Barrons is doing it again. They mentioned FIBR in an article on "Shell Games" They won't quit! here's a piece:
An earlier civil suit filed by the SEC alleged the swindlers reaped nearly
$3 million in just one 1993 deal, in which the Candies company sold stock
to a purported Liberian company that supplied only the address "P.O. Box
26, Moscow 117049." As Barron's reported two years ago ("Buyer
Beware," August 25, 1997), several of the firms involved were controlled
at various times by A. Barry Witz or Parvinder S. Chadha.
In his guilty plea last year, Carhart told a judge that Barry Witz had
instructed the group in stock fraud. Neither Witz nor Chadha has been
charged. Currently, Chadha is chief executive of Osicom Technologies, a
controversial networking firm that holds itself out as rivaling Cisco
Systems and Lucent Technologies.
Under SEC regulations in effect until last year, foreign purchasers of a
U.S. company's unregistered stock had to wait 40 days before selling the
shares in the U.S. market. But Bear Stearns brokerage records from March
1993 show $198,000 worth of short sales in Las Vegas Entertainment by
John J. O'Carroll, the owner of record for some of the offshore entities
mentioned in this month's indictment. As Barron's reported in 1997,
Barry Witz called himself the lawyer for O'Carroll, whom London
investigators described as a money launderer for the Cali drug cartel.
After the 1997 story, Chadha and Osicom sued Dow Jones & Co., the
publisher of Barron's, for libel in a London court. A British appeals court
upheld the suit's dismissal this year. |
