CYOE the final chapter. The great FLODYIE has discovered that convicted criminal Abdul DEEB is behind the USA Wireless deal. He is the man behind the deal. Flodyie demands CYOE turn themselves into the SEC by the open and the judge might give them a lighter sentence.
TRUTHSEEKER TELLS THE TRUTH!!!!!! Yes justice. Abdul Deeb
1997-05-28 -- Stock Manipulation Scheme Yields 7+ Years in Prison
Irvine Man Sentenced in Multimillion Dollar Plot to Artificially
Increase Stock Value. Case Is Largest of its Type in SoCal.
LOS ANGELES, May 28 -- Concluding the largest stock
manipulation case ever prosecuted in Southern California, an
Irvine man has been sentenced to 87 months in federal prison for
running a multimillion dollar scheme that fraudulently
manipulated nearly all of his company's publicly traded stock,
United States Attorney Nora M. Manella announced today.
Ahmad Naim Bayaa, 43, was president and
primary shareholder of Southland Communications, a
Santa Ana-based pager company. He was convicted last
year of 12 felony counts related to a scheme in which
the price of Southland Communications stock wasartificially driven up.
United States District Judge Richard A. Paez
sentenced Bayaa late Tuesday. The defendant was
originally scheduled to be sentenced in February, but he
failed to appear at a hearing. He was a fugitive for one
month until he was taken into custody on suspicion of
forgery and passing counterfeit checks. Those charges
are currently pending in Orange County Superior Court.
At sentencing, Judge Paez increased Bayaa's prison term
because the defendant substantially interfered with the
business of the court when he knowingly and willfullyfailed to appear.
During a two-year conspiracy, Bayaa and
codefendant Abdul Deeb secretly purchased large blocks
of Southland Communication stock using the names of
other individuals. As the stock value increased, profits
were used to purchase additional shares, according to
Assistant United States Attorney Barbara Scheper.
By March 1990, Bayaa and Deeb had secretly
gained control of 88 percent of Southland
Communications stock, the prosecutor said. The stock
manipulation scheme permitted Bayaa and Deeb to
artificially drive up the share price of the stock. In a
two-month period in 1990, the price of the stock jumped
from $8 a share to $17 a share. Bayaa and Deeb bought Southland
Communications stock on margin, with six brokerage
houses providing 50 percent of the capital. In April
1990, the Securities and Exchange Commission
suspended trading in Southland Communications, a move
that rendered the company's stock worthless. The
brokerage firms lost $12 million. Additionally, 12
individual investors lost approximately $500,000.
Following a jury trial in May 1996, Bayaa was
convicted of one count of conspiracy, 10 counts of
securities fraud, and one count of money laundering.
Deeb, 45, of Anaheim, was convicted of one
count of conspiracy, nine counts of securities fraud, and
two counts of money laundering. Deeb, a longtime
associate of Bayaa who worked at Southland
Communications at one time, was sentenced in February
to 63 months in federal prison.
A third defendant in the case, Shaw Tehrani, a
45-year-old stockbroker from Georgia, previously pleaded
guilty to one count of conspiracy. He was sentenced to
four years in federal prison for his role in the scheme.
This case is the product of an extensive
investigation by the Federal Bureau of Investigation and
the Internal Revenue Service Criminal Investigation
Division, Southern California District. Release No. 97-135
U.S. Attorney for the Central District of California
Nora M. Manella, United States Attorney312 North Spring Street, 12th Floor
Los Angeles, California 90012Main Office Number: 213-894-2434
Public Affairs Office: 213-894-6947; fax: 213-894-5377
Thom Mrozek: Public Information Officertmrozek@justice.usdoj.gov
Archived News Releases/Documents: usdoj.gov
gopher://gopher.usdoj.gov
|
