No Dude you are the MAN single handedly destroying GTT
I would not go that far - but i felt sumthing was not right, maybe one day it will go but if tom kennedy involved adn mackin and the chief - you can be rest asssured the sheep will follow.
I was a sheep for things that chief told me but then i saw the light abd ahahahaha GTT never been able to move again
ahhahahaahhahahah
Rule #1 Hedge yourself <vbg>
liars get what they deserve.
touts are my favorite,
Database of touts and their scams getting overloaded.
Crack Down! - The Securities & Exchange Commission in Action.
The Saga Of Jesse Hogan This was a slick and initially effective "pump & dump" program, but it came to an abrupt end at the hands of the SEC [02/18/2001].
A Question Of Trust Normally you can believe audited financial statements, but now and then...you can't! The SEC is cracking down on this!
Jonathan Lebed Revisited... Interesting issues are raised in a New York Times article about "the first minor ever to face proceedings for stock-market fraud." [02/25/2001]
SEC Enforcement Highlights
American Healthcare Providers Rips Off Internet Investors.
The SEC filed an injunctive action against a group of individuals associated with American Healthcare Providers for their roles in an Internet market manipulation. Basically, it was a plain old pump & dump. The group issued an extensive marketing campaign for the company and netted about $1.5 million in illegal gains. Specifically, the Company issued a series of false press releases indicating that it had acquired businesses which would result in millions of dollars of income, that it had entered into an $8 million contract to service thousands of New Yorkers and that it had just signed an $80 million contract with NYC. In fact, the Company's headquarters was in a NYC apartment of its CEO Arthur Wheeler and the Company had virtually no business operations. Perhaps most appalling is the fact that the Company issued "audited" financial statements for 1998.
Litigation Release No. 17104 August 16, 2001
It's not an IPO, its mail fraud.
The U.S. Attorney for Central California indicated Job Hovik on five counts of mail fraud and other charges. Allegedly Hovik established Medical Advantage, Inc. for the purpose of opening weight loss clinics throughout the U.S. He also assisted in the fraudulent solicitation of investors for the scheme. Among other things, he represented that Medical Advantage had 30 clinics when it only had three. He also represented that the company had completed or would soon complete an IPO. He also claimed that Tom Brokaw was a spokesman for the company and C. Everett Koop was on its Board. Most troubling for investors is that Hovik continued to make fraudulent representations to investors to obtain additional funds even through a permanent injunction had been entered against him to stop all such activities.
Litigation Release No. 17098 August 9, 2001
Church Investors Burned by False Wireless Technology.
The SEC filed a securities fraud complaint in the Northern District of California against PacketSwitch.Com that purportedly was developing a wireless Internet wireless technology whereby movies could be viewed through the Internet. The Company's President Steven Ristau sold $3.7 million worth of stock to over 700 investors, many of whom he knew through his relationships with large churches in the San Jose area. The Company's misrepresentations were numerous including a nonexistent billion-dollar contract with Republic of Korea and that it had, or was in the process of obtaining patents for its new technology. In fact, according to the SEC, it had no significant contracts, no revenue and no real product. Not surprisingly, Steven Ristau used a large portion of the money he raised for his own personal use including a $1.8 million home in San Jose, family vacations to Hawaii, $66,000 for past child support and luxury car payments, etc. One presumes the $1.8 million home isn't too close to the churches whose investors were scammed.
Litigation Release No. 17065 July 10, 2001
Investors Scammed for Almost $11 Million by Waco-Based Ponzi Scheme.
A Federal District Court for the Western District of Texas order Great White Marine & Recreation, Inc and its former president Alvis Colin Smith, Jr. be enjoined from engaging in securities fraud. The Company raised at least $10.8 million through the sale of unregistered shares by false statements in press releases, promotion materials, and website postings. According to the SEC, Great White was essentially a Ponzi scheme as $1 million in "dividend" payments were made. The Court disgorged Smith of his 2000 Jaguar, an interest in four other vehicles, three lake lots, his San Antonio townhouse, all his securities, certain Mexican assets and $1.5 million in cash. If Smith does not turn over these assets in 90 days then the Judge ordered that Smith make further disgorgement.
Litigation Release No. 17062 July 6, 2001
SEC Rules Apply to Rednecks.
The SEC filed a complaint in federal court in the District of Columbia against Redneck Foods, a California-based company that failed to file periodic reports with the SEC as required. The purpose of such requirements is to help ensure that investors current financial information about companies. Redneck didn't miss just one reporting requirement, instead it failed to file Annual Reports for the fiscal years ended December 31, 1998, 199 and 2000, six quarterly reports, and eight Notifications of Late Filing. Reckneck admitted to the violations and was ordered to file its delinquent reports by June 22, 2001.
Litigation Release No. 17030 June 7, 2001
500 clients Defrauded By Unregistered California Advisory Business.
The SEC obtained a temporary restraining order and asset free against Reed Slatkin who ran an unregistered investment advisory business located in Santa Barbara, California. His clients thought Slatkin was managing trading accounts for them in Switzerland. Instead, the SEC alleges that the Swiss accounts do not exist and it was a clear fraudulent scheme. It appears that his clients lost at least $10 million that he misappropriated. Among other things, Slatkin used the fund for country club and pool maintenance fees. The court order Slatkin not to destroy documents and to produce an accounting. Of course, this could be very difficult because the trading accounts were fictitious and similar to a Ponzi scheme he used almost $7 million of client funds to pay other clients.
Litigation Release No. 16998 May 11, 2001
Investors Burned by A Gateway to Non-Existent Securities.
The SEC filed a fraud action in federal court in the Northern District of Illinois against The Gateway Association and three individuals. Allegedly the defendants sold over $10 million in non-existent prime bank securities. The SEC alleged that from November 1997 through March 1999 the group solicited primarily Hispanic investors to invest in a fictitious prime bank trading program. Across the country, defendants described a guaranteed, risk-free, high yield trading program in which a $100,000 initial investment would yield $1,25 million in ten months. Unfortunately approximately 400 investors were duped to invest a total of more than $10 million in the program.
Litigation Release No. 16979 April 30, 2001
"Pump and dump" Canadian faces $2.8 million judgement.
Simon Rosenfeld, a Canadian lawyer was president and treasurer of Synpro Environmental Services. On a regular basis the Company falsely disseminated material information in the quarterly and annual reports. For example, the Company falsely overstated the value of its assets by claiming to own a $15 million property on the Isle of Rhodes. The Company made these false representations so that Rosenfeld could dump millions of unregistered shares of his personal holdings to unsuspecting investors. In this regard, Rosenfeld used a network of offshore corporations . He also provided stock and cash kickbacks to brokers and other stock promoters who would induce investors to purchase Synpro shares.
Litigation Release No. 16932 March 14, 2001
Investors lose $300 million in International Ponzi Scheme.
Michael Gause pled guilty to conspiracy, securities fraud and international money laundering in connection with a huge international Ponzi scheme. At least 1000 investors were duped over $300 million. Investors thought they were getting debt securities that would pay around 36%. They believe the funds they invested would be used for "car title loans" that would generated even higher interest. As with most Ponzi schemes, most of the proceeds were used to pay interest and principal to existing investors. Of course, Michael Gause, who operated the scheme in the Cayman Islands, kept some for himself.
Litigation Release No. 16931 March 13, 2001
Fraudulent Press Release by Pink Monkey Burns Investors.
The SEC filed fraud charges against Patrick Greene of Liberty and PinkMonkey.com, a company he founded, based on a fraudulent press release that caused a 950% increase in the price of PinkMonkey stock. PinkMonkey.com is an online publisher that offers education services, including literature study notes. In a November 1998 press release, the Company announced that the newly-formed company would quickly have a significant share in the $400 million study aids market. In fact, in 14 months of its operation the Company's total sales were only $30. After the press release, the price of PinkMonkey jumped to $13.50. Today its stock trades for about twenty cents a share.
Litigation Release No. 16919 February 28, 2001
Ponzi Scheme Costs Investors Millions.
The SEC filed a complaint against BryCar Financial and its president Bryan J. Egan for allegedly operating a fraudulent Ponzi scheme. The duped investors were lured with promises of "risk-free" investments in pre-IPO stock that would generate 500% returns. In additions the investors were told that the investments were guaranteed by bonds issued by Lloyds of London. BryCar also promised to pay all capital gains taxes on behalf of investors. In fact, the whole operation was no total scam. No securities were ever purchased and the investors' funds were used to pay for Egan family vacations, artwork, luxury automobiles and a deposit for a $1.5 million home in a country club development.
Litigation Release No. 16889 February 6, 2001
L.R. Release No. 16883
January 31, 2001
Prime Bank Fraud. A district Court for the Southern District of New York entered a judgement against H.D. Inc., a New Jersey company and St. Barth, a company registered in the Bahamas for securities fraud involving a "prime bank" scheme. The defendants obtained more than $1.7 million from individuals who thought they were investing in the trading of prime bank instruments. The investors were promised ten to fifty times their initial investments. As is often the case with such wild promises, the investors were told there was no risk. Not surprisingly, it was a total scam --the instruments were bogus and the promoters misappropriated the funds for their own benefit.
L.R. Release No. 16875
January 30, 2001
Investors Scammed by Fictitious IPO Pool. The SEC announced a civil fraud action against Barry J. Goodman of North Andover, Massachusetts and his company New England Capital Advisory Group. Allegedly Mr. Goodman defrauded clients of at least $800,000 by soliciting them to join a non-existent IPO pool that he claimed was making an overall profit of 40%. According to the SEC , the scheme was an affinity fraud targeting individuals of Middle Eastern descent. Instead of investing the funds in IPOs as promised, Goodman used the funds for his personal benefit, made payments to third parties and lost most of the money in risky daytrading.
L.R. Release No. 16845
December 28, 2000
Thank You for Helping Pay My Income Taxes. In the Central District of California the court granted an SEC motion for summary judgement against Telsys Communication, Home Shopping Partners and Eleazar I. Heracleopolis for seucirities fraud. The defendants raised over $1.1 million from the sale of HSP partnership interests. Targeted investors -- many of whom were elderly -- were told that the money would be used to operate an internet "shopping mall." In fact, Heracleopolis used most of the money to pay salaries for himself and his wife, make cash gifts to his mother and pay bills he owed the Internal Revenue Service. He also used some of the money to purchase and operate a Laundromat.
L.R. Release No. 16819
December 6, 2000
Fast Fraud and Fast Food. The SEC charged Mark R. Avala, Stephen R. Keenum and Pacific Crest Holdings of securities fraud in connection with the sale of $6.2 million in securities of Topaz 3, an entity formed to operate fast food restaurants in Los Angeles. Alleged the Defendants disseminated financial projections about the profitability of the restaurants that had no basis whatsoever because the restaurants were operating at a loss. In fact, over $1 million of the funds raised was used to pay investors associated with prior offerings made by Avala and Keenum.
L. R. Release No. 16813
November 30, 2000
This Payphone Doesn't Pay. The SEC took action against Charles E. Edwards and his ETS Payphones for alleged violations of the federal securities laws. A federal district court in Georgia found that Edwards sold investment contracts in the form of contracts involving coin-operated telephones. Investors were told to "watch the profits add up" while actually ETS always lost money. Perhaps the reason was that Edwards profited handsomely from the arrangement and ETS transferred more than $11.6 million in interest free loans to companies controlled by Edwards and he owned real estate valued in excess of $ 7 million. |
