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Microcap & Penny Stocks : The Hartcourt Companies, Inc. (HRCT) -- Ignore unavailable to you. Want to Upgrade?

To: Investorman who wrote (1100)	8/31/2000 12:50:15 PM
From: StockDung	Respond to of 2413

For the month of July 2000, Don Penny has marked Regis Possino of Corporate Financial Enterprises. Mr. Possino is a 52 year old disbarred lawyer with convictions for fraud and drug dealing. He operates out of a former art gallery not far from the Pacific Ocean, on a commercial strip in Santa Monica, CA. John R. Emshwiller reported in the Wall Street Journal that according to Stuart Allen, a retired SEC investigator who helped investigate a past stock fraud network that included Mr. Possino, Mr. Possino's current activities "suggest he may be involved in a new network involving stock deals and promotions." As recently as December 1999, Idaho securities regulators obtained a judgment and injunction in a Boise state court against a company they said was owned by Regis Possino. The regulators alleged that the Possino-owned company and one of its salesman misled investors in the selling of two stocks that produced more than $150,000 of losses for the buyers. Possino and company failed to mention that the shares being offered were controlled by Mr. Possino or that one of the stocks had already been at the center of an SEC manipulation lawsuit. The judgment came after the Company didn't respond to the suit. Mr. Possino also had his hand in eSat, a Los Angeles satellite Internet-service provider that previously operated under the name Technology Guardian. According to eSat, Inc.'s regulatory filings, the company signed a consulting agreement in September of 1998 with Corporate Financial Enterprises, one of Possino's business entities. Corporate Financial clients in the U.S. and overseas later bought about five million eSat shares at prices as low as 72 cents each according to Company records. By January 1999, eSat shares topped $20 on the OTC BB. The tremendous rise was due in part to numerous news releases which overstated eSat relationships with companies such as Lucent Technologies, Inc. A Dow Jones Newswire story in March 1999 quoted officials from supposed eSat business partners saying the Company had overstated its relationships with them. "I bought over 4000 shares on Monday only to %*&^%$ when I read the Dow Jones," story an online message poster wrote on the Raging Bull site, adding that he quickly sold most of the stock. By late 1999, eSat's stock price was in the low single digits. It currently is at about $1.75 a share. Mr. Possino's name didn't appear in the Dow Jones story or the questioned eSat news releases. However, one of the contact phone numbers in the releases matches that of a phone number at Mr. Possino's Santa Monica office. Recently eSat said in a regulatory filing that it had just terminated its consulting relationship with Mr. Possino's firm. The breakup was part of a settlement of a dispute about whether the buyers that Corporate Financial had supplied had fully paid for the stock they received. It isn't known whether the Possino related investors still hold their shares. DonPenny.com continues to research the exploits of one Regis Possino. Please contact the Don with any information that may concern this man. Ciao, DonPenny donpenny.com