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Microcap & Penny Stocks : Universal Medical Sytems (UMSI)
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To: JPS who wrote (918)1/16/1998 4:43:00 AM
From: Skaar  Read Replies (1) of 1672
 
JPS:

There are many potential issues with sham corps. Anytime there is stock traded like UMSI, the SEC has power. RICO, the racketeering statue, which I think is federal law, can be enforced by the feds, or, I believe, privately (an individual can sue them under the act). Plus there is a host of other causes such as breach of fiduciary duty, misrepresentation, fraud....all of which can be alledged in a civil action, and some of which can make the principals personally liable for damages. The sec might be the first step, depending upon what a particular plaintiff might feel they had to gain by bringing an action privately.

But in a nutshell, who one contacts is really dictated by the theory of recovery based upon the suspected wrong doing.

Skaar
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