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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Anthony@Pacific who wrote (64485)	12/15/2000 6:55:25 PM
From: StockDung	Respond to of 122087

Former Coopers & Lybrand Executive Gets 27 Months in Fraud Case Newark, New Jersey, Dec. 15 (Bloomberg) -- A former No. 3 executive at accounting firm Coopers & Lybrand was sentenced to 27 months in prison today for embezzling $306,000 from the firm and $12,000 from Seton Hall University. Robert T. Caruso, a 55-year-old resident of Saddle River, New Jersey, once served as the vice chairman of Coopers, which merged in 1998 with Price Waterhouse to create PricewaterhouseCoopers, the world's largest accounting and consulting firm. Caruso pleaded guilty in June 1997 to stealing from Coopers, admitting, for example, that he made out $99,415 in company checks to Seton Hall, which then reimbursed him. He also used a phony personal check and a thank-you letter from Anthony Cardinal Bevilacqua, the archbishop of Philadelphia, to get a $30,000 reimbursement from Coopers for a charitable donation he pledged but never made. ``Why would a man who was making about $600,000 a year steal from his employer, steal from his church, in the most sordid way?,'' asked U.S. District Judge Harold A. Ackerman. ``The only way I can come up with is, you were motivated by greed.'' Ackerman also imposed a $50,000 fine and three years' probation, and ordered Caruso to make restitution to both Coopers and Seton Hall. Since pleading guilty, Caruso has cooperated with federal prosecutors in developing several cases. Defense attorney Lawrence Lustberg had argued that Caruso's cooperation entitled him to a significant reduction in his potential prison term of 27 to 33 months under federal guidelines. Caruso, a Seton Hall graduate and former fundraiser for the school in South Orange, New Jersey, resigned from Coopers in 1993. He later worked as vice president and chief financial manager for PriMedex Health Systems Inc., which owns and operates outpatient diagnostic imaging centers. He left that job in 1997. Dec/15/2000 18:26 ET For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P.

To: Anthony@Pacific who wrote (64485)	12/15/2000 6:59:56 PM
From: StockDung	Respond to of 122087

Providential Day-Trade Unit, Ex-Official Settle Fraud Charges Washington, Dec. 15 (Bloomberg) -- Providential Securities, Inc. a day-trading firm targeted recently by congressional investigators, agreed to pay more than $500,000 to settle charges it defrauded customers while raising money for the firm in 1998 and 1999, the National Association of Securities Dealers said. Henry D. Fahman, former chairman of the firm, a subsidiary of Providential Holdings Inc. in Fountain Valley, California, was permanently barred from the securities business, NASD said. Fahman was referred to NASD regulators by the U.S. Senate Government Affairs permanent subcommittee on investigations, which held hearings on day-trading abuses in November 1999 and February 2000. The panel was drawn to Providential ads targeting Vietnamese communities in Los Angeles and Orange County. ``Day trading -- it's a very simple game,'' one ad said. Between December 1998 and June 1999, Providential Securities sold its corporate shares to public customers through a ``private placement,'' said NASD. In a private placement, a firm offers a block of securities to an institutional investor or a small number of investors through private negotiations as opposed to selling them in a public offering. Such placements aren't registered with the Securities and Exchange Commission. Never Earned Minimum In its offering documents, the firm told investors that it would use part of the earnings from the private placement to register the firm as a New York Stock Exchange member. In fact, the company never earned the $500,000 minimum that it needed to complete the private placement, NASD said. Instead, Fahman, himself, kicked in part of the difference without disclosing it to investors. Instead of using the proceeds to register with NYSE, the firm used the money to pay routine operating expenses, the NASD said. The offering documents also failed to disclose prior NASD disciplinary actions against the firm and Fahman, the association said. ``As firms promote their activities through the Internet, it's important that what they put there is accurate and balanced,'' said Barry Goldsmith, executive vice president of NASD Regulation Inc., a subsidiary of NASD, which oversees all U.S. stockbrokers and brokerage firms. ``In this case, we made findings that some of the risks and limitations of what they were promoting were not fairly disclosed,'' he added in a telephone interview. Added David Greene, a senior NASD trial attorney: ``The NASD is closely scrutinizing the advertising representations, particularly those made over the Internet, by firms in general. Material misrepresentations and omissions will receive full scrutiny and stiff sanctions. Also, the NASD takes very seriously the representations made through private placement memoranda,'' Greene added in a telephone interview. Irving Einhorn, attorney for Fahman and the firm, said he had no comment. Fahman and the firm neither admitted nor denied the charges in the settlement. NASD also said Providential and Fahman improperly operated unregistered branch offices, allowed unregistered individuals to participate in its securities business and violated the NASD's advertising rules regarding Web sites. Providential Securities withdrew its NASD broker-dealer membership in October. Dec/15/2000 18:01 ET For more stories from Bloomberg News, click here. (C) Copyright 2000 Bloomberg L.P.

To: Anthony@Pacific who wrote (64485)	12/15/2000 7:52:22 PM
From: Anthony@Pacific	Read Replies (3) \| Respond to of 122087

To all those who lurk, all those who post and all private members, I have a request on the eve of the great collapse of the Bubble known as NETMANIA, of which we all played an important role. I would like to ask that everyone take 1 % of all your profits for this year and give it away, preferably to a home for abused children in your local community. For Example if you are up $ 10,000.00 thats only 100 bucks. Please do so this next week, use the weekend to locate one and then commit to doing it.. If you have no profits, or are new to this thread send me a private email :---> anthony@anthonypacific.com, along with the name and address of the local abused childrens home and I'll make a donation of $ 100.00 on your behalf We shorts must take care of the kids, cause the longs cant. :-) ( just kidden , kinda ) Thanks, Anthony