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

To: StockDung who wrote (8979)	7/27/2000 3:14:39 PM
From: Sir Auric Goldfinger	Respond to of 10354

D.H. Blair/Former Execs -3: Probe Sparked By A.R. Baron Barron's and The Wall Street Journal reported earlier this month that the indictment of Blair was expected following the breakdown of negotiations between the DA's office and Blair executives. At a press conference, Manhattan DA Robert M. Morgenthau said the probe into Blair was an "outgrowth" of the investigation into A.R. Baron, a small brokerage concern formed by former Blair brokers that collapsed in 1996 amid allegations it cheated investors out of $75 million. Morgenthau was unwilling to put a figure on possible investor losses in the latest case but said Blair manipulated at least 10 initial public offerings during a 12-year period of criminal conduct. He estimated that 50,000 people invested money with Blair before its ceased retail operations in 1998. Many suffered "severe" economic losses as a result. A tugboat pilot from Brooklyn, N.Y., lost money she had saved to buy a house, about $45,000, and a retired New York Philharmonic trumpet player from Florida lost $250,000 from his IRA and trust accounts, he said. In recent months, three former Blair brokers have pleaded to securities fraud that cost investors tens of thousands of dollars. In August 1997, the firm agreed to pay $2.3 million in restitution to retail customers for alleged excessive markups in connection with several public offerings after a regulatory probe led to censure and fines of $2 million. The DA said the investigation into Blair began in Autumn 1997, and is still continuing.