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Microcap & Penny Stocks : DCI Telecommunications - DCTC Today
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To: Parker Benchley who wrote (18791)8/20/2000 12:39:06 PM
From: Ed Pettee  Read Replies (2) of 19331
 
FWIW ..

Copies of the official complaint are available at the US District Court for the Southern District of New York.Those interested in following the case can call the Clerks office at--212-805-0136. They will give you instructions on how to proceed. The answer to the Complaint has not yet been filed (as of Friday), when it is you can also get that copy.

Thanks , to Kathy for putting it on her site.

Some interesting observations:

On at least three different occasions the Company was warned that their auditing methodology was not proper.

#63--"DCI's Independent auditors advised them in May or early June of 1999 that the Muller Media acquisition was not complete for accounting purposes"

I don't understand why the auditors didn't walk away.

#63--"Letter to Murphy dated 6/10/97, from Nasdaq Listing Qualifications Panel, rejected DCI's application for listing on the SmallCap market in part because of concerns over the Company's accounting for the Muller Media acquisition."

I don't remember being told about that reason. and

#79--"SEC staff objected to accounting for Card Call and Muller Media in a letter to Murphy dated 4/14/98 "

Now this is a whole year before the May 3rd 99 SEC suspension.

#114--" Murphy and Grace Murphy were also unjustly enriched by payment of personal expenses by DCI during the Fraud, including but not limited to, the payment of at least $238,000 of personal expenses in fiscal year 1997. $250,000 in fiscal year 1998, $97,000 in fiscal year 1999."

Now that isn't just walking around change or petty cash.

#--138 How about the comment -" and the transfer to her of assets obtained as a result of her husband's unlawful conduct"

If your not guilty why wouldn't you stand tall and not transfer your assets into your wifes name?

I am sure Mr. Murphy and Mr. Hintz have answers for all of the issues raised in the Complaint , and they should be given the presumption of innocence which is due them. I wait with anticipation for their responses.

Ed Pettee
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