Asensio:ParkerVision's Financial Mastermind Suspended,According to Fortune Magazine
NEW YORK, Oct. 14 /PRNewswire/ -- The following is being issued by Asensio & Company, a member of the National Association of Securities Dealers, CRD number 31742:
An article posted last night on the Fortune magazine website titled "The ParkerVision Party" provides further information about the tainted cast of characters behind ParkerVision, Inc. (Nasdaq: PRKR) fraud. The author of the article, Bethany McLean, discloses that Jack Ferraro, a money manager for 20 years at Neuberger Berman, has been suspended for possible improprieties relating to ParkerVision and other small-cap stocks. Mr. Ferraro, who received options to purchase a total of 305,000 ParkerVision shares as compensation for brokering two placements with Swiss-based Banca del Gottardo, has publicly recommended the stock without disclosing his interests. Neuberger Berman has been one of the most active market makers in ParkerVision stock.
The article also mentions two other deals involving Mr. Ferraro and Banca del Gottardo that were penny stock failures: Ferraro Food Co. Inc. (OTC Bulletin Board: FRRF), which plunged in 1996 from $9 a share to one cent; and Vasomedical Inc. (OTC Bulletin Board: VASO), which has fallen from $8.25 to $1. Banca del Gottardo's Francesco Bolgiani, a ParkerVision director, was a director of Ferraro Food and is currently a director of Vasomedical. In addition to these we have discovered two more failed penny stock promotions involving Mr. Ferraro and Banca del Gottardo: Showscan Entertainment Corp. (OTC Bulletin Board: SHOW), which has gone from $13 to 8 cents; and Intellicall, Inc. (OTC Bulletin Board: ICL), which has gone from $18.50 to $1. Mr. Ferraro was also involved in Enamelon, Inc. (OTC Bulletin Board: ENML), which has gone from $27.50 to $1; and Accumed International, Inc. (OTC Bulletin Board: ACMI), which has gone from $33.75 to $1.63. The Fortune article is posted at www.pathfinder.com/fortune/1999/11/08/new.html .
SOURCE Asensio & Co.
CO: ParkerVision, Inc.; Asensio & Company
ST: New York
IN: FIN
SU:
10/14/1999 22:38 EDT prnewswire.com
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