Those of you who follow the RMIL Drinkers thread will have already seen
( #reply-5834342 ) the link to an announcement of the large number of microcap fraud SEC enforcement actions announced on Sept. 24, 1998 (see sec.gov , and, also, sec.gov ).
Interestingly the stocks of a full third of the 24 companies listed in the post I'm responding to (a list of companies that were subject to SEC 10 day trading suspensions) were mentioned* in Thursday's enforcement actions.** The stocks that were related to the Thursday's enforcement actions are in the following list. The list also gives the date the temporary trading suspension was imposed and the corresponding litigation release from Thursday's actions. As can be seen from the suspension dates there is often a long gap between the trading suspension and enforcement actions. However, in this regard it should be noted that some of these companies have been mentioned in prior enforcement actions - for example, in the case of Systems of Excellence (SEXI), there have been a very large number of prior enforcement actions. There are also stocks such as Electro-Optical Systems Corp. (trading suspension 3/13/98) which were the subject of prior enforcement actions not included on Thursday's list.
Also note that the suspensions of all eight companies occurred prior to that of RMIL (12/22/97). The SEC enforcement wheels often grind very slowly. However, there was one additional company which underwent a trading suspension subsequent to RMIL's which was mentioned in connection with Thursday's enforcement actions. This was Shopping.com (IBUY) whose trading suspension began on Mar. 24, 1998 (nine days after my earlier post). The corresponding enforcement action relating to alleged market manipulation in IBUY's shares can be found at: sec.gov.
The eight companies from the Mar. 15, 1998 list are:
Systems of Excellence, Inc. (SEXI) (10/7/96)
sec.gov
Omnigene Diagnostics, Inc. (11/20/96)
sec.gov
Twenty-First Century Health, Inc. (aka Bio-Tech Industries) (2/10/97, 2/27/97)
sec.gov
Historic Hotel Holdings, Inc. (aka VII Visionary Investments) (4/10/97)
sec.gov
Genesis International Financial Service, Inc. (GIFS) (5/1/97)
sec.gov
Combined Companies International Corp. (5/19/97)
sec.gov
Amquest International, Ltd (5/30/97)
sec.gov
Legend Sports, Inc. (9/15/97)
sec.gov
* It should be noted that in several cases the company itself was not a target of Thursday's enforcement actions.
** The fact that a large number were the subject of prior trading suspensions was noted in the SEC announcement as well. |
