Nathan W. Drage, a name Ziasun and TELETEK INC know very well!!!
TheTruthseeker recieves a tip from a stranger
Wednesday, July 19, 2000 10:56 AM ET
To: TheTruthseeker (who wrote)
From: xxxxxxx
10kwizard.com.
nathan scumbag drage was the attny for tltk - note here he is involved with ziasun... we had enough with tltk to get him disbarred but did not persue fyi
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TELETEK INC filed this 10-K on 10/15/1996.
ns hereunder shall be deemed to have been duly given, if delivered by hand or mailed, certified or registered mail with postage prepaid: (a) If to the Shareholders, to Joseph Viggarro at 69- 730 Highway 111, Suite 112, Rancho Mirage, California, or to such other person and place as the Company shall furnish to Purchaser in writing; or (b) If to Purchaser, to Nathan W. Drage at 50 West 300 South, Suite 1130, Salt Lake City, Utah 84101, or to such other person and place as Purchaser shall furnish to Company in writing. 11 12.02 ANNOUNCEMENTS. Announcements concerning the transactions provided for in this Agreement by either the Company or Purchaser s
ZIASUN TECHNOLOGIES INC filed this 10SB12G/A on 12/16/1999
10kwizard.com.
If to ZiaSun, addressed to it at: Mr. Anthony Tobin, President ZiaSun Technologies, Inc. 12707 High Bluff Drive 2nd Floor San Diego, CA 92130
With copy to Counsel, addressed to: George G. Chachas, Esq. Wenthur & Chachas 4180 La Jolla Village Drive Suite 500 La Jolla, California 92037
If to Online and the Shareholders, to them at: ----------------------------------------------
Mr. D. Scott Elder Online Investors Advantage, Inc. 825 North 1430 West Orem, Utah 84057
With a copy to their Counsel, addressed to: Mr. Nathan W. Drage, P.C. Attorney at Law 6975 South Union Park Center Suite 600 Salt Lake City, Utah 84047
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A class action was commenced in the United States District Court for the District of Nevada, Case No. CV-S-97-01579-PMP (RJJ), on behalf of purchasers of Teletek, Incorporated (NASDAQ: TLTK) ("Teletek") common stock between March 20, 1994 and March 20, 1997, inclusive (the "Class Period"). The complaint asserts claims for violations of the federal securities laws (Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5) against Thomas A. Mills, former secretary and director of Teletek and former President of Teletek's wholly-owned subsidiary, Hi-Rim Communications, Inc.; Nathan W. Drage, legal counsel for Teletek during part of the Class Period; and KPMG Peat Marwick LLP ("KPMG"), Teletek's independent auditor during part of the Class Period (collectively, the "defendants"). The action is related to another class action currently pending in the District of Nevada, Seoane, et al. v. Swan, et al., Case No. CV-S-96-01114-HDM (the "Related Action"), which named Teletek and certain of its officers and directors as defendants. Further investigation during the pendency of that litigation uncovered evidence implicating the additional parties, necessitating the filing of this current action. An amended complaint was filed in this action on December 23, 1997.
The complaint alleges, among other things, that during the Class Period defendants issued false and misleading press releases and annual and quarterly reports filed with the Securities Exchange Commission ("SEC") misrepresenting Teletek's financial performance and condition, its costs of operation, and its business prospects, while failing to disclose that the price and trading volume of Teletek stock was manipulated through an ongoing scheme of bribing stock brokers. The complaint further alleges that KPMG was engaged by Teletek to provide independent auditing, accounting and consulting services, including auditing Teletek's financial statements for the fiscal year ended June 30, 1996, and that Drage was engaged to provide independent legal advice and opinions in connection with the company's filings with the SEC. The complaint alleges that each of the defendants participated in the preparation of, and/or sanctioned the public statements and official filings while having access to, and willfully or recklessly disregarding, contradictory material non-public information. These false and misleading statements artificially inflated the price of Teletek stock. On November 7, 1996, when a federal grand jury announced the indictment of certain Teletek officers and directors in connection with these charges, and again, on March 20, 1997, when Teletek announced the discovery of accounting "irregularities" and the resignation of a company officer and director, Teletek's stock price plummeted. As a result, Teletek shareholders who had purchased the stock at artificially inflated prices suffered millions of dollars in damages.
Plaintiffs seek to recover damages on behalf of class members and are represented by the law firms of Weiss & Yourman, Stull Stull & Brody, and Milberg Weiss Bershad Hynes & Lerach LLP, which concentrate in litigating class actions on behalf of investors and shareholders.
Your name will automatically be included in the list of class members and you need do nothing further at this time to protect your rights. If and when the Court awards any compensation based on damages to the class, notice will be given to the class, at which point you will be given the option to opt out of the award or participate in the award. If you choose to participate in the award, any compensation awarded will be divided among the members of the class under court supervision and on a proportionate basis determined by the loss incurred by each class member.
If you did not purchase or otherwise acquire stock during the class period, but simply held the stock, you are not eligible to participate in the suit. Also excluded from the class are the defendants, officers and directors of the company, members of their immediate families and their legal representatives, heirs, successors or assigns and any entity in which any defendant has or had a controlling interest.
This action has been undertaken by plaintiffs' counsel on a contingency fee basis. As such, you will not be responsible for payment of any legal fees or costs incurred in prosecuting this action.
Case Update
On July 29, 1998, Weiss & Yourman was appointed by the Court as lead counsel for plaintiffs in this action. On April 15, 1999, the Court denied defendants' motions to dismiss plaintiffs' Second Amended Complaint (the "Complaint"). On June 1, 1999, defendant KPMG answered the Complaint and filed a cross-complaint against defendants Thomas Mills and Nathan Drage, and a third party complaint against John Vergiels, Teletek, Inc., Dwight Wenger, Wayne Godbout, Swidler & Berlin, Chtd. and Sherwood Cook. Third party defendant Swidler & Berlin moved to dismiss KPMG's complaint on August 18, 1999. On September 1, 1999, Magistrate Johnston issued an order staying discovery pending the resolution of any motions to dismiss directed to KPMG's complaint.
If you have any further questions please feel free to contact Michelle R. Johnson through our contact us page, by calling 1-800-437-7918 or via e-mail at wyinfo@wyca.com. Please ensure that you include the company's ticker symbol (TLTK) in your message.
The Teletek (Mills) Complaint is unavailable for internet viewing.
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Copyright ©1998 Weiss & Yourman
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Inside A Wall Street Scandal
Stock Promoter Comes Clean About Market Scam
Bribed Brokers To Push Stock And Pump Up Price
Fraud Is Flourishing In The Bull Market
NEW YORK
CBS
'Carl' admits he bribed brokers to hype his shares.
(CBS) Call him "Carl." He was a stock promoter. His business was bribing brokers to push a stock called Teletek.
?I paid everybody off in cash, took them to strip clubs, and got them to girls, limos? paid for rooms, etcetera," Carl says.
Carl says he was paying off as many as 40 or 50 brokers at a time. Their job was to "convince their clients this was going to be the next AT&T," he says.
In fact, Teletek was a small Las Vegas telecom concern whose then-CEO, Michael Swan, orchestrated the scheme to pump up the company?s stock price.
In the simplest terms, that?s "fraud,? says Bruce Bettigole, who heads the investigation that, so far, has led to more than 40 convictions.
"We are still tabulating the losses of individual investors," Bettigole says.
As more and more Americans have been drawn into the red-hot stock market, schemes like this have flourished, reports CBS News Correspondent Anthony Mason. The Teletek case involved small brokerage firms in ten states and millions of dollars in bribes.
The distribution system was simple: an overnight envelope, a stapler and any old magazine. ?Take it, stuff $5,000 cash in an envelope. Put it inside and staple the magazine shut. Throw it in a FedEx envelope, and mail it to them,? explains Carl about his scheme.
?The person sending the cash would call the recipient and say ?did you get the contract? It was 50 pages long.? Well, the pages were hundred dollar bills. A 50-page contract was $5,000," Bettigole says.
Carl himself made hundreds of thousands of dollars in payoffs that way. And brokers weren?t the only ones on the take.
Carl claims he paid radio talk show hosts to air the story on their programs. ?The east coast guy I paid $20,000 to $25,000. I think it was $20,000, under the table, and $5,000 through check,? he says.
Bettigole says "thousands of people" were defrauded.
At first, Teletek stock soared as an army of brokers pushed it. Everyone was making money.
?Nobody realized the gravy train would stop," Carl says.
It didn?t stop. It crashed.
?Well, the stock is now trading for 4 cents a share," Bettigole says.
Michael Swan, who pled guilty to 72 counts of stock fraud, will be sentenced next month. Carl is now in prison.
?Greed. Unbounded greed," is how Carl describes the scam.
It is the greed that seems to breed in bull markets.
¸2000, CBS Worldwide Inc., All Rights Reserved. |
