I tend to agree Truman, there certainly are more bright spots, and apparently more runners, every day.
But man, check this out. Every day, I see more reasons, not to sit too long with BB's unless you are really sure of the company.
Here's another juicy one.
SEC sues DCI Telecomms for accounting fraud
NEW YORK, June 23 (Reuters) - The Securities and Exchange Commission sued pink-sheet-traded DCI Telecommunications Inc. (OTC BB:DCTC.OB - news)
and two of its officers for fraud on Friday, saying the company improperly accounted for seven acquisitions and filed false financial statements.
In a lawsuit filed in Manhattan federal court, the SEC said Stratford, Conn.-based DCI also ``grossly overvalued'' a purported $15 million contract.
``DCI's accounting fraud injured investors who were deceived into believing DCI was a vibrant, high-growth telecommunications company when, in truth, it
consisted of several poorly performing, disparate operating subsidiaries,'' the SEC charged.
The company could not immediately be reached for comment.
According to the SEC, DCI went public in 1994 in a reverse merger with an inactive, publicly-held shell corporation, Fantastic Foods International, and has since
acquired small private companies in stock-for-stock transactions. The SEC alleges DCI improperly used pooling of interest accounting, inflated some acquired
assets and overstated revenues.
The agency is seeking to bar DCI Chairman and Chief Executive Joseph Murphy, 61, from serving as an officer or director of a public company and has also
charged Chief Financial Officer Russell Hintz, 55, as a defendant in the case.
Murphy has 25 years of professional accounting experience including three years at a ``Big 8'' accounting firm. Heinz has 30 years of accounting experience, the
SEC said. |
