OSL Holdings, Inc. (OTCMKTS:OSLH) Stops And Drops
Recently, OSL Holdings, Inc. (OTCMKTS:OSLH) has managed to attract a lot of investor attention after announcing that they were entering the medical cannabis business, just like many other companies traded in the OTC markets did.
OSLH‘s climb started in the beginning of the month for no apparent reason and the company began spreading the optimistic news later. By the end of Thursday’s session the company stock had gained a whopping 1492% in price and the daily volumes had increased substantially.
We even saw some emails from paid promoters, but OSLH had become too volatile and made a correction in Friday, losing 20% of the gained value to a close at $0.19. There was a lot of trading again and the 11.1 million traded shares generated $2.3 million in dollar volume.
Today’s session didn’t start good as well and OSLH is standing 24% lower than Friday’s close in just over 3 hours of trading. We also found some more red flags, apart from the dradful financial state of the company.
It appears that the company’s CFO, Treasurer and Secretary, Mr. Eric Kotch has a history of unethical business practices that has led to run ins with the law. The latter was President of Anvil Mortgage Bank, Ltd. from 1994 until 2001, where he held home buying seminars at which he would charge people $500 with a promise that they would get a mortgage loan despite bad credit records or any other problems.
It was estimated that around 15 thousand people paid the fees out of which only 450 actually received loans, which enriched Mr. Kotch with upward to $700 thousand. The company’s license for mortgage banking business in New York State was revoked after a trial at the Mangattan Supreme Court and Anvil and Kotch were ordered to pay $1.1 million for refunds.
Maybe he has changed the way of conducting business since 2001, but it is hard to trust someone having such a past with your money. In any case, be sure to do your due diligence and weigh out the risks if you are having any thoughts of betting on OSLH.
