Casey just "invested" $10K in a pay-phone scam!

You heard it here first.

In these these tough economic times, of course, pay phones are sure to regain all the ground they lost to cellphones in the past 15 years. They're going to the moon we tell you! That's why a budding excrapreneur like Casey would want to be involved.

Evidence at the following photo set:

http://www.flickr.com/photos/sercasey/sets/72157622124556599/

If you are not a Casey Serin contact on flickr, please access this with the following URL, which includes a "guest pass" for the directory: http://flickr.com/gp/sercasey/N7oKn9&h=ac8b5ecc2bac1e6f07d2c5285ed269dc

Photo #2 in the set:



Photo #3:



The rest of the set is photos of him at his "friends" Mike and Lisa's place.

Lisa has particularly nice "assets" (No, we're not talking about the poor dog who is forced to live with people who are known associates of Casey Serin. Her other assets.)



Strangely enough Mike and Lisa run this outfit:

http://www.executiveconsultantgroupllc.com/

Who describe their business (Executive Consultant Group LLC) as follows:

Our company was formed to address this country's financial crisis and provide an innovative solution to fulfill our clients ever changing needs. Our concept is simple;

We work with you, one on one, to achieve maximum funding and in turn offer you high yield low risk investment opportunities.

Did you know that there are low risk investments available that yield as much as 20% per month?

Did you know that you can obtain large amounts of unsecured funding at low rates?

Putting these two winning solutions together can create an incredible passive income opportunity.

Let us create a custom proven plan that allows you to earn a passive income of at LEAST $5,000-$10,000 per month (keep in mind.....this is a minimum).

[The emphasis is ours. We know our boi!]

Yeah, that was our first thought too: "They sound like scammers."

And by the look of their incomplete and somewhat faulty website, fairly recent ones too. At least in this current incarnation.

As usual, Casey is going along. He's probably a great mark.

So why does a careful analysis suggest that he invested $10K? Mostly because that's just a bit less than his GSPG stock was worth when he sold it a few days ago. After setting aside $999 to be scammed by Sarah Prout (A scam we will dissect later), he'd have about $10K. In exchange he gets to go wine tasting with them for the day and hang out by their pool for a BBQ. You'd think he'd at least have gotten the opportunity to fondle Lisa's tits, but as we know from the whole Angeltits debacle, he's just not all that interested.

There's no other way for this to add up.

[And OK, we admit it. The whole "payphone scam" idea is very definitely a slim possibility. But Casey loves "foreshadowing" his activity with carefully placed hints in his photostream, so it's definitely fun to think about. Regardless of the nature of the proposition that Lisa and Mike are pitching to him, we suspect that it's designed to enrich them at his expense, and not the kind of "win-win" he always claims to be looking for.]

And that's the view from FalseCasey HQ, where there is still smoke in the air and we are amazed that Casey has most likely found a worse place to put his borrowed money than GSPG.

Lots of Sound and Fury about Goldspring...

Signifying nothing!

OK, we exaggerate. It signifies that GSPG is a typical pump-and-dump penny stock, in which our old friend TrueCasey takes on the role of bagholder for the insiders.

Today we have seen the biggest one-day gain in gold EVER.

And GSPG down over 20%.

Why? Because for all the talk about 43-101s, estimates, plans, drilling, etc., GSPG still has nothing that rises to the level of "proven reserves." Note that their shareholder presentation yesterday carefully uses the word "resources," and in fact gets more specific in noting that they are speaking only of "indicated resources."

Note that under Canadian 43-101 rules, the following classifications of resources and reserves are used. In increasing order of "certainty" they are

• Inferred Mineral Resource
• Indicated Mineral Resource
• Measured Mineral Resource
• Probable Mineral Reserve
• Proven Mineral Reserve

We are going to give GSPG the benefit of the doubt and assume that their "43-101" report actually follows the Canadian rules for such documents. GSPG of course is not a Canadian company, and is not legally required to comply with that standard or to issue this report at all. As far as US law is concerned, they could shit on a piece of paper and call it a 43-101 if they wish to.

Per the above cited standard anything called a "resource" is not yet shown to be economically viable. Most operating mines consist primarily of Proven Reserves, often with some Probable Reserves around the edges and lots of "resources" in the property surrounding the economically-viable mine.

If you check out the GSPG presentation as filed with the SEC, they very clearly avoid the use of "reserve." This is not surprising because the US definition of what constitutues a "reserve" is even tighter than the Canadian one and they clearly can't meet it at this time, if ever.

Indicated resources, of course, are just above the lowest classification available. A project consisting entirely of "indicated resources" is still extremely speculative and may never yield any economic results. So, when they say they have over $400m of "indicated resources" the liklihood is that they will never get anywhere near that much value from that piece of their property.

And what is their plan going forward? It's vague. Normally with indicated resources, your next step would be to do a feasability study, during which some of those "indicated resources" would get upgraded to "measured resources" and eventually might be categorized as "reserves" if the proposed project meets criteria for economic and legal viabilitye. That doesn't seem to be top on their list though.

Instead, they use most of the rest of the presentation talking about potential other areas for exploitation and very little about finishing the exploration and feasibility study in this one. They suggest that actual mining could start next summer. We thought they said it would be this summer some time back? I suppose they got distracted. Just like TrueCasey.

This is typical of a pump-and-dump company. Always something new out there worth exploring, but never anything completed. And always some new suckers to buy stock so they can pay the interest on their debt at 24% to "friendly lenders."

It strikes us this company is just a corporate version of TrueCasey. Lots of sound and fury signifying nothing, but a lot of entertainment for the otherwise uninvolved.

And that is the view from FalseCasey HQ, where hope is still not a viable investment strategy.