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Microcap & Penny Stocks : SEXI: Mostly Fact, A Little Fiction, Not Vicious Attacks
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To: Jim Kennedy who wrote (6914)11/11/1996 9:51:00 PM
From: FML   of 13351
 
FEDERAL JUDGE FREEZES HUTTOE ASSETS
2:00 ET November 11, 1996
WASHINGTON -- A federal judge, at the behest of the Securities and Exchange Commission, froze the assets of Systems of Excellence Inc.'s chief executive after the SEC accused him of using the Internet to manipulate the company's stock price.

The SEC filed a lawsuit against the company, its CEO, Charles Huttoe, and some of his relatives and associates, alleging "a massive and ongoing market manipulation orchestrated by Huttoe."

The complaint says Mr. Huttoe secretly distributed millions of shares in the company, known by its stock-trading symbol SEXI, to family members and corporations. He then manipulated the market by issuing false press releases and bribing an electronic newsletter with stock to tout Systems of Excellence over the Internet, and then sold his shares into the inflated market, the complaint says.

John Fedders, a lawyer for Mr. Huttoe, said of the SEC complaint that "Mistakes have been made and Mr. Huttoe is attempting to resolve the difficulties."

Elliot Sagor, a lawyer for Systems of Excellence, said the company is "attempting to and has cooperated with the SEC to make appropriate disclosure"
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