In the past, I've written about mPhase Technologies (OTC: XDSL), an obscure penny stock that has been touting its technology on YouTube, and has hired Jonathan Lebed, who settled stock manipulation charges with the SEC as a teenager, to pump its stocks.
Oh, and the CEO, Ronald Durando, recently signed a consent decree with the SEC and agreed to forfeit $150 thousand in gains derived from an alleged pump-and-dump involving a now defunct company called PacketPort.
Given that series of red flags, why have investors given mPhase, a company with a long history of big losses, a market valuation of nearly $25 million? At least part of it probably stems from the companies much-hyped research it is conducting at Bell Labs.
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