Pingify International Inc.’s (OTCQB: PGFY) share volume skyrocketed on May 6th, with 10,489,962 shares exchanging hands, over seven times higher than its three month daily average volume of 1,435,164 shares.
This uptick in volume comes after Vlad Milutin, Chief Financial Officer and Director of PGFY submitted his resignation to company President Jason Gray in objection to a promotion campaign to artificially raise the price and trading volume of Pingify.
Mr. Milutin commented, "The exposure of thousands of investors to great losses is too much for me to bear, and as a result, I have submitted my resignation. I myself have never owned a single share of the company and have never solicited anyone to become an investor. I urge the SEC and FINRA to investigate the trading of the shares in order to discover who the perpetrators of this scheme are."
Below is the resignation letter from Mr. Milutin to the President of Pingify Jason Gray:
I am greatly depressed by the recently commenced promotion campaign on Pingify stock. That the public could be conned into giving this company with no assets and limited prospects, upwards of a $75 million market cap is quite distressing to me. I am not aware of any contracts or other sources of revenue at this time and no assets on the books. That emails from Mike Statler of StockTips could paint such a rosy picture as to suggest these shares are worth $5.00 each, thereby giving the company a $250 million market cap, is ludicrous.
Obviously, one or more of the purchasers of S-1 shares @$.005 is behind this this effort to defraud the public, as they held all of the shares of the company not owned by you. As I did not recruit any of the shareholders, I am sorry that more effort was not done on your part to determine the honorable intentions of these seed shareholders. I call on the SEC and FINRA to investigate the trading of the shares of Pingify, International, Inc. and determine the people who are responsible for this pump and dump effort. As a consequence of my concerns, I am hereby submitting my resignation as CFO and Director of Pingify International, Inc., effective immediately.
Clearly, Mr. Milutin feels strongly enough about this he resigned.
Many speculate PGFY is a scam, a massive pump and dump headed by StockTips.com. With a $43M market capitalization and only $300 in total current assets and $52,756 in current liabilities in the most recent quarter, it doesn’t appear this company is moving in the right direction, let alone worth what it’s currently priced.
Past promotions by StockTips.com include (OTCPINK: AMMG) and (OTCQB: TGRO), both of which had roughly 25,000,000 free trading shares set up to be sold during their paid promotions, which is the same number of free trading shares set up to be sold during PGFY’s recent promotion.
PGFY closed at $.808 on May 6th, down $.562 (41%) from its previous close of $1.37.
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