Our previous articles on Ominto Inc. ($OMNT) have raised serious questions about its valuation (7x revenue and losing money), the valuation and rationale behind its investments in Lani and Quant (we believe, based on SEC filings, that Lani was worthless at the time of the investment), the quality of OMNT’s auditors (Morrison Brown Argiz & Farra, LLC…have you ever heard of them?), and the legal problems of a major shareholder and the disclosure regarding potential related party transactions.
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If regulators and investors didn’t have enough reasons to be concerned about OMNT, they might also examine OMNT’s investment in Cayman Island real estate. Specifically, why OMNT owns real estate in the...
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