Biodiesel of America

[kenmar 1952]

Hi Lloydy11, I take it you are in UK? The first task is to check if the share certs are genuine. I suspect they are as AK have contacted your dad. Phone the no on the bio website for investor info. (Impersonate your dad, saves any hassle) They should be able to tell if your dad is a listed shareholder, the period of restriction usually 1 or 2 years,how to derestrict, and who to contact. As far as I know the period starts from the transaction date. I found derestriction easy enough once I found the right transfer agent, though the stock I had was derestricted on a 30 day limit on waiting for a reply from the company, they didn't reply so the agent derestricted in 30 days. Normally a letter is required from the company consenting to the derestriction, though again I don't think it matters once the period is up, only if you try top derestrict early? Cost me $50, though con men have tried to charge me 9c to 20c per share!!! Should be a fixed fee, though SEC told me it was free to overseas shareholders?? Use a cheap call number, I use Simply Ring 0844-626-0805 & never noticed the cost on my phone bill & there have been some long calls!! You should be able to do it today as America has only wakened up! I suggest you go through these hoops first before trying to sell. Let us know how you get on. As a matter of interest how much did your dad pay for the shares, if you don't mind telling the world! The reason I ask as this would have a bearing on hoe much you want to pay to derestrict and sell. Bear in mind the delay in getting derestriction completed, then the cost to sell. A UK Stockbroker/bank should be able to sell through their American contacts. Failing that I imagine someone will ahve a US broker they can recommend. Beware of putting money up front. Do not give AK any money. I haven't checked yet but the name rings a bell, an alarm bell!!
Good luck and keep us informed

 

[fatman30]

SEC latest forecast on Biodiesel/CSA

Having heard that the biodiesel shares had doubled and an extra, not Cooking oil direct had been added, INTVCO, THE SEC REPORT IS a grave disappointment even a preparation for insolvency. It is a pity as Jacob/David Spencer of Trenaman Schultz had seemed most co-operative offering bargain extra shares , but suddenly the speaking has seemed to stop
one hears nothing.

 

[anley]

Beware everyone, chances are you've all bought worthless shares. So whatever you do DON'T pay any more money to anyone re these things, especially people that call you up saying they can sell them for a big profit, but first you'll have to buy a bond or invest more money - that will end up being stolen from you as well.

PS. For the future, please NEVER invest in anything you don't fully understand or have done detailed research on unless it is a brand name company trading on an official stock exchange.

 

[lloydy11]

Anley - thanks for the advice. Rest assured my dad won't be parting with any more money, I'm just wondering if there's a way to get back even just a little of the investment before, as fatman points out, the companies fold.
Kenmar, thanks for the tip. Have scrolled through the SEC filings for both O2 secure wireless and Biodiesel and my dad is there on the files as a shareholder, so things appear OK from that point of view (says he paid $1.50 for O2 and $2 for Biodiesel). Interestingly, it states that Biodiesel only span off from Cooking Oil in Oct 07, whereas my dad says he bought Bio shares (not Cooking Oil) back in Dec 05 - could that be right?

[From what I can glean from the reports, these risky companies with almost worthless shares are not allowed to raise funds in the US for that very reason, but the US government seems to have no such qualms to allow restricted versions of these shares to be touted out to European investors via brokers whose sales techniques are dodgy to say the least. As they continue to operate without making any money, they just try and raise more and more cash from British mugs.]

O2 secure wireless now worth only a few cents, but might be worth him trying to sell just to get a bit back. And if can de-restrict Biodiesel in advance of float, he might be able to sell immediately before price totally collapses.

I notice Juan Ferreira is the Investor contact for both O2 and Biodiesel - and therefore party to this at best dubious practice. Would he really offer proper advice, or is there another avenue to get shares destricted?

 

[kenmar 1952]

Have a look on the SB-2 filing for Bio, page 27. Tells you about rule 144. If your dad bought in 2005 then his restriction should be expired? if you can find a buyer. Good luck.
By the way just been contacted by Stephed Philips of Avery Kingston offering me Bio shares!!

Anley - thanks for the advice. Rest assured my dad won't be parting with any more money, I'm just wondering if there's a way to get back even just a little of the investment before, as fatman points out, the companies fold.
Kenmar, thanks for the tip. Have scrolled through the SEC filings for both O2 secure wireless and Biodiesel and my dad is there on the files as a shareholder, so things appear OK from that point of view (says he paid $1.50 for O2 and $2 for Biodiesel). Interestingly, it states that Biodiesel only span off from Cooking Oil in Oct 07, whereas my dad says he bought Bio shares (not Cooking Oil) back in Dec 05 - could that be right?

[From what I can glean from the reports, these risky companies with almost worthless shares are not allowed to raise funds in the US for that very reason, but the US government seems to have no such qualms to allow restricted versions of these shares to be touted out to European investors via brokers whose sales techniques are dodgy to say the least. As they continue to operate without making any money, they just try and raise more and more cash from British mugs.]

O2 secure wireless now worth only a few cents, but might be worth him trying to sell just to get a bit back. And if can de-restrict Biodiesel in advance of float, he might be able to sell immediately before price totally collapses.

I notice Juan Ferreira is the Investor contact for both O2 and Biodiesel - and therefore party to this at best dubious practice. Would he really offer proper advice, or is there another avenue to get shares destricted?

 

[pariscontact]

Hello, I'm based in France, and i got cold-called too by this Bio Diesel of America. I'm assuming that anyone on this forum has enough common sense not to give these people money. They used a girl (i am a male) and i think this is part of their strategy (which i approve of, if i were ever going to invest).
Anyway, all fun and games.

 

[davestrachan62]

biodiesel of america

I was about to part with £5000 of my hard earned cash to avery kingston capital in barcelona and asset management in florida for mix of more biodiesel of america and selling O2 secure wireless for hedge fund to buy them at $3/50 i am warned by some of the blogs, anybody actual experience of this ? regards david

really ashamed to say this but worked for these guys in barcelona.............really good firm to.......................yep its a scam.......................keep you guys posted as to the other scams i encounter...............dont be greedy................thats what we appeal to.............if it sounds to be good to be true..........use yer head.................will keep you all updated...........watch yerselfs.scammers look here to.......be safe

 

[james_w]

I was about to part with £5000 of my hard earned cash to avery kingston capital in barcelona and asset management in florida for mix of more biodiesel of america and selling O2 secure wireless for hedge fund to buy them at $3/50 i am warned by some of the blogs, anybody actual experience of this ? regards david

I was offered the same deal from them in the beginning of the month, and i took them up on it. i have the money from the fund in my account already. i am really not allowed to talk about the deal but it sure worked out well on my end,especially to be rid of those o2. james

 

[ArrEnn]

I was offered the same deal from them in the beginning of the month, and i took them up on it. i have the money from the fund in my account already. i am really not allowed to talk about the deal but it sure worked out well on my end,especially to be rid of those o2. james

How much were you charged to make the swap?

 

[davestrachan62]

o2 secure and biodiesel

I am delighted to hear that things went well for you, would you consider emailing me direct at [email protected] or even phoning me on 01387 850263, i really would be most grateful, regards david

I was offered the same deal from them in the beginning of the month, and i took them up on it. i have the money from the fund in my account already. i am really not allowed to talk about the deal but it sure worked out well on my end,especially to be rid of those o2. james

 

[davestrachan62]

biodiesel

Have you had dealings with these chaps too,? regards david

How much were you charged to make the swap?

 

[richard 74]

I was given the same deal. Everything seemed to be on the up and up, but I was a bit nervous as it seemed to good to be true so I put a call into the SEC in Washington DC. Biodiesel of America is slated for the IPO to roll out in the next month. I choose to sell 47,000 shares to a fund and I kept 7000 shares in the market. I got a price of $3.72 per share from the hedge fund. They said the funds would be wired to me in 7-10 days, but it actually took a little over 2 weeks. I was pleased with the trade. They initailly offered me $3.50, but my broker negotiated a higher price per share. If you look at the price to earnings ratio of Biodiesel of America, its clear why the hedge funds are buying large traunches.

 

[richard 74]

I am delighted to hear that things went well for you, would you consider emailing me direct at [email protected] or even phoning me on 01387 850263, i really would be most grateful, regards david

--------------------------------------------------------------------------------
Dave,

I was given the same deal. Everything seemed to be on the up and up, but I was a bit nervous as it seemed to good to be true so I put a call into the SEC in Washington DC. Biodiesel of America is slated for the IPO to roll out in the next month. I choose to sell 47,000 shares to a fund and I kept 7000 shares in the market. I got a price of $3.72 per share from the hedge fund. They said the funds would be wired to me in 7-10 days, but it actually took a little over 2 weeks. I was pleased with the trade. They initailly offered me $3.50, but my broker negotiated a higher price per share. If you look at the price to earnings ratio of Biodiesel of America, its clear why the hedge funds are buying large traunches.

Cheers

 

[ArrEnn]

Have you had dealings with these chaps too,? regards david

Dave S - all I know is that the sale of shares in BioDiesel of America are a scam - look around the website forums, here and at The Motley Fool.

They are pink sheet, restricted stock - it is illegal to sell them to American citizens, which is why the scam artists try to sell them to unsuspecting citizens from Europe and elsewhere. Americans know this, so why would Richard74 buy them as an American (see his forum name details)

Do you own investigation & research - do NOT rely on others, such as Richard74 - he / she may be genuine in his response, but all the evidence points to the contrary - he / she is likely to be one of the scam artists trying again to suck people in.

Biodiesel alledgely being trying for an IPO for a very long time, but keep postponing - read what you want in to that - and is now the time to be undertaking an IPO - I think not.

 

[richard 74]

Dave S - all I know is that the sale of shares in BioDiesel of America are a scam - look around the website forums, here and at The Motley Fool.

They are pink sheet, restricted stock - it is illegal to sell them to American citizens, which is why the scam artists try to sell them to unsuspecting citizens from Europe and elsewhere. Americans know this, so why would Richard74 buy them as an American (see his forum name details)

Do you own investigation & research - do NOT rely on others, such as Richard74 - he / she may be genuine in his response, but all the evidence points to the contrary - he / she is likely to be one of the scam artists trying again to suck people in.

Biodiesel alledgely being trying for an IPO for a very long time, but keep postponing - read what you want in to that - and is now the time to be undertaking an IPO - I think not.

I beg your pardon. I beg to differ. These shares are not restricted. They are common stock. Any sophisticated investor would know the difference. This company has not applied for a listing on the Pink Sheets. Biodiesel of America has applied with the SEC for placement on the Over The Counter Bulletin Boards, if you have done your DD you would know this. As to my citizenship, not that its any of your business, but I am a dual citizen of the UK and the US which makes me elgible to purchase Reg S shares. And since you are a such sophisticated investor, you already know that Reg S shares were created by the SEC to enable US companies to raise capital from a international investors. I am not married to Biodiesel of America and have no real reason to sing the companies praises, but it produced a nice profit for me.

 

[davestrachan62]

biodiesel of america

Dear richard,
i'm now really confused what to do and realise that i have to make my own mind up but am getting conflicting advice. can i have your word that you are not part of any scam ? i realise you are under no obligation to enter into any discussion on this especially when other people start to question your integrity but you can probably understand the other bloggers viewpoint and i dare say that there are such scammers getting into these blog sites and 'planting' false info and reassurance, regards david

I beg your pardon. I beg to differ. These shares are not restricted. They are common stock. Any sophisticated investor would know the difference. This company has not applied for a listing on the Pink Sheets. Biodiesel of America has applied with the SEC for placement on the Over The Counter Bulletin Boards, if you have done your DD you would know this. As to my citizenship, not that its any of your business, but I am a dual citizen of the UK and the US which makes me elgible to purchase Reg S shares. And since you are a such sophisticated investor, you already know that Reg S shares were created by the SEC to enable US companies to raise capital from a international investors. I am not married to Biodiesel of America and have no real reason to sing the companies praises, but it produced a nice profit for me.

 

[davestrachan62]

biodiesel of america

Dear arrenn
to be fair there are now 2 people staing they have done similar and have cash in bank as a result, one from uk one from us. while i can accept that the original sale of biodiesel was bolier room and the shares have been garbage, they have filed for IPO and seem set to do so. i have lost so much monet over the last 4 years in various bolier room scams that i am going to risk this one more to try to gat back some of my hard earned cash, realising at the same time that it may still be a scam!! i'll let you know in a few weeks? regards david

Dave S - all I know is that the sale of shares in BioDiesel of America are a scam - look around the website forums, here and at The Motley Fool.

They are pink sheet, restricted stock - it is illegal to sell them to American citizens, which is why the scam artists try to sell them to unsuspecting citizens from Europe and elsewhere. Americans know this, so why would Richard74 buy them as an American (see his forum name details)

Do you own investigation & research - do NOT rely on others, such as Richard74 - he / she may be genuine in his response, but all the evidence points to the contrary - he / she is likely to be one of the scam artists trying again to suck people in.

Biodiesel alledgely being trying for an IPO for a very long time, but keep postponing - read what you want in to that - and is now the time to be undertaking an IPO - I think not.

 

[anley]

Scam or not the clue will be IF anyone asks you to pay more money BEFORE you get a profit etc.

A scammer will ask for a fee to 'process' the shares or you'll be asked to pay into an escrow fund beforehand etc. The potential profits on offer will also look really juicy.

If you are asked for any money up from then there's a 99% chance you'll never see a) the money again and b) a profit on your original shares.

Use common sense everyone and be very very wary when dealing with any 'firm' offering to help you with shares that you've already bought off a scam firm.

 

[anley]

As for Richard74 I'm not suggesting that he isn't 101% legit but a cynic might suggest that if somebody pops up for the first time on a thread about a well known scam share saying 'everything is all right and I've made good money' then caution would be the right approach to take.

DaveS - Watch the advance fee scam as I listed above. If you say that you've lost a lot of money in the past various scammers will have you down as a great 'mark'. And desperate people often make best clients.

Again, PROCEED WITH GREAT CAUTION. Fully check out who you're doing business with, use Whois lookup and Domain name search to check how long their domain name has been registered for (if less than 1 or 2 years then 99% scam), do they answer the switcboard number from their website or is it a recorded message, are they regulated and by whom, where are you sending the money to, US bank or offshore. If in any doubt then feel free to message me because I can normally spot a scam at 100 yards.

 

[anley]

Dear arrenn
to be fair there are now 2 people staing they have done similar and have cash in bank as a result, one from uk one from us.

Yes and BOTH of them are 100% new to this site and in turn this thread so you MUST take that into account.

Also, David and I'm really sorry to have a go at you but it's for your own sake. You said in an earlier post 'can I have your word that this is not a scam' or something similar.

This is the year 2008 and scams are everywhere so rarely if ever take anyone's word for anything these days unless you either know them or have fully investigated them. And even then still be very wary. Think about things logically, every scammer is going to tell you want you want to hear and the majority of the time they're charming to boot. But look where that has got you in the past so please, learn to be a CYNIC when money is involved.

Again, I'm only trying to help you.