Convincing/conning people to invest in CVI was only half of what they did. MS probably even convinced himself it was going to be a mini-BHP. When he talks about an idea, often going on and on about some overly-simplistic rubbish, it really seems like HE believes he's on to something. It was also this garbage that drove the share price up and benefited a lot of shareholders, at least on paper for a while.
The bit I can't get is how they then so easily managed to move $40+ million from CityView's bank accounts to other bank accounts/pockets under the pretence of buying assets or making loans that would later be declared unrecoverable. Surely it isn't that easy to explain away theft or corporate fraud? Forget ASIC, where's the major fraud squad??
CVI Price at posting:
0.8¢ Sentiment: None Disclosure: Held