A New Game Console?

[dpierce]

nice find GF.

im kinda shocked as to how people like that  get away with so much.  Where do they learn  how to obtain millions of dollars and really do nothing except party and go bankrupt?   and how is that legal anyway?  where is the secret school that teaches this shtein.

The world's second oldest profession (con man) finally made it to the internet.

[Father Demon]

Article about this piece of shtein

Timothy Roberts, the founder and former CEO of Infinium Labs, the company that promised us the Phantom (which came in at second on Wired's list of vaporware products of '06), has been accused by the Securities and Exchange Commission of artificially inflating stock and selling it on at a $422,500 profit. The SEC alleges that Roberts hired a promoter to send junk faxes to investors citing the Phantom's imminent launch, when in fact the console had postponed the launch due to insufficient funds.

According to the SEC, Roberts then sold 1.3 million shares from the company -- without any disclosure -- and secretly paid the promoter he had hired. These two actions, unfortunately for Roberts, are against the law: the SEC has asked a court to force Roberts to surrender the cash, pay a penalty and to prohibit him from ever becoming a CEO again.

Meanwhile, the company -- sans Roberts -- has blown through $63 million without producing the Phantom and has lost another CEO yet still claims to be relevant and capable of launching The Phantom along with a useless lap-based keyboard accessory. Someone put the company out of its misery. Pretty please?

I found this way old thread from before I was a CFer.

I worked for Tim Roberts back in 2000 for a short time.  He started this company called Broadband Infrastructure Group, and I was hired on as one of the "founding partners" in one of the companies under this umbrella company BIG.  He had all these impressive financial sheets documenting the money he raised, all these Board of Director big wigs he had hired, and the list of staff from BIG was also impressive.  I was given 500,000 shares as part of my signing bonus, which seemed sweet at the time.  Anyway, the company failed in record time, and the 200 people that had been hired were all SOL.  I did manage to collect $1600 on the $75000 they contractually owed me, so that worked out   

He bailed to Florida when BIG failed, after there were allegedly reports on his life and home.  He showed up the day they were closing the doors, and had to scram out of there in his Cobra, fearing for his safety.  Oh yeah -- his brother (who was just like him) OD'd in the last couple of years.  Good riddance.  I hope this POS Tim Roberts gets his ass sued off finally, and has to suffer a bit just like the hundreds (or maybe thousands) of people he has financially impacted have had to.

[mussa]

my buddy was involved with a start-up corporation in dallas texas, that failed and he didn't get all that was owed too him.  thats a chance you take with start-ups. its a risk.  this shtein happens all the time.  its horrible, but people get away with it.  lawyers are the fargin devil's workers in todays world. 

[Phanatic]

Article about this piece of shtein

Timothy Roberts, the founder and former CEO of Infinium Labs, the company that promised us the Phantom (which came in at second on Wired's list of vaporware products of '06), has been accused by the Securities and Exchange Commission of artificially inflating stock and selling it on at a $422,500 profit. The SEC alleges that Roberts hired a promoter to send junk faxes to investors citing the Phantom's imminent launch, when in fact the console had postponed the launch due to insufficient funds.

According to the SEC, Roberts then sold 1.3 million shares from the company -- without any disclosure -- and secretly paid the promoter he had hired. These two actions, unfortunately for Roberts, are against the law: the SEC has asked a court to force Roberts to surrender the cash, pay a penalty and to prohibit him from ever becoming a CEO again.

Meanwhile, the company -- sans Roberts -- has blown through $63 million without producing the Phantom and has lost another CEO yet still claims to be relevant and capable of launching The Phantom along with a useless lap-based keyboard accessory. Someone put the company out of its misery. Pretty please?

I found this way old thread from before I was a CFer.

I worked for Tim Roberts back in 2000 for a short time.  He started this company called Broadband Infrastructure Group, and I was hired on as one of the "founding partners" in one of the companies under this umbrella company BIG.  He had all these impressive financial sheets documenting the money he raised, all these Board of Director big wigs he had hired, and the list of staff from BIG was also impressive.  I was given 500,000 shares as part of my signing bonus, which seemed sweet at the time.  Anyway, the company failed in record time, and the 200 people that had been hired were all SOL.  I did manage to collect $1600 on the $75000 they contractually owed me, so that worked out   

He bailed to Florida when BIG failed, after there were allegedly reports on his life and home.  He showed up the day they were closing the doors, and had to scram out of there in his Cobra, fearing for his safety.  Oh yeah -- his brother (who was just like him) OD'd in the last couple of years.  Good riddance.  I hope this POS Tim Roberts gets his ass sued off finally, and has to suffer a bit just like the hundreds (or maybe thousands) of people he has financially impacted have had to.

What comes around goes around...

[Diomedes]

What comes around goes around...

Yeah, and pigs fly too!

[Phanatic]

What comes around goes around...

Yeah, and pigs fly too!

Yeah those police copters are the shizzle...