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Kinti Mining
Symbol (KMLD.PK)
Is Kinti Mining a stock scam? That’s what I intend to prove.
First let me define what a stock scam is all about. A stock scam involves a bogus company. Usually the stock trades on the pink sheets. The company puts out bogus news to make the stock price go up, called the pump and dump. Before we go any further we need to establish some definitions. Which will be helpful to you as you read this article.
From Wikipedia Pink Sheets: Pink Quote, informally known as the Pink Sheets, is an electronic quotation system operated by Pink OTC Markets that displays quotes from broker-dealers for many over-the-counter (OTC) securities. These securities tend to be inactively traded stocks, including penny stocks and those with a narrow geographic interest.[1] Market makers and other brokers can use Pink Quote to publish their bid and ask quotation prices. Starting in 1913, and prior to the creation of the electronic system in 2000, these quotes were printed on pink colored paper by the National Quotation Bureau. The term Pink Sheets is also used to refer to a market tier within the current Pink Quote system.
The Pink Sheets is not a stock exchange. To be quoted in the Pink Sheets, companies do not need to fulfill any requirements (e.g. filing financial statements with the SEC). With the exception of foreign issuers, mostly represented by ADRs, the companies quoted in the Pink Sheets tend to be closely held, extremely small, thinly traded, or bankrupt. Most do not meet the minimum U.S. listing requirements for trading on a stock exchange such as the New York Stock Exchange. Many of these companies do not file periodic reports or audited financial statements with the SEC, making it very difficult for investors to find reliable, unbiased information about those companies.
For these reasons the SEC views companies listed on Pink Sheets as "among the most risky investments"[citation needed] and advises potential investors to heavily research the companies in which they plan to invest.
From Wise Geek Stock Scam: The most common penny stock fraud is the Pump and Dump. A small group of speculators will accumulate a large number of shares in a penny stock. Once their positions are in place, they will release positive financial porn, news so unexpected and titillating it can drastically affect people's perception of the stock. The intent is to get small-time investors to start trading irrationally. The news is almost always false, but before this is discovered, the price of the stock often skyrockets and the original speculators exit with large profits.
From Merriam-Webster Dictionary Assay: to analyze (as an ore) for one or more specific components.
With those definitions in mind, let me introduce you to Kinti Mining. The following is what I have learned about Kinti Mining.
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