Infinium CEO Charged With Stock FraudPump and dump ( old news - 05:16PM Tuesday May 16 2006) When Hard-OCP ran a critical column about the "Phantom" broadband gaming console back in 2003, the company sued the website, and lost. The story at the time noted that former CEO Timothy Roberts had a history of business failure and that the company looked shakey at best. Hard-OCP was right: Infinium Labs collected an estimated $62.7 million over 3 years from investors, blowing through all of it without ever launching a single functional product. Now CNN is reporting that Roberts is being charged by the SEC with a pump-and-dump stock scheme. Roberts sent junk-faxes to thousands of investors lauding the console's imminent launch, while privately making $422,500 from selling stock. The first Broadband Reports user comment the first time we ever mentioned the product? "Looks like smoke and mirrors to me."
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Camelot One
Premium,MVM
join:2001-11-21
Sarasota, FL
clubs: | Thats all? I have to say, I am very surprised he only made $455k. But I'm still glad to see charges filed. | |
|  | ossito16
join:2004-07-31
Whiting, IN
 ·RCN CABLE
| Re: Thats all? said by Camelot One  :I have to say, I am very surprised he only made $455k. But I'm still glad to see charges filed. Wait a minute, I am with you. Less than $500k out of 62.7 million. Where is the cash? Damn the SEC, they are just trying to get a piece of the pie. The sue and get big bucks in fines. This guy belongs in a county jail somewhere. | |
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Transmaster
Don't Blame Me I Voted For Bill and Opus
join:2001-06-20
Cheyenne, WY
 ·Qwest.net
1 edit | About Time I wondered when the SEC was going to get around to this crook. By SEC standards this bum is small fry. I wonder how much of the millions he scammed people out of wound up in off shore banks, like the ones at the near by Bahamas. The SEC will no doubt find out.
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Low voltage Tech's are wimps, Real tech's use 45 pound filament transformers, plate voltages no less then 2400 volts with at least 10 amp's lighting 8877 triodes...BPL I'm coming to get you.
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| Asmodeus
join:2004-05-26
Spring Valley, CA | well... i wonder if kyle is going to counter-sue and make some money... at least enough to get better servers for the [H]... hehehe, just kidding kyle...  | |
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R4M0N
Brazilian Soccer Ownz Joo
join:2000-10-04
Glen Allen, VA
1 edit | LOL Kyle must be sipping some hot chocolate now, feeling the sweet taste of delayed justice.
Did Kyle ever file to recoup lawyer's fees? | |
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TScheisskopf
World News Trust
join:2005-02-13
Belvidere, NJ
 ·Sprint Broadband D..
| I worked for a guy like this. Of course I did my due diligence and everyone told me he was for real. So, with an employment contract, I went to work for his startup. In spite of all the smoke and mirrors, he had squat. Not even the money to pay us(and he had some very talented folks, me not included).
Guys like this are sociopaths. generally, Malignant Narcissists. They think that you, me, their Aunt Mable and their three-legged dog are put here on this earth to serve them and give them money, because they are just so KEEEEEEN!
You can bet that this slug has hurt a lot of folks, through the creation of distrust and disillusionment. Then there are, of course, the financials. The sad fact is that I am still struggling to get out of the mess that my slug put me in, and I know that this slug has put some people in real financial and career jeopardy as well.
I hope he pays. Hard. Ugly. For a long, long time. May he end up the CEO of the Burger King Deep Fat Fryer, all his days. | |
| | ewalker3
join:2001-05-18
West Palm Beach, FL | Re: I worked for a guy like this. dont forget his twin brother started SAVVIS
which almost tanked
and this fella was the ceo of phoenix networks another dsl provider that went | |
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pipdipchip
8 Megabits A Second
Premium
join:2003-12-04
Hanover, MN
| Haha Go to their web site, »www.infiniumlabs.com/. Click their stock symbol, IFLB. That pretty much sums them up.
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Webmaster of WRT54G.net - Official Microsoft MVP Longhorn Beta Tester | |
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Anti_Cyrix
Premium
join:2003-03-06
Sacramento, CA
1 edit | Re: Haha This is from their site:
Greg Koler Chief Executive Officer
15 years experience in the broadband gaming content and interactive TV services sector. Strategic Sales Director for TDK Recording Media Europe, a global publisher of entertainment software for consoles and PCs. General Manager at Infomedia S.A., Luxembourg, a European subsidiary of Gemstar TV Guide International, Inc. Consultant for Softbank ® Broadband media Europe and Japan, television broadcast and satellite set-top box manufacture FTA Communication Technologies, and mobile provider Vox Mobile Communications in Luxembourg. Koler was also a founding director of Sony Computer Entertainment Europe.
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Oh yeah, well I am the CEO of Microsoft... and Toyota.
Edit: spelling | |
| | Armour
join:2002-01-08
Scarborough, ON | Suprised it took this long Wonder how long will it be before he runs another phantom company in to the ground ? not his first and don't fell it will be his last. As some one eilse said to bad the investors didn't read the [H] Article Kyle hit it on the head. | |
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