ATM LEASEBACK SCHEMES-- any insight?

[JamesVincent]

BTW. those papers were stamped SEPT 17!

TRO is dated Sept. 30.

[grimreaper]

BTW. those papers were stamped SEPT 17!

TRO is dated Sept. 30.

Take another CLOSE look at the stamp on the first page. The MINUTES BRIEF has Sept 30 date typed in.

[ATM'd]

Just learned that the District Court has appointed a receiver - Bill Hoffman of Trigild.

I called and left a message for Kevin Barry of that office, who supposedly was the one sent in to NASI to take over the business (sounds like it has already been done).

Note this was not through the Bankruptcy Court.

[grimreaper]

Just learned that the District Court has appointed a receiver - Bill Hoffman of Trigild.

I called and left a message for Kevin Barry of that office, who supposedly was the one sent in to NASI to take over the business (sounds like it has already been done).

Note this was not through the Bankruptcy Court.

Info on Hoffman:

http://www.trigild.com/team/bill-hoffman/

"His unique blend of expertise in management, law, and real estate qualifies him as an expert witness-and has led State and Federal Courts to appoint him as Receiver, Chief Restructuring Officer or Custodian for troubled real estate assets across North America"

[notorial dissent]

Oasis Studio Rentals, LLC according to what little I can find at the moment is a portable dressing room rental company. The last listing I could find for them indicated two trucks and two drivers, does not sound like a booming or prosperous operation.

The I, II, II tagged to names, in my experience, usually indicates some kind of investment arrangement, real estate investment trusts/partnerships being the ones I'm most familiar with, not in my opinion a good sign. Ed seems to be an officer of at least one of them.

The time stamping on the documents does not surprise me, they have been working on this for a while, and there are a lot of hoops they have to jump through with the court to get the TRO and receivership, which is why it can take as long as it does.

I think it is fair to say that it will get all the more interesting as they start looking in to the finances of I, II, and III.

[Tednewsom]

One thing it may be is something akin to the Gillis/Wishner/NASI involvement in that screwy "PASS-GAS" gizmo, essentially one additional craps table in their own private Vegas casino. Portable dressing rooms are, at least, a practical service, as opposed to cigarette-lighter-operated miracle devices. However, if Oasis (and thus Oasis LLC, Oasis LLC 2 & Oasis LLC 3) is a start-up company, it's already got heavy competition in Lyle Waggoner's established service, plus the in-house studio dressing room trailer services.

These two branches of the tree, plus the assorted funds and schemes mentioned above, ought to be researched for their probable co-mingling of NASI funds and shadow involvement. Who knows how broad they played with Other People's Money? If you've got a sack full of quarters that belong to somebody else, you play as many slot machines as you can handle simultaneously. If you're sociopathic, that is.

[notorial dissent]

FWIW, Oasis Studio Rentals, LLC dates back to at least 2010

Oasis Studio Rentals, LLC shows existing from Feb 2008
Oasis Studio Rentals, LLC II shows existing from Feb 2012
Oasis Studio Rentals, LLC III shows existing from Dec 2012

The original seems to have been incorporated or is at least listed as a TX address, II, and III are CA. Ed Wishner is listed as agent for all three.

I'm showing an Eldridge PKWY and a Ventura Blvd address associated with them.

it would appear that for all intents and purposes, legal here, that Oasis Studio Rentals, LLC is an alter ego of at least one of the "boys" if not both.

From the SEC complaint it is apparent that the money on hand has gone buh bye,and that there are only a hand full of machines as assets.

Not a pretty picture at all.

[JamesVincent]

BTW. those papers were stamped SEPT 17!

TRO is dated Sept. 30.

Take another CLOSE look at the stamp on the first page. The MINUTES BRIEF has Sept 30 date typed in.

Dude (or dudette) I am not getting in a pissing contest over a fucking date. The TRO and its minutes are dated and signed Sept. 30 while the brief and all the other documents are either Sept. 16 or 17. Why don't YOU look at the very end of the TRO where the judge signed it on the 30th.

[grimreaper]

Dude (or dudette) I am not getting in a pissing contest over a fucking date. The TRO and its minutes are dated and signed Sept. 30 while the brief and all the other documents are either Sept. 16 or 17. Why don't YOU look at the very end of the TRO where the judge signed it on the 30th.

My point was ALL this DISCOVERY and CLAIMS were essentially filed back on Sept 17, when Gillis wrote his second letter to investors indicating an *SEC Investigation*. Now we know the extent of what they really knew at that time and how DAMNING it was. No indication of this was indicated in the *investor letter*.

[worried]

This is from one of the minutes doc:

The SEC claims that their records indicate that no registration had ever been filed for the offer and
sale of NASI securities. (Del Greco Decl. ¶ 35, Ex. 28; Mem. P. & A. 20.) However, ATM
Holdings, Inc., a company owned by Defendants Gillis and Wishner, was registered with the SEC
and filed a Form 10-SB with the SEC in 1998. ATM Holdings, Inc., General Form for Registration
of Securities (Form 10-SB) (March 30, 1998) ("AHI Registration").3 This registration statement
indicated that ATM Holdings owned all the shares of NASI, and clearly stated that its references
to ATM Holdings included NASI. AHI Registration 2. This registration statement explains in
considerable detail the sale-and-leaseback of ATMs that NASI claimed its business was.
(However, according to the 1998 registration statement, there was "no minimum monthly amount
payable to ATM owners." AHI Registration 3.) ATM Holdings eventually had its corporation status
revoked, and in 2007, its SEC registration was revoked for failure to file any periodic reports after
the initial AHI Registration. (Del Greco Decl. ¶ 11, Ex. 10.) In any event, it appears clear that at
least after March 2007, NASI's sale of securities was not registered with the SEC.

I never was able to translate that old SEC filing the same way the SEC does. The legalese confused me just enough... So... despite all the arguments to the contrary, NASI WAS registered with the SEC by virtue of the ATM Holdings registration... what's hilarious is how, as Tednewsom pointed out several times, that registration clearly stated many things that were exactly opposite of what people were reading in their NASI 'contracts'...

To state that again for any people still in denial that are periodically checking this website (that's people like 'investor', etc.)... NASI WAS REGISTERED WITH THE SEC UNTIL 2007.

Joel and Ed saw that the SEC wasn't able to check on anything, they were able to get away with whatever they wanted, so they just let the registration lapse.

I can't wait to see the criminal stuff next.... handcuffs, etc... those guys have acted like terrorists, wantonly destroying as many lives as possible while theirs are coming to an end... unbelievable what people are capable of....

[worried]

D. Disgorgement and Relief Defendants
The SEC seeks disgorgement of the gains of the Relief Defendants. "To order disgorgement, the
district court . . . need find only that [defendant] has no right to retain the funds illegally taken from
the victims." SEC v. Colello, 139 F.3d 674, 679 (9th Cir. 1998). The SEC alleges that NASI took
investors' money, loaned it to the Relief Defendants, and then wrote off or forgave the bulk of that
debt in a few months. The SEC provides evidence that according to NASI's April 2013 balance
sheet, Oasis Studio Rentals owed a $1,477,192 receivable to NASI, but after eight months this
receivable was reduced to $75,000 on NASI's balance sheet, even though NASI's bank accounts
reflect only $23,250 in payments from Oasis Studio Rentals to NASI over those eight months. (Del
Greco Decl., ¶¶ 51-52, Exs. 43A, 43B, 44.) Further, the SEC provides evidence that Defendants
transferred $70,000 in cash to Oasis Studio Rentals on September 3 and September 5.
(Boudreau Decl. ¶¶ 33-35.) But in the contracts signed with investors, there appear to be no
provisions authorizing NASI to transfer investor money to the Relief Defendants.

I KNEW those guys were laundering money through other entities. The only one I found was the Fuel Doctor. I bet the SEC knows of a bunch more than this too. They probably only had to provide a minimum amount of evidence for these initial filings. I wonder how long ago they started siphoning money and how much every year?

[worried]

and I still want to know who made threatening calls to my damn house and how they got that damn number

[worried]

It was reported that Ed was acting as people's personal accountant as well.... what's to stop him from embezzling direcly from those people too?

[Tednewsom]

... what's hilarious is how, as Tednewsom pointed out several times, that registration clearly stated many things that were exactly opposite of what people were reading in their NASI 'contracts'...

I will cheerfully accept published apologies from those posting on the board or simply lurking quietly (peek a boo!) admitting that every warning I have made, public and private, for the last five years, has been borne out by the facts, that they totally misjudged the severity of the situation, and that they've been slandering my motivations and character (publically and privately) repeatedly, instead of using common sense to protect themselves and other investors from these no-good crooks.

This offer expires in 30 days, November 3, 2014, after which it will require an apology on Facebook, which has about 100,000 times the subscribers as Quatloos.

[grimreaper]

... what's hilarious is how, as Tednewsom pointed out several times, that registration clearly stated many things that were exactly opposite of what people were reading in their NASI 'contracts'...

I will cheerfully accept published apologies from those posting on the board or simply lurking quietly (peek a boo!) admitting that every warning I have made, public and private, for the last five years, has been borne out by the facts, that they totally misjudged the severity of the situation, and that they've been slandering my motivations and character (publically and privately) repeatedly, instead of using common sense to protect themselves and other investors from these no-good crooks.

This offer expires in 30 days, November 3, 2014, after which it will require an apology on Facebook, which has about 100,000 times the subscribers as Quatloos.

You nailed it. Thanks for creating this thread.

[The Observer]

I will cheerfully accept published apologies from those posting on the board or simply lurking quietly (peek a boo!) admitting that every warning I have made, public and private, for the last five years, has been borne out by the facts, that they totally misjudged the severity of the situation, and that they've been slandering my motivations and character (publically and privately) repeatedly, instead of using common sense to protect themselves and other investors from these no-good crooks.

I suspect that the loudest of your detractors were shills and salespeople for NASI and were trying to protect their slice of the pie. Thus, I doubt they have any incentive to post to a public forum in admitting that they were fooled by Joel and Ed. But at least you have the satisfaction in publicizing this scheme 5 years or so ago and calling it for what it is.

But it also shows that Joel and Ed were inveterate gamblers for those 5 years. Smarter grifters might have made use of that time to shove a large amount of that money away. I note in the SEC documents that these two only managed to squeeze a million or so out in the last month personally to them (and Joel getting the shorter end of that stick) for themselves. From what I can see they were returning most of the money to the investors and were scrambling like made to come up with new money each month to make that happen. But it appears that source of money leveled off and doomed the operation.

Of course , the "retirement" of the "loan" to Oasis Studio Rentals is the other sluice-way for their ill-gotten gains. Again, the documents reflect 1.5 million or so and that is small potatoes for a scam that took in over $300 million over the last 19 years. But I wouldn't be shocked if Ed and Joel found other ways to squirrel away money from prying eyes. It will take a full audit to determine how much money actually went back to investors to keep them in the loop.

[Tednewsom]

I note in the SEC documents that these two only managed to squeeze a million or so out in the last month personally to them (and Joel getting the shorter end of that stick) for themselves. From what I can see they were returning most of the money to the investors and were scrambling like made to come up with new money each month to make that happen. But it appears that source of money leveled off and doomed the operation.

There's the video on about page 6 of the "Brooklyn Madoff," who apparently ran his Ponzi scam for the personal joy of it, and nearly all of the income flowed back to the suckers until the inevitable collapse. These guys, however... I just don't see them as altruistic as the little Brooklyn scamp. They've had 18 years to stuff the mattress and secure their Krugerands.

Again, the documents reflect 1.5 million or so and that is small potatoes for a scam that took in over $300 million over the last 19 years.

Which comes out to about $79,000 annual income apiece over 19 years... scarcely enough enticement to risk ten years in prison. No-o-o-o, no, I'd guess they took a healthier slice of the pie.

[notorial dissent]

I gotta go with Ted on this one, as I have from the start. I think when they get through digging through the books it will be interesting to see where all the money really went, since it is quite obvious that nothing they said or claimed can be relied upon. My feeling is that they have pulled out a fair amount over the years, now whether they hung on to much of it is another matter entirely. The other thing, is that if there is an Oasis, there are/were probably other things as well.

On the plus side, I am impressed with what the SEC came up with in just a short period of time from subpoena to TRO, that is some high powered auditing, but then that is what they are paid for and know how to do.

[grimreaper]

I gotta go with Ted on this one, as I have from the start. I think when they get through digging through the books it will be interesting to see where all the money really went, since it is quite obvious that nothing they said or claimed can be relied upon. My feeling is that they have pulled out a fair amount over the years, now whether they hung on to much of it is another matter entirely. The other thing, is that if there is an Oasis, there are/were probably other things as well.

On the plus side, I am impressed with what the SEC came up with in just a short period of time from subpoena to TRO, that is some high powered auditing, but then that is what they are paid for and know how to do.

Indeed. You can see how easily SEC got to the *meat of the matter*.
I think the BIG DEAL going forward isn't what happens to Joel and Ed>>>they're DONE>>FINISHED and will go to jail. The BIG DEAL is the devastation left behind for thousands of investors many who depended on the monthly income. There will also be net WINNERS who don't have a CLUE of what's coming their way>>>CLAWBACK on top of lost monthly income. DEVASTATING.

[worried]

Joel and Ed have been running a REAL business with REAL ATM'S and REAL Income until you all pressed to have this investigated. .

Ohhhh,, how AWESOME!!!... just rereading that post after reading the SEC docs is so entertaining....