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Technology Stocks : PairGain Technologies
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To: bronco2 who wrote (31505)5/21/1999 11:10:00 AM
From: bronco2  Read Replies (3) of 36349
 
I found the following from the 1996 Pier 1 (PIR) 10K report about the trading loss at Capital Insights:

>"In late December 1995, the Company was made aware of trading losses of $19.3 million resulting from trading activities in a discretionary account."

They actually reported their loss later than Pairgain did?????????
Below is parts of the news release from two days ago:

>"The investigation centers on S. Jay Goldinger and Capital Insight Inc., a Beverly Hills money management team that lost about $100 million of client funds, including $15.8 million belonging to PairGain, the filing said. As part of their inquiry, the U.S.
Attorney's office and the SEC are seeking to determine whether PairGain broke any laws in connection with its Capital Insight investments or whether it failed to promptly disclose its losses.
...................PairGain announced its losses on Dec. 1, 1995, saying its broker was responsible for ''substantial unauthorized trading activities in Treasury securities.'' Capital Insight also advised Pier 1 Imports Inc., which lost $19.3 million from the alleged unauthorized trading."

Obviously, they can't claim pairgain reported late, unless they charge Pier 1 with the same crime? What other crimes could they think pairgain committed???????????????????????
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