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10/29/15

Checking in on Bobby Genovese's pump and dump scam stock Jemi Fibre (JFI.v)

While the big people chew over the results at Detour, Newmont, Agnico and Barrick, the little people at IKN prefer the Road Not Taken and so it's time to check in on Jemi Fibre (JFI.v), the crockacrap thing set up by Bobby Genovese last year designed to transfer wealth (i.e. yours is removed from you and is added to his).

Our coverage of JFI.v started last year on August 19th 2014 with this post (don't say you weren't warned), exactly where this chart starts...


...and as you can see, IKN's prediction that it would all end in tears has been fairly accurate so far (there's worse to come, it's going much lower).

It's not brain surgery spotting these Bobby G BS scams either, all you have to do is pay attention to what goes on at the financials level. Here in October 2014 we laughed at the way they create financial values out of thin air, including
"...just four and a half months later, in a re-filing of its company quarterly financials, the three properties bought with $2.25m worth of shares have boosted JFI's asset value by over $14m."

which is also something noted in the the latest iteration of our JFI coverage on August 30th 2015 entitled "The Jemi Fibre (JFI.v) year end financials are so bad it's laughable" that included
"...the first thing is to note the way JFI luckily managed to re-value its biological assets to the tune of $18m in the space of just three months, without adding a single pine cone to their asset, and in that way managed to add a $21m non-cash revenue item to their P+L which allowed them to declare an annual profit of $5.8m."
and ended with, " Destined for much lower, don't be Bobby G's sucker".

Jemi Fibre is a great example of how parasites get rich and retail gets poor on the TSXV. There's such a gap between the reasonable going concern status of any given company and the chances it might have of being a potential stock to buy that it's sheer madness. And then the Canadian regulatory bodies wonder why normal rank and file investor people are deserting their stock markets and putting their cash to play in other places...