And there were more problems. I've spoken to investors, and here's what they've told me:
1. Bobby inflated the stock value. One person invested, bought 400 shares at $50 each. When they received the stock certificate, the certificate stated 330,000 shares were outstanding. Do the math. That's a total corporate value of $14,500,000. Does anyone believe MBC was worth a cool $14.5 mill? And then this person told me a balance sheet was presented to them at the next annual investor's meeting that showed total company assets of about $2.5 mill. Doesn't take a CPA or SEC investigator to sniff out THAT fraud.
2. Speaking of regular shareholder meetings, the last one to be held was in March of 2009. This was the last time shareholders received any financials as well. Bobby has supplied NO financial or statements to any investor in the last three years.
3. And then there's the MBC downtown location. That was a partnership Bobby entered into with another investor, Ernie St. Pierre, and they shut out the rest of the shareholders. They attempted to call it "MBC" and claim it was a different entity, yet the name was strikingly similar and the place served exclusively MBC products. THAT'S known as "shareholder oppression". It's illegal to set up a substantially similar entity in name, product, and brand, but shut out the shareholders.
Bobby better lawyer up, big time.