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OTC Fraud Exposer George Sharp Files for Custodianship of 12 ReTech Corporation
The 12 ReTech Corporation (OTCMKTS:RETC) stock was in the middle of a downward spiral yesterday in reaction to a tweet from renowned OTC fraud exposer George Sharp. Sharp sent out a tweet on April 26 in which he revealed that his attorney was in the process of filing for custodianship of 12 ReTech Corporation on his behalf.
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He added that those who were buying shares in the company should keep in mind that there was ‘incredible risk’ involved. Sharp also stated that he could unearth wrongdoings in relation to 12 ReTech Corporation but at the same time cautioned that the application could also be rejected altogether.
After that tweet, the 12 ReTech Corporation fell sharply on Tuesday and went down by as much as 34%. Sharp sent out another tweet this morning with regards to the custodianship of 12 ReTech Corporation. In today’s tweet, he addressed questions with regards to the possible dilution of 12 ReTech Corporation.
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He dismissed the questions and went on to state that dilution of the 12 ReTech Corporation stock is out of the question since the company cannot issue any more stock. He ended the tweet by pointing out that at this point in time, the company only has 769000 restricted shares.
In this regard, it is necessary to point out that George Sharp is one of the better-known individuals in the capital markets at this point in time. In addition to his fame for exposing fraud in the OTC Markets, he is an advisor to many public companies. Sharp is also an advisor to attorneys who work for the Securities and Exchange Commission. Additionally, Sharp had also served as the President of Forwardly Inc. He was also an advisor to the OTC Markets Group at one point.
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In this context, investors also need to take a closer look at what custodianship of a company actually implies. It pretty much tallies with the literal meaning of the word. In the case of the capital markets, a brokerage house or an individual or a financial institution can hold and start managing the securities as well as assets owned by a company on its behalf.
This is a measure by way of which the client company is protected from having its assets being stolen or misappropriated. If the whole thing is done by a brokerage, then the client company might have to pay a fee for those services. The situation with 12 ReTech Corporation is an interesting one and it is expected to be followed closely by investors in the coming days.
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