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Strategies & Market Trends : Three Amigos Stock Thread -- Ignore unavailable to you. Want to Upgrade?

To: lostmymoney who wrote (16484)	8/21/1999 2:00:00 PM
From: Sergio H	Read Replies (1) \| Respond to of 29382

<SNMM> EXTRA! EXTRA! (Today's Feature Headlines) ***************************************** stockgroup.com Police raid homes and offices of Starnet executives By Adam Peeler Stocks plunged for Starnet Communications International Inc. (OTCBB: SNMM), after the Vancouver-based pornography and gaming software provider was raided this morning by national and local police forces over allegations of illegal pornography distribution and possesion of the proceeds of crime. Shares managed a humble comeback by the end of the day, climbing to $4.06 on volume of 10.5 million. At 2:30 p.m. ET, Starnet's stock was trading at $3.15 on volume of 6.5 million shares, down $10 from yesterday. The investigation, said to be ongoing for 18 months, culminated in a raid of the premises at 5:30 a.m. PDT and is expected to carry on throughout the weekend, said RCMP officer Frank Henley. “We're going to need a few days at least to find out what we need,” said Henley, who just left Starnet's second-floor downtown office, now shut down by police. “I can't comment about allegations of kiddy porn possession, all I can tell you is the offense falls under the section of possession and distribution of illegal pornographic material.” In addition to the premises, police raided the residences of six of the company's directors and officers. Mark Dohlen, chief executive officer of Starnet, stated in a midday press release, ''We are dismayed by this disruption of our three year-old operations, have retained legal counsel and will vigorously defend our rights.'' Starnet's lawyer Meldon Ellis wasn't available for comment. Starnet is also under investigation for illegal betting and bookmaking. Investigators have determined millions of dollars flowed through Starnet-controlled bank accounts each month as a result of its Internet-based gaming system. No company officials were available for comment in Vancouver and employees in the West Indies office referred phone calls back to Vancouver. A police officer at the scene told Stockgroup.com, “This is a major investigation involving more than 100 officers.” Included in that description are representatives from RCMP High–Tech Crimes Unit from Ottawa and the RCMP Integrated Proceeds of Crime section. Starnet recently shifted from Internet pornography to online gambling. In the last week, Starnet announced it had signed agreements with three other licensees for its Internet gaming software, Softec Systems, including one involving well-known comedian Rodney Dangerfield. Other recent problems include licensee Las Vegas Casino Inc. On August 5, the casino operator said it was filing a $1 billion lawsuit for breaching a license agreement. Cited problems include software problems such as massive over-billing of credit card accounts. Starnet is currently listed on the National Association of Security Dealers (NASD) Over-The-Counter Bulletin Board and commenced trading in September of 1997 under the symbol "SNMM". The company is also listed on the Berlin Stock Exchange (BERLIN) and is publicly traded on the Over-The-Counter market under the symbol "SNM". Starnet's strategic partner in the licensing is Net-Force Entertainment Inc., a wholly-owned subsidiary of Net-Force Systems Inc., and based in Antigua, West Indies.