...you heard me said you are who your friend is. ...you have...

...you heard me said you are who your friend is.

...you have heard that the backers of bitcoin include those drug cartels ...but do you also want to know the surprising background of one of Bitcoin's biggest cheerleaders, none other than Michael Saylor , the CEO of Micro Strategy.

This below is the chequered past of Micro Strategy

This is from the company’s 8-K report filed with the SEC:
‘The Commission alleges that from the time of its initial public offering in June 1998 through March 2000, MicroStrategy, a Vienna, Virginia-based software company, materially overstated its revenues and earnings from the sale of software and services contrary to Generally Accepted Accounting Principles. The company's public financial reports during this time showed positive net income. In fact, the Commission alleges, MicroStrategy should have reported net losses from 1997 through the present.’

And you can see Micro Strategy's share price...does it look like a spruiker stock?

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1	Source: Macrotrends [Click to open in a new window]

The upshot of the SEC investigation, according to Wikipedia, was…
‘In December 2000, the U.S. Securities and Exchange Commission brought charges against the company and its executives. A lawsuit was subsequently filed against MicroStrategy and certain of its officials over fraud. In December 2000,Saylor, Bansal, and the company's former CFO settled with the SEC without admitting wrongdoing, each paying $350,000 in fines. The officers also paid a combined total of $10 million in disgorgement. The company settled with the SEC, hiring an independent director to ensure regulatory compliance.’

Then you have Mark Cuban, he did not wrong except in all his passion for cryptos, he acknowledge he made a big mistake

This headline from Bloomberg on 16 June tells you how stable the TITAN stablecoin really is…

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1	Source: Bloomberg [Click to open in a new window]

Newsweek picked up the story on 18 June 2021…
‘Billionaire investor Mark Cuban has said it was “my mistake” for not adequately researching the TITAN cryptocurrency which crashed spectacularly this week.
‘[He said]…“It was all in black and white how the math of the stable coin and TITAN worked. If I looked it was there—how much needed to be added in order to support TITAN and what would happen if sales overtook adds. I chose not to do the work.”