THE AZNT WEB PAGE WEBMASTER HAS SUPPLIED THE FOLLOWING INFORMATION TO YOUR QUESTION:
September 2, 1998
Securities and Exchange Commission
Washington, D.C. 20549
RE: United States Of America vs. WellRich & Company
Attention: xxxxxxxxx xxxxxxxx
Division of Enforcement
RE: WellRich & Company
Dear xxxxxxxx:
As always it was indeed a great pleasure speaking with you today. Please find the requested information, I hope this will help you with your action.
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3. WellRich is not a licensed broker/dealer, but may be functioning as such in violation of Section 15(a)(1) of the Securities Exchange Act of 1934 (the "Exchange Act"). See Polannin, John, Jr., "Finder's Exception From Federal Broker-Dealer Registration," CATHOLIC UNIVERSITY LAW REVIEW, Vol. 40, summer 1991, Number 4.
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5. WellRich has not or does not have the ability to indemnify any company, In the event that the company is sued as a result of Wellrichs's actions. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
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xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx WellRich does not have adequate financial resources to compensate any company in the event of a judgment.
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7. WellRich receives compensation predicated upon a percentage of the sales price of the stock that they SOLICIT to people over the phone.xx
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xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx. This establishes that WellRich is functioning as a broker/dealer. See SIDNEY MARKS, SEC No-Action Letter, 1977 No-Act LEXIS 2057 (July 7, 1977); JOHN DIMENO, SEC No-Action Letter, 1978 No-Action. LEXIS 2188 (Oct. 11, 1978); and RICHARD S. APPEL, SEC No-Action Letter, 1983 No-Act. LEXIS 2035 (Jan. 13, 1983).
8. All of the issues raised by this letter is enough to indite and convict WellRich of all charges. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
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Yours Truly,
xxxxxxxxxx xxxxxxxx ESQ.
Attorney and Counselor At Law
xxxxxx xxxx xxxxxxx
Washington, D.C. xxxxx
cc: State of California Securites And Exchange Commission
State of Califirnia Office Of The Attorney General, Telemarketing Division.
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