Look what I found.
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Date: 4/7/99 10:39 AM
TO: WEBINPUT at SEC4A
Subject: File No. S7-5-99
ATTN:
Jonathan G. Katz
Secretary, Securities Exchange Commission
Dear Mr. Secretary,
I am writing to you in my capacity as Executive Vice President and Secretary of
Financial Intranet, Inc., regarding the proposed amendments to SEC Rule 15c2-11.
I understand that the proposed amendments would severly deter legitimate market
makers from trading in OTC stocks by placing the onus (and unlimited liability)
on them for the accuracy and truthfulness of financial information in the issues
they trade.
Financial Intranet, Inc. (OTCBB:FNTN) fully understands that measures must be
taken against scam and fraud "companies' who seek to defraud the individual
investor. However, the proposed amendments would cause a mass exit of legitimate
market makers from trading in OTCBB stocks. This would seriously harm many
investors who have already put capital into companies like FNTN.
We have been publicly traded on the OTCBB since December, 1996. We currently
have over 2000 shareholders. We handle all Investor Relations in-house since we
have an inherent mistrust of IR firms in this arena. We have an SB-2
registration filed at the SEC, comments have just come in. We hope to become
effective and become fully reporting in the next few months. We are an FCC
tariffed reseller of international and domestic long-distance phone service. We
are also tariffed in the States of New York, California, Florida & Texas. Our
3-member Board of Directors includes two outside, prominent individuals who are
known and respected in the international business community. In short, we are
working very hard, with the resources we have, to build this corporation.
We will be seeking to raise capital through the above-referenced registration of
shares. A market and liquidity are key factors in maintaining shareholder value,
and in successfully completing this offering. The proposed amendments would
severly affect our ability to complete these plans, which we view as another
milestone in our journey to fulfilling the criteria to achieve NASDAQ status.
Our shareholders have access to our facilities. Some have visited and inspected
our data center. A good number came to our Annual meeting, which we also
video-taped and hosted on our web site, for the convenience of those who
couldn't make the trip. They have invested in a company whose business plan they
feel is sound. The proposed amendments would harm them considerably; and would
put companies like FNTN and other legitimate businesses out-of-business.
In closing, we feel that the 'scamsters" should be taken down. But DO NOT take
the rest of us with them. Please put an end to the amendments to Rule 15c2-11.
Thank you for your attention to our concerns.
Sincerely,
Maura Marx
Executive Vice President
Financial Intranet, Inc.
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