EVERYBODY HERE SEEN THIS YET!!! THE TRUE IRA GOES PUBLIC
Got this on the AOL ticker today
Bet you are all REALLY SURPRISED ! (and SHOCKED !) (and you all think the Pope celebrates passover too)
my.aol.com
In case link goes bad here's the text
New York, Jan. 7 (Bloomberg) -- An unregistered brokerage, whose president is serving two years in state prison for grand larceny, has been charged in a civil suit with misleading investors who were told they were buying shares in high-profile initial public offerings.
The U.S. Securities and Exchange Commission says in a lawsuit that Melville, New York-based Milan Capital Group told investors last autumn that their money would be used to buy shares in initial public offerings by United Parcel Service Inc., FreeMarkets Inc. and other companies.
Instead, funds from investors in Pennsylvania, Ohio, Texas and North Carolina were used to pay Milan's expenses and transferred to unidentified personal accounts, according to the suit, which was filed today in U.S. District Court in New York.
``These stock offerings were widely reported in the media as `hot' IPOs, meaning that they were oversubscribed and difficult to purchase,' the complaint says.
The suit also names as defendants the imprisoned president of the firm, Ira Monas, 45, and Rita Monas, of Massapequa, New York. Rita Monas, the firm's secretary, had been married to Ira Monas at one time and still may be, the complaint says.
The SEC seeks to compel the firm and its principals to return investors' money and pay civil penalties.
A call to the firm was not immediately returned.
BBG/Jailed |
