Victim Location 90062
Total money lost $100
Type of a scam Investment
Let me start off by saying that Joseph Collins has a 2 million dollar judgement against him and Punch TV for breach of contract. In August, 2016 he began running radio ads on KJLH 102.3 soliciting the community to purchase $1 stock or penny stock. He was looking to get 50 million dollars. Matthew Knowles is also in on this scam acting as the President. I purchased stock on August 13, 2016. I spoke to Collins the following day because I had questions regarding my purchase. In that conversation, he said that I would receive my stock certificate in two weeks. He also said that when the IPO closes, investors would be able to sell their stock for $500 per share. He said the IPO would close in 70 days (it’s still open until February and ads are still running). Two weeks later, I hadn’t received my certificate, so I called the Transfer Agent. The company had no recollection of me in their system, neither did I have an account. I called Punch TV to follow-up. I was told by "Joy" that they were behind because of a surge of investors. She reassured that I would have my certificate in 4 to 6 weeks. I called Matthew Knowles office on September 17, 2016 to see if his involvement was legitimate. His assistant was very short and merely said "yes," [he’s involved]. I left a voicemail message at Punch stating that I hadn’t received my certificate. I received a call from Rachel Ramos stating that I was being paranoid about my purchase because it is a "black company." Again, they were behind and give it 6 to 8 weeks. At this point, I was extremely skeptical and upset because I made my purchase via the company website and had to give ALL of my personal information. Mid to late October, I called the Transfer Agent again and spoke to Tim. I asked about my certificate, he stated that I wasn’t in the system and to call Punch TV. So, I called once again and got into a heated conversation with Rachel Ramos who told me that "I was going to wait for my certificate and there was nothing I could do about it." I informed her that I had spoke to a broker with AmeriTrade, and was told that if I hadn’t received my certificate in 5 weeks it’s a red flag. Rachel laughed and said "so what? What is that supposed to mean?" Fast forward, on November 22, I received a call stating that I would be receiving my certificate in 7 days. Needless to say, I didn’t receive it. I called the office on December 2 and was told that there was a delay because the Postmaster (The Office @ 1201 N La Brea Blvd Inglewood) was on vacation for three days for Thanksgiving. She said to give a few more days. On December 9, I called the Postmaster and informed him that I was waiting on a document but hadn’t received it because the business was closed for three days. He blatantly denied being closed except Thanksgiving. I called Punch back and left a message but haven’t received a response. Meanwhile, I have filed complaints with the IC3, SEC and FTC. All of these entities need many complaints to launch a solid investigation. So, I filed a complaint with BBB, we’ll see how that goes. I have also filed a police report for the purposes of putting an extended fraud alert on my credit. There have been numerous phone number and address changes with this company. Every person that calls me does so from a different number. Also, there are several addresses for this company. The PO Box is 1201 N La Brea Blvd, Inglewood, CA 90302 which is listed on the companies SEC filings. Rachel Ramos gave me an address of 1123 E Redondo Blvd Inglewood, CA 90302. And said, that they were moving to San Pedro, CA soon. The former address 5907 W Pico blvd Los Angeles, CA is an old chained abandoned building with Punch TV’s banner hanging outside. It is the building/location pictured when you Google the company. I really believe that Joseph Collins is misappropriating investor money, which is why he can’t provide proof of purchase. Also, withholding the certificate is illegal, especially if I request it. If BBB can’t help, I’m going to the media/news stations and let them investigate. He has posted several Youtube channels showing himself launching TV stations around the nation. I also hope that by posting this complaint other people will come forward or wake-up and realize this is a scam.