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Technology Stocks : Preference Technologies
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To: Sir Auric Goldfinger who wrote (415)3/8/2001 2:27:13 PM
From: StockDung   of 460
 
Principals of the firm would maintain control over large
blocks of the stocks while using a variety of misrepresentations to push the
securities on customers, according to the indictment.
In one instance, brokers drove the price of Ashton stock up to $15.25 a share
before allowing it to plunge to less than a dollar, authorities said. Similar
patterns were seen with some of the other stocks. In the end, thousands of
customers throughout the U.S. - some of them sophisticated investors - lost
tens of millions of dollars because of the fraud, according to Lynch, the
Brooklyn U.S. Attorney.
Lynch called the case "a striking example of the rigged investment
'opportunities' that are presented to the unsuspecting investing public by
'boiler room' operations."
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