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Technology Stocks : Source Media SRCM
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To: MW who wrote (1443)10/28/1998 12:49:00 PM
From: Michael Bidder  Read Replies (3) of 3015
 
Your being fingered MW

<<<Do you not have the gonads to go on record with your accusations? What do you think the SEC will think about that?>>>

FOR IMMEDIATE RELEASE OCT. 23, 98
Fight Against Microcap Fraud “Paying Dividends”

Washington, D.C. – The Securities and Exchange Commission announced the filing of thirteen enforcement actions against forty-one defendants across the country for their involvement in fraudulent microcap schemes that bilked investors of more than $25 million. Some of the fraudulent schemes involved bogus medical "breakthroughs," sham hotel renovations, phony stock certificates and the stock manipulation of on-line department store Shopping.com.

In nine injunctive actions and two administrative proceedings the SEC alleges that the defendants violated the antifraud provisions of the federal securities laws by manipulating thirteen microcap stocks. In many of these cases the defendants engaged in "pump and dump" schemes and manipulated the stock price of microcap companies by disseminating materially false and misleading information about the financial condition, business relationships and future stock price of those companies, among other things.

SEC Director of Enforcement Richard H. Walker said, "We are dedicated to ferreting out and prosecuting those who prey on innocent investors. Our actions against the scam artists charged in today's actions, who issue and sell these phony investments, demonstrate that the Commission's coordinated attack against microcap fraud is paying dividends."

MW I took the liberty to highlight the areas the pretain to you.

Michael Bidder
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