Green Oasis Environmental, Inc. (GRNO) Message Board

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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO)

GRNO 0.00

Nov 4 4:00 PM EST

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To: Charles A. King who wrote (10009)	10/28/1998 12:38:00 PM
From: Kip518	Read Replies (1) of 13091

Saved again! Internet Stock-Promoters Are Hit With Fraud Charges by the SEC An INTERACTIVE JOURNAL News Roundup In its first broad sweep of Internet securities fraud, the U.S. Securities and Exchange Commission said Wednesday it brought charges against 44 individuals and companies who used the Net to promote stocks. The SEC's investigation targeted online investment newsletters and Web sites that touted stocks in exchange for cash or stock from the companies they were promoting. The SEC requires stock promoters to disclose in detail such disclosure. In many cases the promoters failed to adequately disclose that they were being paid. In others, the SEC alleges, they provided false information about the companies they promoted. Richard Walker, the SEC's director of enforcement, said that the 23 cases involved total cash payments of more than $6.2 million, and payments of more than $1.8 million shares of stock and options. He said a total of 235 companies were promoted in cases brought by the SEC, almost all of them so-called microcap companies. Mr. Walker said that many of the promoters targeted by the SEC used spam, or mass electronic mailings, to promote companies. He said of the 23 cases brought, five involved posts on Internet message boards and 20 involved the use of Web sites to tout securities. He said that 19 cases involved the use of online investment newsletters, which sometimes included dubious research reports. The SEC has brought a total of 61 fraud cases since it started to police the Internet in 1995.

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