Riley,
Do not know what ever happened to the SEC investigation into NYER/GVEC or if they ever had one. The blame for the miscommunication problems IMHO should be divided equally between SCAMrock Partners and the Management of NYER, which continues to this day.
I agree that the SOR on 5.31.96 got a raw deal, I bought in after that date, but it was known when I bought, that you should have gotten the GVEC spin shares and I was surprised when I did.
Spoke with J. Kelly of SCAMrock Partners recently about why all of his picks have lost money ie. CTN, WEBS, ISEE, GVEC, NYER, and was told when CTN crashed due to fraud that he and his partners had margin calls that forced them to sell off the other stocks. Why then did he not advise his companies customers, the shareholders. To me for one reason and one reason only, he works first for his investment banking customers and the brokerage customers come in a far second.
Never once was a recommendation to sell any of their stocks given to their brokerage customers, when they knew that their margin calls would force a crash in their recommended picks.
My only joy is that Pinez ( CTN/CEO )is still locked up, but that's a small one when I have to live with the losses it caused. If an investigation into this was ever begun, I would focus on SCAMrock and their actions, as they say follow the money trail.
Rgds, Bill
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