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Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: StocksDATsoar who wrote (81594)	3/9/2001 10:47:33 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

You can go race with TMex, but his is older isn't it? tokyojoe.com

To: StocksDATsoar who wrote (81594)	3/10/2001 3:39:56 AM
From: Taki	Read Replies (2) \| Respond to of 150070

Trust Manager Recounts Brennan Handing Off Black Case of Bonds Trenton, New Jersey, March 9 (Bloomberg) -- An Isle of Man trust manager told federal jurors today that former stock promoter Robert E. Brennan handed him a black case full of easily transferable bonds just days before government regulators won a $75 million judgment against Brennan. Brennan, the founder of defunct First Jersey Securities Inc., is accused of filing a fraudulent bankruptcy petition after the Securities and Exchange Commission won that judgment in 1995. Prosecutors allege that Brennan failed to tell his creditors about the $3.8 million in bonds he handed Peter Bond of Valmet Group. Bond, whose firm had previously set up three trusts for Brennan, recalled meeting the fallen stock promoter at Brennan's horse farm in Colts Neck, New Jersey in June, 1995. At that meeting, Bond said, Brennan gave him the black case. ``He asked me to look after them, pending final instructions,'' Bond told federal jurors in Trenton. Bond, who testified under a grant of immunity and may be the government's most important witness, told Assistant U.S. Attorney Paul Weissman that he later learned that Brennan had filed for bankruptcy protection. The 13-count indictment against Brennan, who once was New Jersey's most prominent stock promoter, also accuses him of failing to disclose to creditors about $525,000 in casino chips that he cashed at a Las Vegas casino in September, 1995. Sailing, Flying In his opening argument this week, Weissman said Brennan sank $22 million into three trusts at Valmet and earned nearly $20 million in profit. While concealing money from his creditors, Brennan flew around the world, rented expensive yachts, and took cash deliveries from Valmet employees, Weissman argued. Bond, who testified today for 90 minutes and will return to the stand Monday, said that Valmet estimated Brennan's worth at between $200 million and $500 million when he came to the firm in 1992. ``He was an individual obviously of substantial means,'' Bond recounted. Brennan, who is a tenant on his former horse farm and has an oceanfront home in Juno Beach, Florida, claims he now has no money. During opening arguments, defense attorney Michael Critchley attacked Bond as a liar who laundered money for Russian corporations and stole money from his clients' trust funds. Critchley will begin cross-examining Bond next week. Secrecy Bond testified that he is selling his 46 percent stake in Valmet, one of hundreds of firms on the Isle of Man that establish trusts and corporations for clients craving secrecy. Valmet, he said, assigns clients to pre-existing corporations. Bond said his company typically will list its own employees as owners or directors to provide more secrecy to its clients. He told jurors how Valmet set up offshore accounts around the world so that outsiders could not pierce the corporate veil to discover who controlled companies. The arrangements also let clients take advantage of tax laws in different countries. Bond said that Valmet would not set up accounts for people engaged in ``heinous'' crimes, but that it was difficult to weed out people sheltering money from tax collectors. ``The gray area in our business has historically been tax and exchange control,'' Bond said. Bond said that his firm has tightened its standards in the past five years. Weissman asked how he would have reacted five years ago if someone set up a trust to evade taxes. ``We would not have been ecstatic, but neither would we have been jumping out the window,'' Bond said. Aside from his stock promotions, Brennan founded International Thoroughbred Breeders Inc., which formerly owned two New Jersey racetracks, Garden State Park and Freehold Raceway. His attorney said he also gave away more than $25 million to Seton Hall University and St. Benedict's Preparatory School in Newark, his two alma maters. © Copyright 2001, Bloomberg L.P. All Rights Reserved.