Perf Go Green Holdings (OTC BB: PGOG) is a standard pumped-up penny stock, although it has former NY governor Pataki as a director to lend it “credibility” (although anyone who know’s Pataki’s record knows that he has no credibility at all). The New York Post had a good article about the company. Carol Remond had a great article on Perf Go last week (only available on DJ Newswires, a pay service), in which she brought up some interesting history about the company’s CEO:
“Then, there is the issue of company Chairman and Chief Executive Anthony Tracy’s involvement with an extortion attempt a few years back. According to a court docket available to online subscribers, Tracy pleaded guilty to one count of extortion in state court in Pinellas County, Fla., in August 2002. Joseph Cartolano, a lawyer who represented Tracy, said he is “pretty sure” that his client pleaded no contest instead of guilty, neither admitting nor denying guilt. The judge in the case sentenced Tracy to three years probation and withheld adjudication of guilt – which means that as long as he didn’t violate the conditions of his probation, he wasn’t convicted of a crime.”
“According to information available online, Tracy and George Cappelli in November 2001 threatened a Palm Harbor businessman named James McGuire to get back $30,000 he owed to another individual. Michael Holbrook, a detective who investigated the case, said Tracy took McGuire’s watch and said he would keep it until the debt was paid. The detective said that about the same time as Cappelli was arrested, an attorney from Miami called the Pinellas Sheriff Department looking to return the watch without naming his client. Tracy was later identify through information contained in one of Cappelli’s notebooks. Tracy’s lawyer Cartolano said he (Cartolano) called “the owner of the watch to return it.” Cartolano, who explained the affair as “an argument between two guys”, said Tracy was given the watch as a collateral and then returned it.”
The fall of pumped penny stock Perf Go Green is yet another testament to why people should never speculate in penny stocks.
Disclosure: No position in any stock mentioned. I inadvertantly published this article two days previously, violating my disclosure policy (as I had just closed a short position in the stock a day earlier). I regret the error.
0 thoughts on “Perf Go Green Holdings: Another Pumped Up Penny Stocks Falls to Earth”
Haha! Perf Go Green holdings put out the world’s puffiest press release this morning, stating that they sold out of their lawn and leaf bags after one hour on Amazon.com. They did not state how many of the items were available. Was it 1,000 or 100 or 10 or 1? The company stated that the bags should become available again later this week. This ‘sellout’ was almost certainly engineered so that they could put out a press release. Otherwise, why not wait a few days until they had enough bags in stock? The lack of disclosure about how many items were sold leads me to believe that very few were actually sold and consequently there is little demand for this product.
Interesting point. I’m sure they were looking to leverage this ‘news’ by also selling product via Amazon.com.
Total garbage…these people are trash.