Indianapolis Mayor Greg Ballard being duped and used by Echo Automotive stock promoters?
Echo Automotive, a company with no revenue, $1.2 million in debt, and being promoted by penny-stock hypesters, appears to have found a useful rube in Indianapolis Mayor Greg Ballard.
Perhaps the good mayor or his staff should take a look at the finances and motives of a capital-free company that purports to be a competitor against giant multinational firms with vast capital reserves.
Here's what Indianapolis Mayor Greg Ballard has become a part of, an email stock-hyping campaign that finishes up with the following disclosure:
"Providence has been compensated $75,000 by DH Media LLC for a one month advertising contract to build investor awareness for Echo Automotive, Inc. (OTCQB: ECAU) starting January 14, 2013. In addition, Providence expects to receive future compensation for the continuation of the advertising contract for minimum of two additional months at $75,000 per month for a total of $225,000. Thereafter, Providence will disclose any future compensation if such compensation occurs. "
Here's a link to a blog with a bit more history on the scammy-looking promotions associated with Echo Automotive. http://www.moneyscience.com/pg/blog/TheAlephBlog/read/454126/an-echo-but-not-sound