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Microcap & Penny Stocks : Zia Sun(zsun)

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To: StockDung who wrote (8484)	6/23/2000 3:12:00 PM
From: Sir Auric Goldfinger	Read Replies (2) of 10354

CNBC Network Pulls Wamex Holding's TV Ads After Federal Charges. Washington, June 15 (Bloomberg) -- General Electric Co.'s CNBC pulled Wamex Holding Inc.'s television ads touting its alternative stock market after federal prosecutors named two top company executives in a wide-ranging crackdown on alleged abuses in Internet stock trading. The television ads began running yesterday, the same day that the U.S. attorney's office in New York announced indictments against the two company officials and 118 others, including 10 organized-crime figures. The Securities and Exchange Commission also halted trading in the company's stock for two weeks. CNBC spokesman David Bittler said today that Wamex's ads were pulled ``indefinitely.'' He wouldn't say how much Wamex paid for its media buy. The ads, which Wamex planned to run until July 30 on the business cable channel, touted Wamex's Alternative Trading System. Wamex's Internet-based investment market was scheduled to open on July 4. Wayne Carlin, an attorney with the SEC, said the decision by CNBC was ``fortuitous, but entirely coincidental'' to the federal government's actions. Carlin declined to say whether the ads that ran yesterday contained any misrepresentations. Jun/15/2000 18:44 ET For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P. Reply \| Delete \| File

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