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by Mike Caswell
The U.S. Securities and Exchange Commission has halted Imogo Mobile Technologies Corp., a Vancouver-linked OTC Bulletin Board company that went to 83.8 cents from four cents in a five-week span earlier this year. The SEC says there are questions about the accuracy of publicly available information on the company's business, revenue and assets. The regulator has provided few specifics, but a recent paid tout sheet boasted that the company was developing software that could rival that of Microsoft Corp.
The halt comes about three weeks after Imogo suddenly began trading heavily. The stock went to an 83.8-cent high on Feb. 3, 2014, up from four cents on Dec. 27, 2013. Daily volumes rose into the millions, with the stock trading 6.7 million shares the day after its 83.8-cent high.
Around the same time, a paid tout sheet called the Wall Street Revelator strongly urged investors to buy the company. The sheet, dated Winter 2014, contained nonsense typical of such publications, beginning with bold print stating that Imogo could "eat Microsoft alive!" The sheet said Imogo had products that rivalled those of Microsoft, and that the company is "poised to unleash a full frontal assault on Microsoft." The report assigned Imogo a long-term target price of $21. In the fine print at the bottom, the Wall Street Revelator said an entity called Fenvo Enterprises Ltd. paid $3-million for advertising, plus $10,000 to the Wall Street Revelator's editor, Andrew Carpenter.
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The reason it was halted.