More IVSOE NEWS
Jones Newswires
NEW YORK (Dow Jones/AP) - The Securities and Exchange commission halted trading
Monday in the shares of Investco Inc.
The SEC said it had questions about Investco's assets, a recently announced
acquisition, the company's current financial condition and a dlrs 10 tender
offer put forward by First International Finance Corp., or FIFC, a major
Investco shareholder.
The SEC said the halt would terminate at 11:59 p.m. on May 10.
As reported earlier this month, it appears that an acquisition of a Costa Rican
insurance company by Investco never took place.
Investco issued press releases saying it bought Mercury Safety & Insurance
Company for dlrs 100 million in restricted stock.
But Alberto Dent, Costa Rica's finance Minister, said Mercury doesn't exist.
Hernan Carazo, the owner of another Costa Rican company that supposedly sold
Mercury to Investco, also said the transaction never took place.
(COMTEX) B: SEC halts trading in Investco Inc. shares until May 10
B: SEC halts trading in Investco Inc. shares until May 10
Apr 29, 2002 (AP WorldStream via COMTEX) -- Dow Jones Newswires
NEW YORK (Dow Jones/AP) - The Securities and Exchange commission halted trading
Monday in the shares of Investco Inc.
The SEC said it had questions about Investco's assets, a recently announced
acquisition, the company's current financial condition and a dlrs 10 tender
offer put forward by First International Finance Corp., or FIFC, a major
Investco shareholder.
The SEC said the halt would terminate at 11:59 p.m. on May 10.
As reported earlier this month, it appears that an acquisition of a Costa Rican
insurance company by Investco never took place.
Investco issued press releases saying it bought Mercury Safety & Insurance
Company for dlrs 100 million in restricted stock.
But Alberto Dent, Costa Rica's finance Minister, said Mercury doesn't exist.
Hernan Carazo, the owner of another Costa Rican company that supposedly sold
Mercury to Investco, also said the transaction never took place.
Meanwhile, an earlier column by Dow Jones raised questions about the number of
Investco shares outstanding and about Michael Zapetis, chairman of FIFC,
Investco's major shareholder.
Zapetis was convicted in the 1980s for drug distribution charges, and he had
run-ins with Florida regulators for illegally collecting fees upfront from
would-be borrowers. He was convicted on a petty theft charge but received a
withhold of adjudication on the more serious advance fee charge for which he was
put on probation and forced to make restitution.
Investco has not commented on the reports.
By CAROL S. REMOND
Copyright 2002 Associated Press, All rights reserved
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