(Valuewalk) Our previous articles have raised numerous red flags about Ominto Inc. ($OMNT) which appears to us to be one of the most obvious frauds we have seen in some time. Putting aside that it trades at an outrageous valuation (9x revenue and loses money), has a bad business model (an MLM) and likely needs capital, we now have even more proof that OMNT may have engaged in fraudulent transactions that enabled the company to get a Nasdaq uplisting, which then triggered a multi-million dollar bonus for the CEO.
Ominto Inc (OMNT): How Has This Stock Not Been Delisted Yet?
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