Tuesday, July 10, 2007

Phantom's Scam Artist Resigns

Finally some good news from Phantom Entertainment: Timothy Roberts has resigned from the board of directors to "pursue new business opportunities". Judging by his employment history, this means creating a new startup to bilk more naive investors. But if the SEC has their say, he will never get that chance as this resignation may mean the SEC is close to charging Mr. Roberts with securities fraud.

The SEC has an open case against Mr. Roberts for the infamous fax scam back in 2004 when Roberts profited over $400,000 in a few short trading days after Infinium Labs stock soared >10,000%. Michael Pickens, who was hired to send out these faxes promoting the now-defunct Phantom console, has since been jailed for other similar penny stock scams.

The stock is down 99.97% to $0.0005 since Timothy Roberts committed the crime.

Although this news may have come 3 years too late, it's the first step in becoming a legitimate company.

Also today, Phantom Entertainment announced a small funding deal that will aid in October's Lapboard launch. Back in April, Ione teamed up with PHEI to manufacture & distribute these gaming keyboards. This puts the launch in the hands of a more competent partner, which is great news considering PHEI's 0.000% batting average.

Could the future actually look promising for Phantom Entertainment? They have funding for the Lapboards, they have a competent manufacturing partner who is driving the launch, they have a pending Alienware order, and they no longer have the dark cloud overhead in the form of Timothy Roberts.