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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion.
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To: StockDung who wrote (132042)4/28/2004 3:33:40 PM
From: Taki  Read Replies (3) of 150070
 
man oh man.Although the total losses suffered by investors are not yet known but more than $50 million worth of stocks involved in the scheme was sold to unsuspecting customers. The hardships visited on customers by the LCP schemes are shown by a few examples. One customer was a retired commercial pilot who lost $200,000 on LCP stocks. His losses forced him to start working again, but he was too old to be a pilot and had to take a job as a security guard. A second customer, also an airline pilot, invested his $850,000 IRA account in LCP stocks and lost it all. A third customer found that an unauthorized purchase of stock was made in his account for about $25,000. When he complained, the broker refused to reverse the trade and threatened to sue the customer if he did not pay for the purchase. The customer took out a loan secured by his house to pay for the shares, whose purchase he had not authorized in the first place. The customer is still paying off the loan; the stock has since lost all its value.
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