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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (4603)	10/30/1999 1:03:00 AM
From: zonkie	Read Replies (1) \| Respond to of 7056

Off topic: sec.gov OHIO COMPANY AND FOUR OHIO RESIDENTS CHARGED WITH ACCOUNTING FRAUD On October 27, the Commission filed a complaint in the Northern District of Ohio against ABS Industries, William McCarthy, Theodore Ursu, John McHale and David Bush (defendants). The complaint alleges that the defendants engaged in a fraudulent scheme to prematurely recognize millions of dollars of revenue by improperly recording purported "bill and hold" sales at ABS, in order to meet sales projections established by McCarthy. As a result, ABS overstated its accounts receivables, sales, pre-tax income, net income and earnings per share in its financial statements for fiscal year 1994 and for the first three quarters of 1995. The complaint alleges that this scheme violated the anti-fraud, reporting, and books and records provisions of the federal securities laws. The Commission is seeking an order of permanent injunction, civil penalties, and disgorgement against all of the defendants, and an order prohibiting McCarthy and Ursu from acting as officers or directors of any public company. [SEC v. ABS Industries, Inc., et al., N.D. Ohio, Case No. 1:99CV2600] (LR-16344; AAE Rel. 1197)<<