Independence Energy Corp. (OTC:IDNG) Is Tough to Pump

When it comes to pumping stocks, there are many different type of pumps and the success rate varies depending on a lot of factors. Some companies are just hard to pump. Independence Energy Corp. (OTC:IDNG) is one of those.

The current pump campaign started on Mar. 5. It’s being carried out through different outfits. The latest pumper to join the efforts is Stocksgonewild. They were paid $32 thousand to tout IDNG.

There is a small chance this will have a significant effect on trading for a number of reasons. For one, smaller pump campaigns tend to work for a very limited time – one day in the majority of cases. IDNG got a couple of pump spikes already.

Secondly, the pumper’s track record is nothing short of disastrous. Stocksgonewild pumped Hokutou Holdings Int (PINK:HKTU) in February. It’s now about 90% down. Earlier that month, the same pumper touted Ghana Gold Corp. (PINK:GGCO), which is now down about 60%.

Thirdly, some may remember that IDNG was a huge pump scheme back about 13 months. Back then it ran to about $4.5 ($0.90 adjusted for the 5 for 1 split in June 2012). Then it crashed more than 99% resulting in catastrophic losses for those who bought the pumpers’ promises.

There has been no significant change in IDNG to account for anyone believing in it. It’s still ran by the same person – Mr. Gregory C. Rotelli. This alone would be enough for those who have been keeping an eye on pumped stocks, to stay as far away as possible.

At this point, the people originally involved in the scheme should have cashed in, but maybe they still have some cheap shares to sell. Alternatively, some of the people who didn’t manage to get out in time, may be trying to do so now.

Either way, whoever is behind the current pump is just trying to inflate the price in order to sell. The company hasn’t generated any revenue, it has nominal assets. DNG was pump vehicle back in 2012 and it still is today.