Ellery Roberts scammer/CEO of 1847holdings/Polished Ellery Roberts Use of publicly traded company scam retail investors New York New York
I was an investor in Polished (POL) which was essentially an appliance store in Brooklyn NY by the name of Appliamces Connection. The company boasted lofty revenue numbers, which investors like myself felt the company was undervalued vs it's market cap. Turns out, the company was inventing revenue figures, that were fraudulent and presenting it to investors like it was accurate without any disclaimers of material weakness.
In 2022, the Appliances Connection auditor stated that none of the past financial statements of Polished can be relied upon and would need to have a further audit to understand what the real numbers were. Ellery Roberts was such a clever scammer, he was able to get Bank of America to give them a 100 million dollar loan.
To make a long story short, they filed for chapter 7 bankruptcy in February 2024 and destroyed all shareholders. The sad part is, there is still another Ponzi Scheme that he is running with 1847holdings which is still trading on NYSE Amex, that continues to use false financial statements and fake press releases to trick retail. NYSE AMEX continues to allow fake companies that survive off of dilution and r/s to scheme retail while predatory CEOs get rich with no consequences. It is unconscionable, that after the scam that Ellery pulled off with Polished which was a 300 million dollar Ponzi Scheme continue this behavior