Penny Stock Promoter Gets Slap On the Wrist by SEC

Divorce proceedings between Alima Beg Babikian and John Babikian revealed that Mr. Babikian was behind AwesomePennyStocks.com, an online newsletter that promoted worthless penny stocks to greedy investors wishing to make a killing in the stock market.  In a typical "pump and dump" scheme, penny stock promoters such as Mr. Babikian buy large stakes in worthless penny stocks and then begin to hype them all over the internet including to their subscribers and once the price rises to certain level, the promoters dump their shares into the open market and make a killing.  Mrs. Babikian claimed in divorce proceedings that the 26 year-old Mr. Babikian made around $100 million as a penny stock promoter.  It was not long before the SEC caught wind of Mr. Babikian who owned homes in Los Angeles, a collection of cars including a $1 million Bugatti sports cars, and even spent some time living in Monaco.  Now, the SEC has stepped in and slapped Mr. Babikian with a $3.6 million fine without him admitting any wrongdoing which is a nominal sum compared to the amount he made from his dubious venture.





https://www.youtube.com/watch?v=ByaotgIddOI

Welfare Cheats Lived On $1.2M Luxury Yacht

While many Americans are homeless, malnourished, and lacking the basic necessities of life, you have many people who take advantage of the system through various forms of fraud involving public assistance benefits.  Here, we have Andrea and Colin Chisholm who were welfare, food stamp, and medicare cheats while living on a $1,200,000 yacht, owning a Lexus sedan, having more than $3,000,000 in various bank accounts, and owning a luxury lakeside vacation home.  The couple bilked the system which is mainly funded by American taxpayers out of more than $160,000 in public assistance benefits from Minnesota and Florida.  Colin Chisholm claimed to be a Scottish Aristocrat who made a fortune in broadcasting and Andrea Chisholm claimed to be a champion dog breeder of Cavalier King Charles Spaniels.  In true ChildPeople.com fashion, whatever goes up must come down and the couple was recently extraditied from the Bahamas where they were hiding out to face the music.




http://youtu.be/u1aJuCbSJrY

Rick Ross Wins Lawsuit For Stealing Drug Dealer's Identity, But Loses in the Court of Public Opinion

In 1989, Robert Matthew Van Winkle, a White rapper known as Vanilla Ice lost his singing career when it came to light that his biography was fabricated.  Around the same time, R&B pop duo, Milli Vanilli, had a similar fate when it was discovered that they were lip syncing all of their hit songs including, "Blame It On The Rain" and "Girl You Know It's True."  They even had to give back their Grammys.  In 1993, comedian Chris Rock made the funny movie, CB4, which was about a straight-laced African American kid who created a fictitious gangster rapper persona to be later found to be a fraud.  Now in 2014, you have life imitating art, or is it art imitating life with rapper Rick Ross whose real name is William Leonard Roberts II, a former corrections officer and college football scholarship recipient who usurped the identity of drug dealer Freeway Rick Ross.  Although the real Freeway Rick Ross recently lost a court battle against William Roberts because the judge considered Roberts' work "transformative" in nature and thus allowing Roberts to continue usurping the real Rick Ross' name, this nonetheless does not sit well in the court of public opinion and it is a wonder that Officer Ricky as he is pejoratively known even has a singing career.  Watch the video below and get to know the real Freeway Rick Ross.
     


http://youtu.be/1dq4JrwqOBQ

Billionaire Name Calling - Who will ultimately win in the Ackman v Icahn Herbalife Saga?

This is ChildPeople.com Extreme Billionaire Edition - Bill Ackman, a billionaire who runs a hedge fund called Pershing Square Capital Management took a very aggressive financial bet that the stock of Herbalife would drop in price.  In finance parlance, he "shorted" the stock and this is typically accomplished by borrowing stock of say Herbalife and selling it in hopes that you can buy it back later at a much lower price, thus "covering" your position and pocketing the difference.  The size of Bill's bet is reported to be about a billion dollars according to the NY Times and the premise for his bet is that he believes Herbalife is a Pyramid Scheme and outright fraud of a company.  Shortly after Bill made his announcement, another billionaire, Carl Icahn who runs Icahn Enterprises, a diversified holding company, saw an opportunity to sock it to his longtime rival and made a financial bet that Herbalife's stock price would rise and thus "squeeze" Bill out of his bet.  To make matters worse, other billionaires bet alongside Carl Icahn including George Soros and Daniel Loeb who runs hedge fund, Third Point.  So far, as the stock of Herbalife has risen, it is reported that Bill is in the negative several hundred millions of dollars in paper losses.  Listen to the Billionaire Smackdown in the link below full of quotes such as Carl saying, "[Ackman] is like the cry baby in the schoolyard... [Ackman] was like one of these little Jewish boys crying that the whole world was taking advantage of him."  Only time will tell which one of these billionaires is right about Herbalife.





http://youtu.be/YDWMcM2b2o0

Bernie Madoff Ponzi Scheme Swindler Beaten in Prison

Yet another one for the ChildPeople.com- Here we have Ponzi Scheme swindler, Bernie Madoff, who preyed on charities, the elderly, and members of his own Jewish Faith and stole their hard earned money to the tune of billions of dollars.  Making the Child People proud, one of his fellow prisoners beat him silly breaking his nose, fracturing his ribs, and leaving cuts and scrapes to his face, but it is still no consolation for all the harm that this criminal did to his victims.

http://youtu.be/0oJOaTgsY64