MaryJane Group Inc (OTCMKTS:MJMJ) Plows Up the Charts
Despite everything, the stock of MaryJane Group Inc (OTCMKTS:MJMJ) is still clambering up the charts and doing it in no small strides. Yesterday the company closed 42% up, stopping at half a cent per share flat.
It’s not really possible to pinpoint the reason why MJMJ jumped again. The company’s CannaCamp venture was mentioned by Jimmy Fallon in his late night show on Monday and this no doubt contributed to the hype surrounding the new project, even if Fallon simply used the CannaCamp as a vehicle to deliver a number of stoner jokes.
There is one new filing in MJMJ‘s feed that went up yesterday but that did not reveal much in the way of useful insights, except for perhaps one. Mr. John M. Fife is now a 9.99% owner of MJMJ, through being the sole holder of JVF Holdings, which is the sole shareholder of Red Cliff Investments, which in turn is the manager of reporting entity Typenex.
This happens to be the same Mr. John M. Fife who became the target of a SEC complaint alleging a “fraudulent scheme to purchase variable annuity contracts” and engage in “market timing”. The court’s final judgment on the matter included defendants Jonh M. Fife and Clarion Management paying disgorgement of $234 thousand. Fife was additionally fined with a civil penalty of $234 thousand.
Typenex – the entity, which is managed by an entity, whose sole shareholder is an entity, whose own sole shareholder is Mr. Fife, can obtain an undisclosed amount of additional MJMJ shares but has its ownership capped at 9.99% so this is not possible at this point in time.
This bit of news comes on the heels of MJMJ diluting its common stock some 1690% between March and June 2015, after issuing 350,000,000 new shares at an average of $0.001 apiece.