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Microcap & Penny Stocks : Zia Sun(zsun) -- Ignore unavailable to you. Want to Upgrade?

To: Francois Goelo who wrote (6879)	2/24/2000 6:30:00 PM
From: Sir Auric Goldfinger	Read Replies (1) \| Respond to of 10354

You're going down: "Ex-Stockbroker Gets 1 1/3-to-4 Years for Theft, Insider Trading New York, Feb. 24 (Bloomberg) -- A former Beacon Securities stockbroker was sentenced by a New York judge to 1 1/3-to-four years in prison for looting the brokerage account of an elderly Chicago couple and participating in an insider-trading scheme. Jeffrey Streich, 34, of Manhattan, pleaded guilty in 1997 to grand larceny, forgery, and criminal possession of stolen property, and cooperated with the Manhattan District Attorney's Office in its prosecution of other conspirators in the insider- trading ring. He testified at last year's trial of former self- employed securities trader Vince Napolitano, who was sentenced yesterday to two-to-six years in prison after his conviction on fraud and conspiracy charges. According to Kenneth Burrows, an attorney representing former Beacon client Abram Shy Glass of Chicago, Streich forged Glass's signature to move funds out of his $600,000 account. Streich then lost most of the money through investments in penny stocks, Burrows said. By the time Glass discovered the fraud several months later, there was only $35,000 left in the account. Glass suffered a heart attack shortly thereafter. 'I felt more deeply hurt, personally and physically, than I have ever felt in my life,' Glass, now 78, said in a letter read aloud by Burrows to New York State Supreme Court Justice Edward McLaughlin. Streich 'caused financial ruin to my life savings,' the letter said. Glass's wife, Tillie, died recently. Prosecutor Adam Reeves said that when Streich was confronted by investigators with evidence of the theft in 1997, he agreed to plead guilty and led them to an insider-trading ring that operated on information provided by Marisa Baridis, then a compliance officer at Morgan Stanley Dean Witter & Co. Napolitano was convicted of profiting from the information. Several other conspirators, including Baridis, pleaded guilty. Streich today apologized to Glass and told the court, 'I am ashamed and disgusted with myself.' Glass recovered $428,000 in an arbitration case against a unit of Rauscher Pierce Refnes Inc., which cleared trades for Beacon, Burrows said. Rauscher Pierce is now known as Dain Rauscher Inc. Eight other former executives and brokers at Beacon Securities pleaded guilty last year to participating in a stock manipulation scheme that lost investors more than $10 million. The firm shut down in 1995 after an investigation by the National Association of Securities Dealers. Also today, three other participants in the Baridis insider- trading ring were sentenced. All had earlier pleaded guilty. Keith Youngswick, 32, was fined $2,500. Tina Eichenholz, 31, was fined $750, and Howard Boyar, 36, was fined $500."