CEO who offered bounty is sued by SEC
This guy offered a $100K bounty for user information of deejayii on RB hteh board. Deejay was posting honest negative informaiton about this "investment" while the CEO was posting misleading news and projections on the message board. We also um, had a little fun with the ceo and his bounty offer ;-) he he he
Saturday, April 27, 2002
Copyright © Las Vegas Review-Journal
Lawsuit alleges LV man defrauded investors
REVIEW-JOURNAL
The Securities and Exchange Commission filed a federal lawsuit Friday against a Las Vegas man the agency described as a "recidivist securities violator."
Since at least July 1999, according to the complaint, Larry Stockett "has engaged in a scheme to defraud the investing public by disseminating false and misleading statements concerning two public companies."
The lawsuit described Stockett, 55, as the officer and director of both companies, Hightec and S.I.N.C.L.A.R.E. Group. According to the document, both companies "are defunct entities whose corporate charters have been revoked."
"Neither has had any operations, revenue, assets or legitimate business activities over the last three years," the lawsuit alleged.
While disseminating false statements to investors, according to the lawsuit, Stockett has generated about $805,000 in profits by selling shares of restricted Hightec stock in unregistered transactions.
The lawsuit seeks to recoup "all ill-gotten gains" from Stockett. It seeks an injunction "to halt this ongoing fraud."
Poster deejayii on RB HTEH board is the one who helped nail the guy. Here is his post.
ragingbull.lycos.com
lvrj.com
sec.gov
"SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release. No. 45822 / April 25, 2002
ADMINISTRATIVE PROCEEDING
File No. 3-10768
PROCEEDINGS INSTITUTED AGAINST HIGHTEC, INC.
The Commission announced that it has instituted administrative proceedings against Hightec, Inc. ("Hightec"), now a defunct Delaware corporation,
seeking revocation or suspension of the registration of its common stock. In the Order Instituting Proceedings And Notice of Hearing ("Order"), the Division of Enforcement ("Division") alleges, among other things, that
Hightec has failed to file mandatory annual or quarterly reports for any fiscal period subsequent to its fiscal quarter ended September 30, 1996, has failed to file certain mandatory current reports, and has made false and
misleading statements in a variety of media concerning the validity of its corporate status. The Order further alleges that Hightec thereby failed to comply with Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5, 13a-1, 13a-11 and 13a-13 thereunder. The proceedings were instituted under Section 12(j) of the Exchange Act.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Hightec an opportunity to dispute these allegations, and to determine whether it is
necessary and appropriate for the protection of investors to revoke or suspend the registration pursuant to Section 12(g) of the stock of Hightec."
Of course the basics were posted here time and time again for those willing to read and understand who and what they were dealing with. There were those who would put their heads in the sand or who wilfully sought to dissuade others from accepting as truth that which is the truth; I expect they will face punishments of their own if they were co- conspirators with LAS.
deejayii, the vindicated |
