This stock looks interesting and quite promising. On Thursday I will be in New York City and take a look at their upcoming location and tell you my feelings.
On Monday, I will contact the company and find out some more information which I will post here as well. Currently, I have one item of interest that worries me quite a bit.
Read through the following article carefully. It seems as if MOVE has been involved in some fairly shady activites. I will have to investigate this further, but I would enjoy hearing your opinions on the matter.
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Release Date: January 29, 1996
For additional information call: Doug Wilburn (314) 751-1858
COOK HALTS INVESTMENT SCHEME
Secretary of State Rebecca M. Cook has issued a Cease and Desist Order against a New York
investment banking company, and two of its sales agents, for violating Missouri securities laws.
The Order was issued after staff in the Securities Division of the Secretary of State's Office
investigated a complaint from a retired Kansas City man who was billed for shares of stock he did
not purchase.
The investigation revealed that the securities were offered by A.S. Goldmen & Company and two
of its sales agents, Robert Francis Fox and Christopher Daren Panza.
The investigation further showed that the securities being offered by the Goldmen company --
Cinema Ride, Inc. and Innovative Tech Systems, Inc. -- were not registered in the state as required
by law. The Cease and Desist Order prohibits the company, Fox and Panza from making further
unlawful solicitations.
"This is another unfortunate example of companies outside of the state calling our citizens and
peddling unregistered securities they are not authorized to sell," said Cook. "My office is responsible
for regulating the securities industry in Missouri and we are committed to taking swift action against
companies and sales people like this."
Securities Commissioner Douglas F. Wilburn explained that the victim received an unsolicited
telephone call to purchase shares of Cinema Ride stock. The man stated that he wanted to see a
prospectus before investing.
"But instead of a prospectus, he got a bill. When he called to say that he did not purchase the stock,
he was told he owed the money. So, rather than risk tarnishing his credit history, he paid the
$2,500," Wilburn said.
Later, A.S. Goldmen representatives sold the shares of Cinema Ride and purchased, on behalf of
the investor, shares of Innovative Tech Systems, again without authorization to do so.
"It is a fairly common scheme for companies to send bills to people the company has solicited, even
if the people have not agreed to make the investment. If they don't immediately pay, the people are
threatened with a bad credit rating," said Wilburn. "So, many people are badgered into paying for
something they never really wanted."
In response to inquiries from the Securities Division, A.S. Goldmen representatives contended that
the Kansas City man, by paying the bill, agreed to purchase the shares.
Wilburn said the investigation is continuing to determine whether there are other victims. A possible
referral to law enforcement agencies for criminal investigation is under consideration.
Securities Division Chief of Enforcement Mary Hosmer, said she is "considering whether to initiate
proceedings to revoke the licenses of the Goldmen Company, Fox and Panza."
Cook said "this situation is another example why citizens need to be cautious when they are
approached with unsolicited investment opportunities."
"My office has the information citizens need to help them make informed decisions about
investments," said Cook. "If you are unsure about an investment or the person selling it, call our
securities hotline at 1-800-721-7996 and get the facts."
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Office of Secretary of State Rebecca McDowell Cook
600 W. Main
Jefferson City, Missouri 65101
Information contained in this document was compiled using publications from the Secretary of State's Office.
Recent News Releases
SOS Home Page
If you have questions or comments, please contact:
SOSmain@mail.sos.state.mo.us
2/96
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