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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,
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To: Anthony@Pacific who wrote (65240)12/29/2000 12:19:02 PM
From: StockDung  Read Replies (2) of 122087
 
British Columbia Authorities Freeze Bank Account, WSJ Says


Vancouver, Dec. 29 (Bloomberg) -- The British Columbia Securities Commission froze a Bank of Montreal account because of concerns it's connected to alleged illegal stock-trading activities in the U.S. and Canada, the Wall Street Journal reported.

The account is owned by Exchange Bank & Trust, one of a group of ``brass-plate'' banks that exist mainly on paper and do business through other established banks, the paper said. Law enforcement officials say ``brass-plate'' banks can play a significant role in securities fraud, though many are legitimate.

The U.S. Securities & Exchange Commission found the account as part of a lawsuit it filed against stock-picker Stephen Sayre, accusing him of making $1.4 million by manipulating the stock of a small Internet company, the paper said.

Exchange Bank's founder, Terry Neal, told the paper hundreds of wealthy individuals have used his bank as a legitimate way to reduce taxes and protect assets. Sayre, in a recent phone call from an undisclosed location, denied wrongdoing and says he's working to clear up the charges. A Bank of Montreal spokesman declined comment.

(WSJ 12/29 B1)

Dec/29/2000 11:26 ET
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