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Technology Stocks : Teletek (TLTK): Relaxed and Holding
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To: Harry T who wrote (3574)11/10/1997 2:58:00 PM
From: Harry T  Read Replies (1) of 3645
 
<There's news of settlements on the Bloomberg machine.

[I don't who is culpable here, Teletek officers or people from the telephone card co. that
Teletek once owned]

Is this a case where the baby got thrown out with the bath water???

Don't know the details since I got it by telephone, but parts are:

10/10/97 From Bloomberg:

Stock promoters settled with Florida stockbrokers (from and to whom?).

Bribes to brokers totaled $477K in Florida (from and to whom?).

$200K was paid in restitution (from and to whom?)

Three brokerages out of seven have settled with the SEC (?)

Sorry I cannot be precise and detailed.>

----------------------------------------------------------------------

The above SEC case involved brokers and stock promoters and not Teletek and United Payphone Services.

It was written by Liz Skinner and Neil Roland in Washington (202) 624-1831 and reported 10/10/97 on Bloomberg.

Skinner and Roland went on to report that, "In a similiar case last November, a federal grand jury in Las Vegas indicted 30 people -- including former officers of Teletek Inc. and United Payphone Services Inc. -- in an alleged bribery and stock-promotion scheme".

The author's linking the SEC case with the Federal Indictments of former officers of Teletek Inc. and United Payphone Services Inc. is not made clear.

Can anyone post information for this community on the status of this Federal case and Teletek's litigation costs in the shareholder's lawsuit and the MCI arbitration?

Thank you.
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