MagneGas (MNGA): Strong Sell On Opaque Offshore Entities, Insider Enrichment And Paid Stock Promotion; -92.9% Downside by The Pump Stopper,
Summary
Investigation shows MNGA International partners appear nonexistent, defunct or unviable. MNGA co-founder Bo Linton partner Albert Reda jailed for fraud.
MNGA auditor was just barred by SEC for “falsified and backdated audit documents” among other misconduct. MNGA insiders fail to file SEC filings or hold shareholder meetings in timely fashion.
Santilli family related party enrichment abounds with $14.1m+ of insider compensation, ~12x more than spent on R&D, Santilli family seized total control over MNGA through convoluted preferred share voting rights.
Tests show Magnegas -30% slower, 26% more expensive. Praxair now selling demonstrably superior product nationwide. Santilli and MagneGas...
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