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Microcap & Penny Stocks : HITSGALORE.COM (HITT)
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To: Janice Shell who wrote (4576)10/26/1999 11:13:00 PM
From: BORIS BADENUFF  Read Replies (3) of 7056
 
The Financial Post reports in its Friday edition that as the United States Securities
and Exchange Commission broadens its crackdown on microcap stock frauds to
include Canadian brokers, Canaccord Capital of Vancouver has come down hard
on its own brokers handling these over-the-counter Bulletin Board stocks. (See
Stockwatch Streetwires dated Sept. 21, Aug. 26, Aug. 12 and July 9, amongst
others.) Reporter John Schreiner says that in an internal memo, Canaccord
chairman Peter Brown disclosed that his firm has fired one broker and suspended
another for ignoring the firm's tough three-year-old rules on handling stocks on the
OTC Bulletin Board market. (See Stockwatch Streetwire of Sept. 22.) Mr.
Brown says that Canaccord really believes the bulletin board market is
fundamentally the most crooked market in the world. He says that Canaccord
does not like the market and it does not like dealing in the market, period. Mr.
Brown says that Michael Johnson, the president of the Vancouver Stock
Exchange, recently warned member brokers to expect to see other Vancouver
brokerages named in future SEC actions. Mr. Johnson was not available for
comment.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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