International Business Ventures Group, Inc. (PINK:IBVR) was suspended from trading on the pink sheets market in March 2009. Since then, the company has been marked “caveat emptor” on the OTC market, warning investors that the company has committed fraudulent activity.
The fact that the company has been involved in suspicious schemes, should be of no surprise to people who have spent time to review the biography of the company's management team. All three of them: Brian Taglieri, Abner Alable, and Ronnie Bass are currently in jail facing their sentences.
Initially, the trio started its business as an investment club called HomePals, based in North Miami Beach. In the spring of 2008, HomePals managed to strip almost $14.5 million from hundreds of Haitians living in Florida and New Jersey by means of a Ponzi-like scheme.
In July 2008, HomePals bought International Business Ventures Group, which until then was a public shell company. The larceny, which the unscrupulous group planned to perpetrate, involved pumping up IBVR stock price as much as possible and then dumping it on the public.
First, the management decided to tout the company as a financial and consumer services company and then issue false announcements about the deals the company had completed. Consequently, a couple of paid promoters joined the game who presented IBVR as a great investment. And finally, the company paid another criminal entity to artificially inflate the stock's trading volume in order to give the impression that there was a substantial interest in the company.
The end of the saga was put when SEC noticed some suspicious activity going on with IBVR stock. Then an investigation took place and as a result the commission cancelled the trading of the stock. Thus, the end was put to an unscrupulous scheme which, unashamedly stole huge amounts of money from innocent people, leaving lots of dashed dreams at its wake.