- Report: #1534243
Complaint Review: Ellery Roberts 1847holdings - NY New York
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Author Confirmed
Why?
Ellery Roberts 1847holdings
590 Madison Ave NY, 10037 New York, United States
Web:
https://1847holdings.com/
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Business Rating:
(2)
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Ellery Roberts 1847holdings- Appliances Connection EFSH/Fraudulent publicly traded company (uses a virtual address as HQ) New York NY
Report Attachments
1847holdingsllc has been publicly traded since 2014, the business was created specifically with intent to steal money from shareholders. The scheme is to acquire existing businesses, create the perception of adding value, while using shareholder money to pay themselves unjust salaries and management fees.
The more businesses they acquire, the more they pay themselves, although none of the acquisitions add value, they do the opposite by creating debt. With broad disclaimers, for fraudulently reporting revenue, they believe, gives impunity to steal from shareholders. By acquiring businesses through convertible notes, allows 1847holdings to shift the financial burden to shareholders as opposed to paying off the debt through cashflow of businesses.
Any free cashflow goes directly into the pockets of management. POL was a spin-off of EFSH, which has several lawsuits that highlight the same behavior of EFSH. Polished is now defunct and under SEC investigation.
Keep in mind, EFSH was first, the scheme was put in place by Ellery, however, Polished had investors that took the time to sue them (this is the only difference). Appliances Connection, which is the main subsidiary for Polished was acquired for 210 million dollars back in 2021. The value that they acquired the business is completely erroneous, as there was no independent financial audit of the company prior to making the acquisition. It’s shocking with an acquisition of this magnitude; one would not spend the due diligence to verify its financial reporting. This is exactly the companies that Ellery targets. Companies with weak internal controls so he can manipulate their earnings and sell it to shareholders as something favorable.
Once the acquisition is in hand, they take loans out based on the falsified valuations (most loans with convertible debt) default on the debt, debt converts to shares which results in eviscerating shareholder equity. During this timeline, they will use deceptive signals through fluff press releases, relying on a retail shareholder’s inability to interpret information correctly to manipulate investors.
Polished, started as 1847 Goedeker. Goedeker was on the verge of bankruptcy when it was acquired by 1847 Goedeker Holdings (which was Ellery) for nominal price. Then it was used to acquire Appliances Connection which was a much larger company for $210 million. It was then spun off from 1847 Holdings and started trading under the symbol GOED. Management (Ellery) changed the ticker to POL in 2022 ian effort to get rid of any connection to GOED and to "rebrand". However, the company is actually Appliances Connection trading as Polished.
In February 2024 1847holldings washed nearly 4 million dollars in fake/dubious IR companies and the CEO currently has his house listed to sell
