Bingo Nation Inc (OTCMKTS: BLTO) Looking For Bagholders

Bingo Nation Inc (OTCMKTS: BLTO) has been an impressive pump job from our favorite Chicago pump and dumper nicknamed “Napoleon” by those who work under him in his office. Shares of BLTO have been on a steady climb ever since the promo kicked off last month at $1.15 a share. For those that got in early and are sitting on gains, it's time to bail as we believe the final dump is about to happen, leaving many holding the bag.The biggest risk we see for BLTO is an SEC trading suspension. Lately, the SEC has been quite vigilant on heavily promoted names. Just this month, the commission has suspended EURI, EMMD and IMMG. EURI has been a long running promo by the Elite Penny Stock Group and one which we have warned our subscribers about. In the trading suspension of EURI, the SEC said:

It appears to the Securities and Exchange Commission that the public interest and the protection of investors require a suspension of trading in the securities of AgriEuro Corp. (“EURI”) because of concerns regarding the accuracy and adequacy of information in the marketplace and potentially manipulative transactions in EURI’s common stock. EURI is a Nevada corporation purportedly having its principal executive offices in Romania, and its common stock is quoted on the OTC Link, LLC operated by OTC Market’s Group, Inc. under the ticker symbol EURI. The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.

While there are multiple red flags with BLTO and we discussed many of them in our previous article, the most alarming is in looking at the history of the BLTO OTC shell. The company was formerly Viking Minerals Inc and the form SB-1 was filed by Attorney Luis Carrillo. Back in 2013, the SEC charged Carrillo and others in an international "pump and dump" scheme. According to the SEC:

The SEC alleges that San Diego-based attorneys Luis Carrillo and Wade Huettel were central participants in the scheme who helped the promoters conceal their ownership interests in the companies, drafted misleading public filings, and provided misleading legal opinions. As part of the scheme, their law firm, Carrillo Huettel LLP, secretly received proceeds of stock sales in the form of a sham “loan.”

With any promotion, there needs to be free trading shares and money to fund the promotion. According to an 8-K filed by the company, 23,468,500 shares of common stock were issued on February 18, 2017.

On February 18, 2017, Ramsay Capital Corp. sold its Loan Agreement with the Company (the “Convertible Note”) to five separate purchasers. The Company entered into debt settlements with each noteholder at more favorable conversion price of $0.02 per share of common stock compared to the original conversion price of $0.001 per share. Subsequently, each noteholder converted its portion of the Convertible Note into shares of common stock. As a result of these debt conversions, the Company eliminated $469,370 of debt and issued 23,468,500 shares of common stock to the converting noteholders. The Company relied on the exemptions afforded by Section 4(a)(2) of the Securities Act of 1933 and Regulation S in the issuance of these shares to the noteholders.

To promote shares of BLTO, this overly aggressive landing page was set up by WallStreet Blaze and written by a Rich Bellevue. In the disclaimer, it says there's a $300,000 budget to promote BLTO.

The publisher, Wall Street Blaze, understands that in an effort to enhance public awareness of (BLTO) and its securities through the distribution of this online advertisement, Star Step Limited paid all of the costs associated with creating, and distribution of this advertisement. The publisher was paid the sum of two thousand five hundred dollars for its contributions. The marketing vendors will be managing a total budget of three hundred thousand dollars, provided by Star Step Limited for all online advertising and marketing efforts and will retain any amounts over and above the cost of production, copywriting services, mailing and other distribution expenses, as a fee for its services. If successful, the advertisement will increase investor and market awareness, which may result in increased numbers of shareholders owning and trading the common stock of (BLTO), increase trading volumes, and possibly increased share price of the common stock of (BLTO).

Currently trading with a market cap of $82 million, BLTO is a big dollar promo that looks to be almost over. Even the company had to issue a statement regarding the promotional activity surrounding the company. It's only a matter of time before the current shareholder base gets left holding the bag. Don't become a victim!We will be updating our subscribers as soon as we know more. For the latest updates on BLTO, sign up below!Disclosure: We have no position in any of the securities mentioned and have not been compensated for this article.