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Gold/Mining/Energy : YBM Magnex Intl Sees Revenue Growth 30-35%/Yr In MagnetOp
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To: Adrian du Plessis who wrote (193)6/24/1998 8:01:00 AM
From: Mr Metals  Read Replies (1) of 314
 
YBM Magnex International Inc -

Post says securities dealer operated from company's headquarters

YBM Magnex International Inc YBMShares issued 44,222,9011998-05-13 close $14.35Wednesday Jun 24 1998The Financial Post reports in its Wednesday, June 24, 1998, edition that YBM Magnex International had a securities dealer, Jefferson Gersch Inc., run by CEO Jacob Bogatin's nephew, Michael Kogan, 26, operating from its Philadelphia headquarters in 1996. The Post's Sandra Rubin writes that the U.S. Attorney's Office is examining its records. A YBM lawyer says there is no evidence company stock was ever traded from that location. But unnamed securities sources say having a "friendly broker" would theoretically make it easier for someone to manipulate a stock because there would be no need to spread orders among many nominee accounts to hide the intent. It would also simplify buying and selling blocks of stock for family and business associates without attracting outsiders' attention, says the Post. Mr. Kogan was approached yesterday by investigators with the U.S. Attorney's office and has turned over records. It is not clear whether the documents were surrendered voluntarily or after a subpoena, says the Post. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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