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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: Taki who wrote (113436)4/3/2003 6:11:43 PM
From: StockDung   of 150070
 
04-03-03 DJ SEC/Rocky Mountain Energy -2: Assets Frozen >RMEC

WASHINGTON (Dow Jones)--The Securities and Exchange Commission said it obtained an emergency court order Thursday against the former chief executive of Rocky Mountain Energy Corp. (RMEC) for allegedly manipulating the company's stock.

A U.S. District Judge in Houston issued a temporary restraining order against the company, John Ehrman and the company's general counsel W. Roderick Johnson, ordering them to halt the alleged stock scam. The judge also froze the company's and Ehrman's assets.

Rocky Mountain Energy announced Wednesday that it replaced John Ehrman as its chief executive with Michel Clerin who isn't named in the complaint.

According to the SEC, Ehrman issued "a stream of glowing but false and misleading press releases to artificially inflate the price and trading volume of the company's stock."

The press releases allegedly said the company had made several acquisitions of valuable oil-and-gas properties. Another statement, issued on March 31, claimed that the company acquired assets that had the ability and experience in putting out oil well fires and was "in current negotiations to send oil well fire fighters to the Gulf Region," the SEC said.

However, the agency contends that Rocky Mountain didn't have the assets nor the financing to complete any of the reported acquisitions.

(MORE) Dow Jones Newswires

04-03-03 1739ET
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