Michael Paloma/Saquella is far worse a person than this or any other press release can possibly describe. Without the slightest inclination of remorse, he will lie, cheat and steal from/to anyone, including his own family, just so long as he stands to benefit. He manipulated millions of dollars from thousands of others, caused jobs losses, businesses closures, and forced individuals and their families into poverty and misery. How could someone do such horrible things? In his delusions of grandeur, Mr. Paloma/Saquella bought a personal jet, second and third houses, multiple cars, trucks, motorcycles, multiple mistresses, (with a family at home) made patheticaly distasteful and talentless movies and music cds, bought billboard ads in several major cities that which exhibited his face (and sometimes one of his many mistresses) as so he could advertise his so-called (self proclaimed) entertainment success, and those were just the basics. All the while, he knew he was harming others, yet that was not in the slightest bit, any concern of his. It is strongly advised that no person should ever consider conducting any sort of business with this man.

This fraud didn't end with Paloma's going away! Penny stock investors should know that Beverly Hills Film Studios (one of the companies mentioned in the criminal charges against Paloma and others) is now operating under the name of Big Screen Entertainment Group (OTC: BSEG) and continues to operate by Paloma's principles: message board pumping, phony press releases, fraudulent claims to ownership in various film projects owned by other companies, etc. BSEG is still controlled by the Bonanno crime family. Michael Aaron Gardiner, current BSEG counsel, also represented Michael Paloma. BSEG stock promotions were done by notorious penny stock spammer Bryan Kos. Colonial Stock Transfer is the company's transfer agent, referenced by the SEC as a corrupt stock transfer company, controlled by the mob. Buyer, beware!

"Forget About It" Financier Michael Paloma Pleads Guilty To Stock Fraud

Beverly Hills, CA – October 31, 2007 – The Department of Justice recently announced that Michael Paloma and several others have pleaded guilty to defrauding investors of over $20 million in stock manipulation schemes involving 15 different publicly traded companies, including Beverly Hills Film Studios, a penny stock company now operating under the name of Big Screen Entertainment Group (BSEG). East Valley Tribune reports that Michael Paloma claimed to be the financial backer of the feature film "Forget About It", starring Burt Reynolds, Raquel Welch and Phyllis Diller. Paloma reportedly made a deal on behalf of Big Screen Entertainment Group to exhibit the film with Harkins Theaters, according to several news articles published by the East Valley Tribune. In his comments to the East Valley Tribune, Michael Paloma referred to himself as the "financial muscle" for the project and stated that he put all proceeds from his stock manipulations into the movie. Michael Aaron Gardiner (Paloma's former attorney and current attorney for the Big Screen Entertainment Group) expressed his heartfelt concerns for his former client's health problems, which apparently delayed the ongoing litigation pertaining to the film. Gardiner said, "It’s another reason why I don’t want to go into any of this. It’s not what’s important right about now." Paloma's health problems did not stop authorities from bringing charges against him for penny stock manipulations, which reportedly netted Paloma 20 million dollars. In related actions, the U.S. Securities and Exchange Commission (SEC) has filed civil charges against Paloma for his part in the fraudulent schemes to manipulate the price and volume of the companies’ securities by making materially false and misleading statements in press releases and in spam emails. Curious inconsistencies are noted in the press release made by the Big Screen Entertainment Group on January 3, 2007, claiming that their deal with Harkins Theaters secured the film’s release in two hundred (200) theaters. Harkins Theaters reports that in reality "Forget About It" was shown in only seven (7) theaters. BSEG also reported multimillion dollar profits from the exploitation of the film, claiming in its press releases that "Forget About It" "was the top ticket seller...beating out “The Departed” and “The Illusionist”, among others...” According to public court filings by the Big Screen Entertainment Group, in reality the profit from those showings was approximately two thousand ($2,000.00) dollars – far from the reported millions. These activities will undoubtedly come under scrutiny in the ongoing investigations by the authorities. According to the U.S. District Court for the Eastern District of Virginia, on September 6, 2007 Michael Paloma signed a consent, agreeing to continue appearing and being interviewed by the SEC in its ongoing stock fraud probe.

Sources: http://www.usdoj.gov/criminal/pr/press_releases/2007/09/09-06-07four-plea.pdf

http://www.sec.gov/news/press/2007/2007-173.htm

http://www.eastvalleytribune.com/story/57172

http://www.sec.gov/litigation/litreleases/2007/lr20269.htm

http://www.corp.ca.gov/press/news/1999/nr9911.asp

http://vids.myspace.com/index.cfm?fuseaction=vids.individual&videoID=32796229

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