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Microcap & Penny Stocks : 1st Net Technologies ( FNTT )
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To: Greg Writer who wrote (1176)4/6/1999 11:58:00 AM
From: Josef Svejk  Read Replies (1) of 1827
 
Extend jurisdiction

One proposal by Collins would allow the SEC to bar broker-dealers who have
violated the law not just from the brokerage industry, but from promoting microcap
stocks as well. Under current law, a broker barred from the industry by the SEC,
even for fraud, remains free to come back as a "promoter." The SEC has no direct
regulatory jurisdiction over promoters, creating a path that allows corrupt brokers
to continue deceiving investors, Walker said.

Collins has also proposed a measure that would allow the SEC to bring follow-up
administrative proceedings based on actions by state securities regulators. Walker
said state regulators have been actively cracking down on microcap and Internet
fraud, but noted that their remedies generally apply to activities within their
borders. The Collins proposal would allow the SEC to make such orders effective
nationwide.

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