Bankers finding new ways (including creative accounting) to con customers into paying more in overdraft fees:
There is always a grift with these gQp assholes. Always.
The deli itself was earning less than $40,000 in annual revenue, according to the SEC, but artificially inflated the share price of Hometown International from approximately $1 per share in October 2019 to nearly $14 per share by April 2021. This led to “a grossly inflated market capitalization of $100 million,” the SEC wrote.
The $100 million deli rose to fame during a time when hamsters were trading crypto on Twitch livestreams and just about everyone got into trading meme stocks for nostalgic mall stores, so a tiny suburban sandwich shop being valued at $100 million might have gotten lost in the madness. But now that the SEC has charged the owners with fraud, they’re facing serious penalties and criminal charges.
That story left out that part of the investment for the deli’s reverse merger scam came from Duke and Vanderbilt University endowments. As someone that works in higher ed, that stuck with me more than that folks on Wall st. never stop scamming