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Microcap & Penny Stocks : Amazon Natural (AZNT)
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To: Janice Shell who wrote (23484)7/13/1999 6:35:00 PM
From: EL KABONG!!!  Read Replies (2) of 26163
 
Janice,

I was re-reading those news articles that I had referenced last night when I noticed these quotes.

exchange2000.com

Documents filed with the U.S. District Court allege that Mr. Patterson and Mr. Rachfall were among 25 brokers who operated in boiler rooms set up in five brokerages in Canada and the United States.

Boiler rooms??? Weren't there some earlier references to "boiler rooms" on this thread? And 25 brokers??? Who are the other 23 publicly unknown (at this point) brokers?

Bonnie McNaughton, an assistant with the U.S. Attorney's office in Seattle, said a scheme involving money laundering, wire fraud and stock manipulation netted about $10-million.

Of that amount, about $3-million has not yet been accounted for, she said.

That means that $7M has been accounted for, but it's anybody's guess where the other $3M is... Not bad for a day's pay... <g>

It was also alleged that the brokers were induced to participate in schemes through kickbacks.

Kickbacks??? I guess they can't make a comfortable living off of straight commissions and fees anymore, huh? I wonder what form the kickbacks were, equities or cash?

This type of thing makes one wonder, what is the investment world coming to these days.

KJC
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