Beyond weird: a fake filing in penny stock land…

We don’t normally spend much time looking at filings for penny stocks. Indeed, we usually draw the line at around $200 million in market cap. But yesterday, a journalist in Texas sent us a link to this filing from Firstplus Financial Group (FPFX) that was so odd, we just couldn’t help ourselves. Here’s the filing in its entirety:

A Form 8-K purportedly filed on behalf of FirstPlus Financial Group, Inc. (the —Company) on February 9, 2009 was filed without the Company’s knowledge and was not an authorized filing on behalf of the Company. The Company cautions that statements in the unauthorized Form 8-K filing should not be relied upon in any manner whatsoever.

That was filed on Feb. 13. The so-called fake — if that’s even the right word — 8K filed on Feb. 9 noted that four board members “no longer have the approval of the majority of the members of the Board of Directors to be appointed to fill the vacant positions on the Board of Directors.”

Now I have to say I don’t really know much about the actual mechanics of how companies get their filings into the SEC, other than it’s done electronically, usually by one of several firms that provide this service. But I would have to assume that even at penny stock companies, not anyone can just push the button and send an 8K off into the world.

A quick look at other 8Ks filed by this company clearly shows lots of other odd things going on. For example, this 8K which was also filed on Feb. 13, said that the CEO had been removed on Sept. 22, which seems like a clear violation of the four business day rule. And this 8K which was also filed on Feb. 13 notes that the financial results for 2007 and for one quarter in 2008 should no longer be relied on.

Just last week, the SEC warned about con-artists impersonating SEC employees. Hopefully this is an isolated incident as opposed to having to worry about fake 8Ks. Still, for those readers who are more familiar with the penny stock space: is this sort of thing par for the course because it seems awfully weird. Has anyone else ever come across a “fake” filing?