-known consumer brands of Pacific Sunwear of California, Inc.
(NASDAQ:PSUN) and Jamba, Inc. (NASDAQ:JMBA) COMBINED. These two well-known
brands on a consolidated basis have >7,600 employees, >1,500 physical retail locations around
the world, and generate >$1bn in annual revenue. Conversely, Medical Marijuana, Inc. is
controlled by and controlled by a 28 year old fraudster.In this report, we will outline several
more red flags relating to MJNA and its management team with the goal of demonstrating that
MJNA has no intrinsic value. Ultimately it is our opinion that the hard facts we will uncover cast
serious doubt as to the accuracy or legitimacy of this company as a going concern. Bluntly, we
strongly believebased on the data uncovered to date that Medical Marijuana, Inc. is cooking
the books.
We have gone over this many times when we release our exposs. Legitimate companies do
not go public via OTC RTO's unless they have no other viable route to capital. Moreover, in our
view legitimate companies don't choose an unsolicited pink sheet as their platform to market
unless they are illegitimate. There is no advantage to such a vehicle unless one is purposelytrying to circumvent the United States securities regulations explicitly designed to protect
investors.
MJNA Fundamentals and Valuation
As discussed in further detail, these valuation metrics are completely preposterous and should
be yet another red-flag for investors. The issue with MJNA is that we do not believe the
financials and as we will demonstrate in the next sections there is little reason for anybody to
believe they are real as they have been audited by an auditor who is not qualified to perform an
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3 Infitialis Research Collective - Report on Medical Marijuana Inc. (MJNA)
audit and have been signed by a member of management who at the time of signing had
already resigned from the company (more on this in detail in the next sections).
Moreover, because of the continuous issuance of additional shares, such an investor would
continue to have their stake diluted down to even less meaningful levels.
In addition to the numerous valuation red-flags, Medical Marijuana, Inc. common share counthas increased a shocking 44.7% over the last 12 month and almost 200% over the last 24
months for dubious reasons, further diluting investors. In that time period, the Company has
issued in excess of 550mm common shares worth over $200mm at the current market
valuation.
Management Team - Is this Who You Want Running Your Company?As per the Medical Marijuana 2012 Investor Fact Sheet available on the Companywebsite, the
following individuals are key members of the MJNA team. This toxic brew of criminals and
alleged fraudsters should give any investor serious concerns.
Name Titles Truth
Michelle L. Sides ChairmanDirector and ControllingShareholderChief Operating Officer
Delinquent from Florida BarOwns ~48% of the Company withLlamas
Michael Llamas Director and ControllingShareholderFormer President andCEO (until 9/17/2012)
Under indictment for 19 Counts of MailFraud and 31 Counts of Wire Fraud inthe Eastern District of California (Case2:12-cr-00315)Extensive history of being named a
defendant in civil litigation regardingmortgage shenanigans and otherfraudulent behaviorOwns ~48% of the Company with Sides
Theodore Caligiuri Chief Executive Officer A CEO of a $370 million dollar companythat is also an active Residential RealEstate Broker forColdwell Banker? Youdecide...
Babak R. Ghalili Medical Director Dentist inNYCAnthony W. Imbimbo Independent Auditor NotPCAOB Registered(therefore
unqualified to independently audit anSEC reporting companies)
Culinary Institute of America trainedChef(with a minor in cooking thebooks?)
http://www.medicalmarijuanainc.com/images/Pdf/FactSheet05-15-12.pdfhttp://www.medicalmarijuanainc.com/images/Pdf/FactSheet05-15-12.pdfhttp://www.medicalmarijuanainc.com/images/Pdf/FactSheet05-15-12.pdfhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.nysed.gov/coms/op001/opsc2a?profcd=50&plicno=043014&namechk=GHAhttp://www.nysed.gov/coms/op001/opsc2a?profcd=50&plicno=043014&namechk=GHAhttp://www.nysed.gov/coms/op001/opsc2a?profcd=50&plicno=043014&namechk=GHAhttp://pcaobus.org/Registration/Firms/Pages/RegisteredFirms.aspxhttp://pcaobus.org/Registration/Firms/Pages/RegisteredFirms.aspxhttp://pcaobus.org/Registration/Firms/Pages/RegisteredFirms.aspxhttp://www.awicpa.com/qualificationshttp://www.awicpa.com/qualificationshttp://www.awicpa.com/qualificationshttp://pcaobus.org/Registration/Firms/Pages/RegisteredFirms.aspxhttp://www.nysed.gov/coms/op001/opsc2a?profcd=50&plicno=043014&namechk=GHAhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.medicalmarijuanainc.com/images/Pdf/FactSheet05-15-12.pdf -
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FRAUDSTER
Ms. Michelle Sides - Chairman and Chief Operating OfficerAccording to multiple Medical Marijuana filings, Ms. Michelle Sides is the Chairman of the
Board, Chief Operating Officer, and also indirectly controls ~ 48% of the Company through her
beneficial ownership of Hemp Deposit and Distribution Corp. In addition, she is purportedly a
Member of the Florida State Bar Association and possess extensive experience in corporate
and real estate law. Interestingly, the Florida Bar records for Ms. Michelle Sides indicate shewas previously the Corporate Counsel and sole employee for North American Companies,
LLC, the same entity Mr. Michael Llamas purportedly founded and utilized to execute in
excess of ten billion dollars in transactions for distressed debt. However, in reality, Ms.
Michelle Sides has been kicked out of the Florida Bar for unspecified reasons (rendering
hernot eligible to practice in Florida). Simply put, it is hard to imagine trusting Ms. Michelle
Sides with a library book, let alone as the lead manager for a $355mm publicly traded company.
Unfortunately, for most retail investors in MJNA this is the first they have heard about
this because Ms. Sides has fraudulently omitted this material information from her
official biographies and disclosures.
Michael Llamas (Age - 28) - President and DirectorAccording to multiple Medical Marijuana filings,
Mr. Michael Llamas (age 28) has served as
President and Director of the Company and
also indirectly controls ~ 48% of the Company
through his beneficial ownership of Hemp
Deposit and Distribution Corp. Also, accordingto multiple Medical Marijuana filings, Mr.
Michael Llamas sole prior business
experience was founding North America
Companies LLC, a real estate development
and acquisitions firm specializing in distressed
debt that completed in excess of ten billion
dollars in transactions. Notably absent from
Medical Marijuana filings is ANY
discussion of Mr. Michael Llamas prolific
prior indictments for fraud and financial
shenanigans.
First, on09/14/12, Mr. Michael Llamas was indicted by the United States for the Eastern District
of California along with six other individuals for a case involving for19 counts of Mail Fraud
and 31 counts of Wire Fraud related to a mortgage fraud scheme that caused more than
$10mm in losses to mortgage lenders and others. According to the indictment, Mr. Michael
Llamas would approach builders of new homes and developers of condominiums to purchase
investment homes in bulk at substantial price discounts ranging from 30 to 50 percent off under
http://www.floridabar.org/names.nsf/0/183F16E0A804CB5A85256CBF005CFC03?OpenDocumenthttp://www.floridabar.org/names.nsf/0/183F16E0A804CB5A85256CBF005CFC03?OpenDocumenthttp://www.floridabar.org/names.nsf/0/183F16E0A804CB5A85256CBF005CFC03?OpenDocumenthttp://www.justice.gov/usao/cae/news/docs/2012/09-2012/09-14-12Loomis.htmlhttp://www.justice.gov/usao/cae/news/docs/2012/09-2012/09-14-12Loomis.htmlhttp://www.justice.gov/usao/cae/news/docs/2012/09-2012/09-14-12Loomis.htmlhttp://www.justice.gov/usao/cae/news/docs/2012/09-2012/09-14-12Loomis.htmlhttp://www.floridabar.org/names.nsf/0/183F16E0A804CB5A85256CBF005CFC03?OpenDocument -
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the terms of an option contract. Mr. Michael Llamas had no financial ability and no intention of
purchasing the homes; rather, the homes were to be sold to an associates nominee members
at full price. Mr. Michael Llamas then arranged for an affiliated mortgage company, Nationwide
Lending Group (NLG), to sell mortgage loans for the nominees with banks and other lenders at
the full price of the homes without disclosing the large price discount. Lenders were thereby
misled into advancing loans that far exceeded their lending guidelines. Also, the large optioncontract price discount was used to conceal the lack of required down payments by nominee
buyers. Mr. Michael Llamas then split what remained of the price discount after subtraction of
the fake down payments and certain fees with his cronies. In addition, Mr. Michael Llamas
induced at least one home builder to record false liens in favor of one of their entities, Cobalt
One LLC, for millions of dollars in bogus loans to cover up large payments from an associated
firm to Cobalt One. If convicted, the Mr. Michael Llamas and the other defendants face a
maximum statutory penalty for each violation of mail and wire fraud of 20 years in prison,
a $250,000 fine, and a three-year term of supervised release. As of 12/11/12, Mr. Michael
Llamas has been released on bail pending trial (Appendix B).
On09/17/12, just three days after being indicted by the Eastern District of California, Mr.Michael Llamas announced a leave of absence effective immediately from Medical Marijuana
in order to focus his attention on personal business matters. However, Mr. Michael Llamas
signed off and certified the Medical Marijuana 09/30/12 Financial and Information Disclosure
Statement (Appendix C) as the Companys President. This is one of many reasons why we
believe the MJNA financials are fraudulent and most likely fabricated.
MORE INTERESTING IS THE FACT THAT ON09/30/12AND12/02/12, MR.
MICHAEL LLAMAS AND MR. MICHAEL CORRIGAN, ESQ. (MJNAS EXTERNAL
COUNSEL), RESPECTIVELY, CERTIFIED THAT NO MEMBERS OF THE
COMPANYS MANAGEMENT TEAM HAD BEEN SUBJECT TO "A CONVICTION INA CRIMINAL PROCEEDING OR NAMED AS A DEFENDANT IN A PENDING
CRIMINAL PROCEEDING IN THE PAST FIVE YEARS" (APPENDIX C & D). THIS
APPEARS TO BE A BLATANT FABRICATION IN REGARDS MR. MICHAEL
LLAMAS PRIOR COURT RECORDS. MOREOVER, THIS CLEARLY VIOLATES THE
OTC PINK BASIC DISCLOSURE GUIDELINES SECTION 8B.1
Next, on 12/05/07, Mr. Michael Llamas was sued by Mr. and Mrs. David Villar in the United
States Bankruptcy Court for the Northern District of California for the Fraudulent Transfer of the
couples home in San Mateo California via a $830k purchase option agreement (Case No. 05-
35167 TCLS)(Appendix E). While the matter was eventually privately settled, it appears Mr.
Michael Llamas was forced to pay restitution to the Villars.
Similarly, on12/08/06, Mr. Michael Llamas (who was 22 at the time), was arrested by the Tracy,
California police department on charges of forgery, grand theft, financial elder abuse and
conspiracy. Specifically, Mr. Michael Llamas was accused of hoodwinking an elderly couple
into believing they had negotiated a reverse mortgage based on the $485k equity value of their
1 OTC PINK Basic Disclosure Guidelines, available via: http://www.otcmarkets.com/content/doc/OTCPinkGuidelines.doc
http://www.prnewswire.com/news-releases/medical-marijuana-inc-announces-that-interim-president-and-ceo-michael-llamas-is-taking-a-leave-of-absence-from-the-company-170014126.htmlhttp://www.prnewswire.com/news-releases/medical-marijuana-inc-announces-that-interim-president-and-ceo-michael-llamas-is-taking-a-leave-of-absence-from-the-company-170014126.htmlhttp://www.prnewswire.com/news-releases/medical-marijuana-inc-announces-that-interim-president-and-ceo-michael-llamas-is-taking-a-leave-of-absence-from-the-company-170014126.htmlhttp://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=95422http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=95422http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=95422http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=95902http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=95902http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=95902http://www.tracypress.com/printer_friendly/2179619http://www.tracypress.com/printer_friendly/2179619http://www.tracypress.com/printer_friendly/2179619http://www.tracypress.com/printer_friendly/2179619http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=95902http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=95422http://www.prnewswire.com/news-releases/medical-marijuana-inc-announces-that-interim-president-and-ceo-michael-llamas-is-taking-a-leave-of-absence-from-the-company-170014126.html -
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home, but instead transferred the title of the property to an entity Llamas controlled for de
minimis consideration.
Mr. Michael Llamas seems to have engaged in such extensive mortgage fraud schemes against
so many other unsuspecting victims that there an anonymous blog was created in 2009
dedicated to tracking his activities. More information is available via:
http://mikellamas.blogspot.ca/
In summary, based on Mr. Michael Llamas exhaustive history of mail, wire, and mortgage fraud,
it is inconceivable he could effectively serve as a President and Director of a $370mm publicly
traded company. In this case, the reality of the situation is even worst as Mr. Michael Llamas is
not only the President and Director of Medical Marijuana, Inc., but also the largest and
controlling shareholder. We have good reason to believe that Mr. Michael Llamas is directly
involved in the liquidation of the free trading shares and will cover this in more detail the next
section.
Mr. Theodore Caligiuri Purportedly Chief Executive
OfficerOn09/30/12, Medical Marijuana announced it hired Mr. Theodore
Caligiuri as Interim President and CEO. Interestingly, Mr. Theodore
Caligiuri seems to be completely lacking any prior experience as a
manager of any publicly traded company, has yet to sign-off on any
financial statements, and still works as a residential real estateagent forColdwell Banker. In our opinion, he is completely
unqualified to be the leader of a public enterprise with a $356mm
market value.
Say What?! HDDC Controls and Sells $1.5mm in free trading shares
on behalf of MJNAIn what has to be one of the oddest cases of illegal share distribution/underwriting, Medical
Marijuana appears to sells its own shares to the public via a conduit (Llamas) without a
registration statement. This is blatantly illegal and after speaking to several lawyers we are still
unsure as to how the these two nitwits got this far without anybody else figuring this out.
Below is an excerpt from the (MJNA) disclosure on the otcmarkets.com website.
http://mikellamas.blogspot.ca/http://mikellamas.blogspot.ca/http://www.prnewswire.com/news-releases/medical-marijuana-inc-announces-ted-caligiuri-as-interim-president-and-ceo-170226936.htmlhttp://www.prnewswire.com/news-releases/medical-marijuana-inc-announces-ted-caligiuri-as-interim-president-and-ceo-170226936.htmlhttp://www.prnewswire.com/news-releases/medical-marijuana-inc-announces-ted-caligiuri-as-interim-president-and-ceo-170226936.htmlhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.prnewswire.com/news-releases/medical-marijuana-inc-announces-ted-caligiuri-as-interim-president-and-ceo-170226936.htmlhttp://mikellamas.blogspot.ca/ -
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Essentially, Mr. Michael Llamas, the 28 year old who controls MJNA is identified as the main
party responsible for providing "working capital." In other words, Llamas is directly financing
MJNA. Mr. Michael Llamas does so by liquidating free trading shares of MJNA he was awarded
for almost ZERO consideration as part of the RTO. Not all of this information is clearly disclosed
as the Company does not elect to do so. However, by reconciling the quarterly paid-in capital
amount vs. the common shares outstanding, we strongly believe the weighted average priceMJNA has been selling its common shares to Mr. Michael Llamas for less than $0.01/
while retail investors have just months later been clamoring hand over first to purchase
the shares at $0.40-.50.
Apparently Ms. Michelle Sides has a side-deal with Mr. Michael Llamas whereby Llamas holds
and most probably sells free trading shares of MJNA on behalf of MJNA! As of 12/31/2012
disclosure date, Llamas held $1.5 million worth (or 15 million shares at the time) of MJNA free
trading shares on behalf of MJNA, effectively allowing the public company to sell its own
shares via a conduit. Craziest of all is that this $1.5mm is reflected on the Company's own
balance sheet and "audited" by a non-PCAOB registered independent auditor, Mr. Anthony
Imbimbo.
The Auditor/Professional Cook Who Isn't PCAOB RegisteredOn01/16/13and with much fan-fare, Medical Marijuana Inc. issued a press release announcing
it had for the first time completed an "audit" and that it was publishing its audited results to the
investing public. On the back of this development, retail investors bid up shares of MJNA to
as high as $0.54/share for an implied valuation of nearly half a billion dollars!
It took us two seconds to figure out that the "Auditor" was in fact not licensed to audit
public companies at all. A public company audit must be carried out by a PCAOB (Public
Company Accounting Oversight Board) registered auditor. Otherwise, its not alegitimate audit, period end statement.
The so called "auditor" is actually a sole-practitioner (a la Madoff) CPA/Cook (we are not
making this stuff up Imbimbo hasa degree from the Culinary Institute of America) named
Anthony W. Imbimbo.Imbimbo is clearly not qualified to audit a public company of with a
market valuation of this size and is one of the many reasons we believe the financials
cannot and should not be relied upon.
Having Their Cake and Eating it Too Insider Sales Extensive 144
Sales
In what is yet another example that solidifies our thesis that MJNA is nothing more than a stock
scam - MJNA insiders not only engage in the services of Llamas to sell stock, they also use rule
144, a rule we believe is not legally available to this company!
http://www.prnewswire.com/news-releases/medical-marijuana-inc-retains-accounting-firm-anthony-w-imbimbo--associates-to-perform-financial-audit-187100791.htmlhttp://www.prnewswire.com/news-releases/medical-marijuana-inc-retains-accounting-firm-anthony-w-imbimbo--associates-to-perform-financial-audit-187100791.htmlhttp://www.prnewswire.com/news-releases/medical-marijuana-inc-retains-accounting-firm-anthony-w-imbimbo--associates-to-perform-financial-audit-187100791.htmlhttp://www.awicpa.com/qualificationshttp://www.awicpa.com/qualificationshttp://www.awicpa.com/qualificationshttp://www.awicpa.com/qualificationshttp://www.awicpa.com/qualificationshttp://www.awicpa.com/qualificationshttp://www.awicpa.com/qualificationshttp://www.prnewswire.com/news-releases/medical-marijuana-inc-retains-accounting-firm-anthony-w-imbimbo--associates-to-perform-financial-audit-187100791.html -
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Rule 144 sales are only those sales made by active insiders and are limited to less than 1% of
the outstanding a year. Based on the 144 filings, we believe there may have been much more
insider selling. In just one example we found (Appendix F) a transaction made byColdwell
Bankerreal estate agent/ MJNA CEO Theodore Caligiuri whereby Mr. Caligiuri is a willing seller
of 461,450 shares of MJNA @ $.12 cents a share for total proceeds of $55,374 in cash.
Most Importantly, Who Owns the Public Float? - All 252,000,000
Shares Appear to have been Sold to Clueless Retail InvestorsAfter reviewing available public disclosures on current shareholdings, it is shockingly apparently
NO legitimate investors are invested or involved in the Company. Therefore, it appears Mr.
Michael Llamas and Ms. Michelle Sides have honed their prior experience in mortgage fraud
and other criminal activity into a new and more lucrative pursuit: penny stock fraud. By
massively increasing the public float, MJNA appears to have ensnared hundreds, if not
thousands of clueless retail investors.
MJNA Reminds A lot of People of CMKM DiamondsThere is nothing new under the sun. When brought to the attention of several prominent legal
counselors, the MJNA case instantaneously reminded many of them to a firm called CMKM
Diamonds. CMKM Diamonds was also an unsolicited
pink sheet and that firm also purported to be engaged
in a very profitable business. However, CMKM
Diamonds, like MJNA, also had a weird relationship
between its management and controlling shareholder.
Ultimately, the collapse of CMKM Diamonds cost
investors over $100mm that was eventually traced to
the coffers of the management team, which had utilized
the proceeds to buy gaudy real estate and fast cars
[shockingly similar to Mr. Michael Llamas prior mortgage schemes].
In light of these numerous red-flags, we dont believeMJNAs financials and it is our robust
opinion that over time the Company will be proven an obvious fraud.
Conclusion:After the information we highlighted retail investors should seriously considerexiting this
position immediately and speculative investors should consider a short position. We cannot
imagine why any investors would sit idle and let their hard earned money be stewarded by the
Sides/Llamas Duo. (MJNA) is in our view yet another scheme they have concocted to steal your
money.
http://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspxhttp://www.californiamoves.com/real_estate_agent/3756/Theodore-Caligiuri.aspx -
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In closing we leave you with the Top 5 Reasons to Sell MJNA immediately while this stock
trades at this temporary valuation:
1. As an unsolicited issuer MJNA has no active market for its shares meaning thatbids or offers can be pulled immediately leading to a potential collapse of theshares.
2. The so called "Audit" and "Auditor" are in fact not qualified to Audit the company.As such, none of these purported facts and figures should be relied upon.
3. The company is run and controlled by a 28 year old fraudster with a terriblehistory of alleged crimes and devilish ethics.
4. As uncovered by our investigation the company and its insiders have engaged infraud by purposely omitting the background information from the disclosuresmade on the OTC. This alone could result in a trading halt by regulators.
5. Llamas owning/controlling $1.5mm worth of MJNA shares on behalf of MJNA isde-facto illegal share distribution. But it also highlights that Llamas is mostprobably the guy liquidating the hundreds of millions of undisclosed shares too.
Please click here to be taken to a link with all the relevant Appendices.
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Appendix B: Michael Llamas 12/11/12 Bail Agreement for 09/14/12
Indictment
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Appendix C: Michael Llamas Fraudulent 09/30/12 Certification
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Appendix D: Michael Corrigans Fraudulent 12/02/12 Certification
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Appendix E: David Villars Fraudulent Transfer Complaint Dated10/15/07 Against Michael Llamas et al
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Appendix F: Sample 144 Sale by Theodore Caligiuri