Complaint Review: 1847holdings

1847holldings is a publicly traded company trading on NYSE Amex under ticker symbol EFSH.  Unfortunately, this company was created with the intention to utilize public markets to enrich the CEO (Ellery Roberts) and those who are in his circle.  The corporate office is a $150 a month virtual address, yet use this address on their website as a Corporate HQ and even have an answering service pretend to be an in person secretary.

The company uses false financial statements in efforts to deceive retail into beliveing they're doubling YOY revenue, however, they manipulate the numbers by using deposits on future work as earned revenue, also are stealing cashflow from the business for personal use.  None of the subsidiaries under the 1847 umbrella have ever "unlocked value" for shareholders, the reason why I use that phrase is this Ellery's preferred wording on all of his press releases.  The way they scam retail is by taking out management fees and bonuses tied to falsely reported revenue, as well as washing money through fake entities. They also use LOIs (Letters of intent) on fake developemts, ie: Sale of a subsidiary, spin off of a subsidiary, taking the company private, acquisition of a new business; also, as a method of deception they will use deceptive language on a chapter 7 filing to form the narrative that the company eliminated debt. This is not the case, they just milked the subsidiary for what it's worth and now want it off their books.  There will never be a favorable outcome for any subsidiary under their umbrella. 

 In February 2024, the company spent nearly 4 million dollars on dubious IR companies, while defaulting on loans and extending maturity dates on other loans, one maturity date was extended 2 months, taking a 1.25 million dollar penalty, yet they spent 4 million on sketchy IR companies?  Wouldn't it of made more sense to spend that 4 million to pay off debt, instead of IR companies? The stock lost an additional 95%-99% since this supposed donation to an IR company, how can one make this argument that it is real? It is not... This is complex and dynamic scam, and there are many scams within the scam which makes it a complicated scheme to unravel.

The CEO has a house in Rancha Santa Fe CA that he is now selling for 8.25 million after he bought the house one day prior to an IPO of POL (spinoff of 1847holdings) which is now filed for chapter 7 and under SEC investigation.

By use of false financial statements, use of fake press releases and utilization of cash for personal use, not connected to investments, I believe this company is not just a scam, but rises to the level of a Ponzi Scheme.  NYSE AMEX is still allowing them to trade on their exchange, despite the calls to remove them. Like clockwork, every 4-5 months, the company will continue to use fake developments and falsely reported financials to suggest legitimacy.