Harbor Island Development Corp. (OTC:HIDC) Deflated by Another 24%

The pump that promoters Victory Mark are still running, targeting Harbor Island Development Corp. (OTC:HIDC) is starting to go south at an increasing pace. Yesterday HIDC stock closed nearly 25% down, on volume that has been decreasing in half for a fourth day in a row.

The two new pump emails that came from Victory Mark’s children outfits yesterday morning sounded really unconvincing, while still managing to slip some ludicrous claims into the text. The tout mail from Penny Stock Heroes states that “HIDC has done everything to earn (investors’) trust.”

Obviously, according to the pumpers, in order to earn the trust of your future investors, you need launch your company on the market employing as legal counsel a law firm that’s accused by the SEC for participation “in an international “pump-and-dump” scheme”. That is just the case with HIDC, whose initial S-1 registration statement lists Carrillo Huettel LLP as legal cousel – the same Carrillo Huettel that were involved in several of the ugliest pump jobs of the last 12 months and who happened to close their U.S. offices in late 2012, before reportedly fleeing the country and who are currently facing the previously mentioned charges by the SEC.

Carrillo Huettel and the pumpers at Victory Mark have history, as Victory Mark’s December disaster of a pump – Pub Crawl Holdings, Inc. (OTC:PBCW) both had Carrillo Huettel in its Form S-1, and its original CEO was a former employee of Carrillo Huettel.

It also seems that to earn the trust of future investors, a company should issue large amounts of common stock to an entity operated by its newly appointed CEO. Because, once again, this is just what HIDC did. After Chuck Anton became the CEO of HIDC in early April, the company issued 110 million shares to BrandSeed – a company where Mr. Anton is the CEO. The issuance was connected to a deal transferring rights to use a piece of software, which effectively means Mr. Anton sold himself the software.

With yesterday’s 25% dip, it looks like HIDC is going to join the growing list of Victory Mark pumps that failed miserably, with PBCW at the helm, followed by VuMee, Inc. (OTC:VUME) and Red Giant Entertainment, Inc. (PINK:REDG). Those pumps all turned into downhill races, with the stock price never really ‘bouncing’ back after the first significant dip happened.