Dear Mr. P(nk,
You post from Dee Jay contained a link to a budding scum artist by the name of Larry Stockett. Larry appeared to be the energy behind to POS BB Co's that have since fallen from grace SNCG and HTEH. Larry appears to have another work of art in progress involving reverse merger and pending symbol change as a way to avoid the past and those nasty filing requirements. Larry's new project trades under the symbol BCMDD and as it appears to be a work in progress doesn't yet represent a short opportunity IMO. Pending Larry's efforts this one may warrant keeping an eye on for future potential should it make it off the launch pad. Below is in Larry's own words documentation of some past accomplishments
Copyright 1998 PR Newswire Association, Inc.
PR Newswire
February 27, 1998, Friday
SECTION: Financial News
DISTRIBUTION: TO BUSINESS EDITOR
LENGTH: 507 words
HEADLINE: Hightec and Sinclaire Group Hearing Held
DATELINE: SAN FRANCISCO, Feb. 27
BODY:
The following is being issued by Larry Stockett, President of Hightec, Inc., and Sinclare Group, Inc.:
Larry Stockett, President of Hightec, Inc., (OTC Bulletin Board: HTEH),
and Sinclare Group, Inc. (OTC Bulletin Board: SNCG) announced today the public
hearing disclosed in the Wall Street Journal on August 26, 1997 was held
February 23-26th in New York. The SEC alleged that Stockett, along with Javed
Latef and the Hudson Advisors, Inc., and the Hudson Investors Management, Inc.
had violated the Investment Advisors Act and the Investment Company Act by
providing recommendations to the Hudson Investors Fund, a registered mutual
fund in which Mr. Latef is the registered investment advisor. The SEC
complaint also alleged that the Fund was controlled by secret agreements
between Mr. Stockett and the Fund and that the Fund purchased stocks,
including Hightec and Sinclare Group, Inc. in which Mr. Stockett had an
ownership interest. According to Stockett, the agreements which were between
Neuropro, Inc. and the Hudson entities were invalid because Neuropro, Inc. did
not exist at the date the agreements were signed and the agreements were
subsequently abandoned.
Stockett, who is widely recognized for his IPO Network television and
radio shows and his published research on initial public offerings, allegedly
recommended IPO stocks to the Hudson Investors Fund, according to the SEC
complaint. The SEC alleges that Stockett was not a registered investment
advisor and violated the Investment Advisors Act. Stockett defended the
allegations based upon an exemption provided to publishers of market research,
claiming his IPO Newsletter, radio show, television show, and web site
(http://www.ipo-network.com) provided him an exemption from registering under
the Investment Advisors Act. Also, because he was the President of Hightec
and Sinclare Group, he claims he was not required to be a registered
investment advisor to recommend his own company's stock.
According to a Barron's article published April 7, 1997, (pg. F23) the
Hudson Investors Fund was the top performing Growth Fund for the First quarter
1997 rated by the Lipper Mutual Funds Quarterly. The comments state that "A
tiny stock, Hightec, accounts for 16%" (growth). After the Wall Street
Journal article on August 26, 1997 released by the SEC alleging the violations
by the Hudson Fund and Stockett, the Fund lost over half of its investors and
Hightec stock dropped over 90%.
According to Stockett, the SEC failed to present any evidence in oral
testimony or in documents obtained from a preliminary list of 29 witnesses
which denied or refuted that Mr. Stockett was exempt, or that Mr. Latef was
even aware that Mr. Stockett was President of Hightec at the time he purchased
the Hightec stock. Mr. Stockett was not President of Sinclare at the time Mr.
Latef purchased Sinclare according to evidence presented.
SOURCE Hightec, Inc.,
CONTACT: Larry Stockett of IPO Network, 510-831-8836
LANGUAGE: ENGLISH
LOAD-DATE: February 28, 1998 |
