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

To: StockDung who wrote (7519)	4/25/2000 1:29:00 PM
From: Sir Auric Goldfinger	Respond to of 10354

More Defendants Added In Meyers Pollock Fraud Case-Twenty-two people have pleaded guilty and another 20 people have been indicted in connection with alleged fraud at Meyers Pollock Robbins Inc., a now-defunct brokerage firm at the center of the government's probe of mob influence on Wall Street. The latest charges were announced Tuesday by the Manhattan District Attorney's Office, which has labeled the case one of its largest-ever securities-fraud investigations. The firm, also under investigation by federal prosecutors, previously has been tied to organized crime, although the latest charges don't spell out a link to the mob. Manhattan District Attorney Robert Morgenthau said the latest defendants added to the case have been charged with promoting almost two dozen worthless stocks. As a result, more than 16,000 Meyers Pollock investors lost in excess of $176 million over a five-year period ending in 1997, he said. He described a scheme in which brokers were bribed by stock promoters to sell highly speculative stocks to the unsuspecting public. The customers, many of them elderly, were left holding onto the valueless stocks when the scheme collapsed, he said. "The insiders made the money and the suckers lost," Morgenthau said.