Foresight Autonomous (FRSX): A Minefield of Criminals, Self-dealing, Fake Sales, and Old Technology – Fuzzy Panda Research
Fuzzy Panda Research exposes Foresight Autonomous Holdings (FRSX) as a potential stock fraud with zero revenue, fake tech claims, insider manipulation, and aggressive stock promotion targeting autonomous driving investors.
Fuzzy Panda Research has released a damning report on Foresight Autonomous Holdings (FRSX), alleging the company is a "fraudulent stock promotion vehicle" run by individuals with criminal backgrounds that has generated no revenue since its 2011 founding despite claiming breakthrough autonomous driving technology.
Stock info:
- Ticker: FRSX (NASDAQ)
- Position: Fuzzy Panda Research is SHORT Foresight Autonomous Holdings
Why it matters:
- CEO Haim Siboni has allegedly siphoned over $6.7M cash and $8.5M in stock to entities he controls through related-party transactions
- Company controlled by "Skeleton Traders" Kfir Silberman and Itschak Shrem, individuals with histories of penny stock manipulation
- Zero revenue generated since 2011 despite numerous press releases touting "sales" and partnerships
- QuadSight technology appears outdated, using off-the-shelf components while claiming proprietary innovation
- Extensive nepotism with CEO's daughter serving as legal advisor and brother-in-law as CTO
- Aggressive stock promotion campaign includes over 200 YouTube videos making false claims about partnerships with Toyota, Tesla
Zoom in:
- Management has ties to convicted criminals, including fraud convict Oded Dessau through Asia Development Company
- Company paid for "technology awards" ($799 for "Big Innovation Award" and $1,395 for "Edison Award") to fabricate credibility
- Board entirely composed of individuals connected to either Silberman-Shrem or Magna BSP (controlled by CEO)
- $180M shelf registration filed with $60M already approved for at-the-market offerings, indicating imminent dilution
- Similar companies connected to these operators have historically declined by over 85%
FAQs:
What evidence suggests Foresight Autonomous is engaged in fraudulent activity?
The report highlights multiple red flags, including zero revenue since 2011 despite numerous announced "sales," $6.7M in cash and $8.5M in stock transferred to related parties, management's connections to convicted fraudsters, and extensive stock promotion activities that appear designed to inflate share prices rather than reflect genuine business developments.
Who are the "Skeleton Traders" mentioned in the report?
Kfir Silberman and Itschak Shrem are described as notorious penny stock promoters with a history of failed reverse mergers. The report alleges they control FRSX and have a pattern of enriching themselves at shareholders' expense, with previous ventures losing over 85% of their value.
What is wrong with Foresight's autonomous driving technology?
According to Fuzzy Panda, FRSX's QuadSight system uses off-the-shelf components (including FLIR thermal cameras) rather than proprietary technology. The report claims the company recycles 7-year-old marketing materials and that competitors like Subaru and Tesla have far more advanced systems already deployed in the market.
How does the company allegedly enrich insiders?
The report details a network of "service agreements," "finder's fees," and "consulting fees" that channel millions from FRSX to entities controlled by insiders, including Magna BSP, Pure Capital, and the Shrem-Zilberman Group. It also highlights nepotism, with the CEO's daughter and brother-in-law receiving executive positions and favorable stock options.
What is the significance of the $180 million shelf registration?
This filing allows FRSX to sell up to $180 million in new shares, with $60 million already approved for at-the-market offerings. The report suggests this will create significant selling pressure and dilution for existing shareholders, potentially driving the stock price down further.
Has Foresight Autonomous responded to these allegations?
The summary provided does not mention any response from FRSX to the allegations in the Fuzzy Panda Research report.
Disclaimer
This summary is based on a report by Fuzzy Panda Research. For the full, detailed analysis, please refer to the original source material: https://fuzzypandaresearch.com/foresight-autonomous/
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