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To: EL KABONG!!! who wrote (23497)	7/15/1999 9:07:00 PM
From: Don Pueblo	Respond to of 26163

The situation you describe is addressed by the Securities Exchange Act of 1934, and more recently by the Insider Trading and Securities Fraud Enforcement Act of 1988. Please refer to them for specific wording. Essentially the law recognizes that insiders (officers and directors of a corporation and also shareholders who own 10% or more of the stock) have a legal and fiduciary duty to the issuer of the security and anyone else (stockholders for example) that might be affected by a trade made with insider knowledge. The 1988 Act allows investors legal recourse against anyone who had control of insider information and used it to cause a monetary loss to the investor. Inside information is any information that is not readily available to the general public. Anyone who is an insider (someone who has direct access to non-public information) and who owns stock in that corporation has to file a statement with the SEC. Broker-dealers have to have written supervisory procedures that totally prohibit the use of inside information by anyone connected with the activity of the broker-dealer. If the SEC can prove that an insider has violated one of these Acts, it can seek a civil penalty of 300% of the profit made (or loss avoided) or a million bucks, whichever is greater, and ten years in prison.

To: EL KABONG!!! who wrote (23497)	7/15/1999 11:20:00 PM
From: Q.	Read Replies (2) \| Respond to of 26163

Kerry, in the U.S. a broker would typically be suspended or banned from being a broker, and it would be the NASD that would do it. Nobody would tell an American broker that went astray that he is prohibited from being an officer of a co. or that they cannot become involved in investor relations, as the BC Securities commission did. A good example is the American company FNTT. The CEO was banned and fined by the NASD about 8 years ago. He is now an officer (CEO) of a publicly traded company, and the main activity of that company is investor relations for client companies. Interesting to see that in this respect Canada seems to have a better system for keeping the slimeballs from further messing with investors. Probably just a matter of time, though, before they find their way south of the border to promote stocks and the like in the U.S., out of the reach of the BC Securities Commission.

To: EL KABONG!!! who wrote (23497)	8/27/1999 10:06:00 AM
From: Arcane Lore	Read Replies (2) \| Respond to of 26163

Brokerage will reject U.S. OTC business By The Financial Post VANCOUVER - Pacific International Securities Inc. is choosing to turn away business from what its chief executive, Max Meier, calls the "loosely regulated" over-the- counter-market in the United States to avoid being caught in future stock frauds. That decision comes from a major internal audit PI commissioned after two brokers it formerly employed were accused this year of fraud involving U.S. securities. The allegations, which also identified a French citizen as using PI accounts for stock fraud, were raised in a U.S. indictment in July. No allegations of wrongdoing were made against PI. Yesterday, PI said it will no longer let U.S. residents open accounts, nor will it allow certificates of U.S. over-the-counter bulletin-board stocks to be deposited to accounts. "Basically, our goal is simple," Mr. Meier said. "We want to minimize the risk that our firm could be used in the future as a conduit for questionable activities." ... canoe.ca