Consumer reviews and reports on scam companies, bad products and services
Russell Pike, Russell Craig Pike, Internet Business Group.com, IBG.com, Lindsey Pinapfel
Scam
22nd of Oct, 2011 by WhistleblowerLV
Russell Craig Pike is scheduled to go to trial in Federal Court for the Southern District of Nevada on November 14, 2011 for tax evasion. This trial stems from Pike's failure to pay taxes on his 2006 sale of $6.9 million in personal shares of Xyience (pre-bankruptcy). That trial date has been continued 8 times. It is not expected to be continued again, so Pike's trial ought to begin at 9:30 a.m. on Monday November 14, 2011 in Judge Mahan's court at 333 S. Las Vegas Blvd, Las Vegas, NV 89101.

This is not the first time that Pike has been indicted. Pike was indicted in U.S. District Court on July 9, 1997, on several counts of bank fraud, money laundering and aiding and abetting. He was sentenced in June 1999 after pleading guilty to money laundering (http://www.lasvegassun.com/news/2001/feb/13/attorney-mum-on-criminal-record-of-man-suing-purch/). Prison officials say he was committed into the minimum-security Federal Prison Camp near Nellis Air Force Base on July 16, 1999. He was released on December 10, 2002 (http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Russell&Middle=&LastName=Pike&Race=U&Sex=U&Age=&x=71&y=16). Tied to this conviction, Pike was ordered to pay in excess of $2.36 million in restitution.

Pike’s time at Nellis was not his first trip to prison. He was previously sentenced to 16 months in California state prison in connection with two felonies, grand theft and forgery, in 1987 (https://ocapps.occourts.org/Vision_Public/DisplayCaseInfo.do?caseobjid=1319236759571&src=case_src). And that’s not the only time that Pike has had a run in with the state of California. In 2007, the California Corporations Commission barred Pike from offering securities in California for his prior misleading of investors while selling shares of Xyience in a manner tantamount to fraud (http://www.corp.ca.gov/ENF/pdf/2007/xyience.pdf).

But all of the foregoing is that part of Pike’s life of crime that has been fairly well documented and reported, perhaps not entirely accurately, before. Our concern is that which has not been reported.

Following Pike being cast out of Xyience, he founded Mainstream Ventures, Inc. Though Pike was at all times the control person for Mainstream, he purportedly had his girlfriend, Lindsey Pinapfel, actually file to establish the company. Likewise, Pike had Pinapfel found Global Business Marketing, Inc., Positive Search Results, Inc., Positive Searches, Inc., and Internet Business Group.com, Inc. Pike appeared at all times to be the control person for each of these companies, and other than Global Business Marketing, Pike purportedly hand-picked and appointed each member of the board of directors (if the company actually had such a board). Other than Global, none of Pike’s companies ever have shareholder meetings or hold elections as required by state law or formal board meetings. These companies apparently were founded as corporations merely so Pike could sell stock, but not one of them, other than Global (perhaps), ever followed the statutorily-required corporate forms. Why? Because they're NOT CORPORATIONS!!!

These companies, in fact, appear to be little more than Pike’s sole proprietorships. Nevertheless, they sold stock through private placement memoranda and raised money under convertible-debt offerings. Each time, the sale was tantamount to fraud (for the same reasons described by the California Corporations Commission in 2007, and many more). Many insiders of Pike’s purported companies claim that he uses these companies as his own personal piggy banks to pay legal fees for his unceasing legal battles and degenerate sports betting. Though others claim the sports betting isn’t a degenerate gambling habit but a means to launder money. It is believed that at least $900,000 was siphoned out of Mainstream alone through one (likely of many) known channel, R & J Apparel, Inc., another company founded by Lindsey Pinapfel. All the while, Pike was begging investors to infuse the company with more capital to shore up Mainstream's eroding finances. What a crook!

Though Pike purportedly has founded these many companies, he never appeared as a shareholder, board member or even employee of any of them (he purportedly hid his stock ownership in each under the names of his two oldest children, Justin Pike and Hillary Pike, his brother, William "Billy" Pike, Jr., and two holding companies purportedly presided over by his brother). He has cleverly implemented strategies to veneer his purported control of these companies. In addition to the foregoing, he places people, who he controls through persuasion and financial duress, into such positions as CEO, COO and President. One such victim is David Michael Flynn, a person who purportedly has lost nearly $1 million of his family’s money through Pike-related companies, and purportedly is on the hook for a $1.2 million personal guarantee on a Lease on which Pike’s company, Internet Business Group.com, Inc. defaulted. Looks like Flynn will be headed for a personal bankruptcy, thanks to Pike. I'm sure he can get advice from Pike, whose declared bankruptcy himself and bankrupted at least one company (though many more are likely).

All the while, Pike purportedly has one or more of his companies make cash payments to his brother, daughter, son, girlfriend, girlfriends sisters and his wife, YES, WIFE!!! Pike is still married to Jennifer Capri Pike of Las Vegas despite having been "dating" and purportedly living with Lindsey Pinapfel for about six years. Jenny Pike has her own history with the law and felony conviction to prove it. Why would Pike remain married yet estranged these many years? Is it simply to preserve spousal privilege in the event either of them are ever called to testify against the other? Is it because he intends to go back to her when he finally hangs Lindsey out to dry, having laid liability for his improprieties at her doorstep? Who knows? Whatever, his plans are, it should be appalling to the shareholders of Pike-related companies that their investments are purportedly being turned into payments to his family members who never provide much, if any, value to the companies that make the payments.

Russell purportedly has conned many Navy SEALS and other servicemen, a terminal cancer patient living on disability stipends, Las Vegas business luminaries, Wall Street Venture Capitalists, employees and vendors out of millions. One estimate places the 25+ year toll at $80+ million. He has ruined lives. he has ruined reputations by association.

If this story remains untold, he’ll continue to be a predator.

If you've been conned by Russell Craig Pike, make sure you shout your story to the securities enforcement division of your Secretary of State. Talk to the FBI. Talk to your state attorney general. Band together with other victims. He cannot keep blazing this trail of destruction if you work with others like yourself to stop him. Don't stay silent.
Comments
3520 days ago by WhistleblowerLV
http://www.ripoffreport.com/seo-reputation-management/ibg-russell-pike/ibg-russell-pike-russell-cra-8e111.htm
3327 days ago by Sally Baker
Lindsey Pinapfel SCAMS MONEY with he MARRIED boyfriend... Pinapfel Pikes former "nanny" screws her way to the bottom. a real bottom to the lowest story here for you.
JUST DO NOT GIVE THIS LIAR YOUR MONEY or you will be behind 300 other investors in law suites.

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