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Russ Whitney’s stock hit new low, trading volume slowed to a trickle

Russ Whitney runs a publicly-traded company that goes by the stock symbol RUSS and is publicly traded on the Over The Counter Bulletin Board. The stock used to be at around $5. In February, 2005, it was $1.46 one day. Trading volume had slowed to 700 shares in one day. It was 3,000 shares a day in late 2004. On March 23, 2005, it was down to $1.29 with virtually no trading volume. On 3/29,05, the price was $1.10 and the volume leaped to 39,185 shares. Does anyone know who is selling these shares, or more amazingly, who is buying them?
Public companies frequently respond to such events with news releases that they have no idea why the market is placing such a low value on the stock, that the company is doing well, and so forth. Whitney information Network, Inc. has been silent about the decline in their stock price.
A Whitney news release says they lost $12 million in July, August and September of 2004. They have a cumulative net loss for their entire existence plus a negative net worth according to their SEC filings. (You can see their SEC filings at the SEC’s EDGAR Web site. Do a company search and type in “Whitney Information Network.” Leave off the “Inc.”)
WIN’s cash dropped from about $15 million at the start of 2004 to less than $9 million. They laid off 15% of the employees. Their “prinicpal acccounting officer” and a member of the board of directors resigned (That’s two different guys.)
On January 6, 2005, the trading volume of RUSS was zero on four of the last five days and only 100 shares on the other. I am told this is extremely strange for a publicly-traded company. If it is a publicly traded company, there should be daily public trading.
WIN has been paying Whitney a lot cash in the form of salary and bonuses for him and his family members, rent for buildings that he owns but WIN rents from him, purchases of companies Russ Whitney owns, and an earlier than required payoff of a loan that Russ Whitney made to WIN.
I am not sure what all this means, but I suspect Russ may have to turn in his financial genius secret decoder ring.
If anyone has any additional information on this I would be interested in hearing it.
Thanks,
John T. Reed
Copyright 2005 by John T. Reed
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CONSUMER WARNING NOTICE: I recently saw Russ Whitney on a late night TV infomercial and then attended one of his "free" seminars. Unfortunately I believed all of their LIES and FRAUDULENT CLAIMS and I paid thousands of dollars to go to his "training camps". Needless to say I was clearly ripped off, cheated and lied to by Russ Whitney and his employees (band of thieves). My mistake was not searching the Internet to find out more about Russ Whitney and his company's HORRIBLE reputation for fraud, deception and illegal activities. Had I searched online I would have found out about THOUSANDS of customers being cheated, HUNDREDS of investigations by the Attorney General into the fraud of Russ Whitney and his company's, and that Russ Whitney himself is a CONVICTED VIOLENT FELON and spent years in PRISON. I saved the cached pages from the major search engines of the John Reed lawsuit with Russell Whitney and the TRUTH and FACTS that Reed discovered during his investigation of Whitney. I am posting this information on real estate discussion boards so other people do NOT get cheated and ripped off like I did.