BENEFUND INC (BENF) Super volatile stock Message Board

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Microcap & Penny Stocks : BENEFUND INC (BENF) Super volatile stock

BENF 4.410

+2.3%

Feb 6 9:30 AM EST

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To: Herring who wrote (3)	7/1/1998 10:54:00 PM
From: Chris O'Keefe	of 117

The old Benefund management was apparently as corrupt as all get out. I searched the web using MetaCrawler and came up with this excerpt from, "Investing Wisely: Tips From an SEC Insider" by Arthur Levitt, Chairman, U.S. Securities & Exchange Commission. The paper, with the following text, is dated August 4, 1997: "A huge influx of inexperienced investors, and a real potential for fraud -- it's like tinder and a match. As SEC Chairman, I've seen too many people's life savings go up in smoke. "Take the case of Vernon Twyman, the CEO of BeneFund, a corporation located in Tulsa. We filed a complaint in April charging that Twyman raised almost two million dollars from investors under fraudulent circumstances -- more than a million dollars of the securities were completely unregistered. The complaint also alleges that he misrepresented that BeneFund stock would soon be listed on Nasdaq; that BeneFund had received $500,000 in cash from a real estate transaction; and that investment funds would be used for a marketing campaign that was expected to boost BeneFund's annual revenue to $50 million. We are seeking an accounting for the funds we believe were misapprpriated as well as civil penalties and the return of any ill-gotten gains. [To see the full text use: sec.gov ]

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