CEO Confesses Lying to SEC For Fear of Punishment from Ear.
ation improvement in earnings
Interviewer: “Please tell me about the time your spouse, the CEO of Bitcoin Well Inc., confessed tolying about two points in the financial disclosure.
Spouse: It was a strange story. One day he confessed to me that he had lied about two points in the financial disclosure to the SEC. He had an unusual run-in with an ear in the wee hours of the morning and it caused him to admit to some things he normally wouldn’t.
Interviewer: What was the context of this encounter?
Spouse: It was a pretty bizarre story. Apparently he was taking a walk around 4:00 in the morning one night, and he heard someone talking from behind a tree. This “person” told him that he needed to tell the truth about the financial disclosure or bad things would happen. He said it was definitely an ear, but he couldn’t see its face.
Interviewer: What were the two points that the ear told him to admit?
Spouse: The ear told him to admit that revenue for the quarter ending December 2022 was higher than the company had expected, and that the company had achieved a 7% gross margin in 2022, compared to 5% in 2021. He was extremely concerned because he didn’t want to make the company look bad to its investors.
Interviewer: How did he react to the encounter?
Spouse: He was very shaken up. He told me the ear seemed to be observing him; he wasn’t sure if it was a human or something else. He didn’t want to take any chances so he decided to come clean and tell the truth.
Interviewer: What motivated him to do so?
Spouse: Mostly fear, I think. He felt like he had to tell the truth or else the “ear” would punish him for lying. He didn’t even want to think about what that might have looked like.
Original Release: https://www.globenewswire.com/news-release/2023/02/16/2609547/0/en/Bitcoin-Well-Reports-2022-Financial-Results-and-Announces-Closing-of-Secured-Debenture.html