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Non-Tech : GENI: GenesisIntermedia.com Inc -- Ignore unavailable to you. Want to Upgrade?

To: Brasco One who wrote (249)	8/30/2001 3:50:02 PM
From: StockDung	Respond to of 574

TV Commentator to Sell $350,000 of GenesisIntermedia (Update1) By David Evans Van Nuys, California, Aug. 30 (Bloomberg) -- Financial commentator Courtney Smith, who helped send shares of GenesisIntermedia Inc. soaring as he recommended them 18 times on CNN, CNBC and Bloomberg Television, will sell 20,000 of the shares he received secretly from the telemarketing company, for about $350,000, according to a regulatory filing. Bloomberg News reported in May that Genesis paid 216,000 shares, adjusted for a March split, to Smith through an associate, after Genesis acquired and wrote off a Web site developed by Smith. The stock, which Smith received in March 2000, is now worth more than $3 million. Smith recommended Genesis shares on the financial TV networks beginning in December 1999 and continuing as recently as March of this year. The shares have soared from $1.50 when he first touted them on television to $17.13 today. Genesis' disclosure of the stock payment in an April 2001 filing with the Securities and Exchange Commission made no mention of Smith, who became one of Genesis' largest outside stockholders when he received the shares. Genesis routed the shares to Smith through United Pacific Alliance, a tiny New York-based vitamin exporting company owned by Angela Chen, a friend of Smith, who said she played no other role in the transaction. Notice of Sale On Aug. 23, Smith filed a Form 144 notice of intended sale with the SEC for 20,000 Genesis shares, held in the name of Nexus Inc. The form lists the ``aggregate market value'' of the stock to be sold as $3.5 million. ``That was an administrative function of getting the stock on margin,'' said William Rubin, the UBS Paine Webber broker in Phoenix who is handling the transaction. Rubin said the $3.5 million includes the value of the Genesis shares that will be placed in a margin account, as security for loans. Nexus shares an office with Courtney Smith & Co. in room 1607 of 40 Exchange Place in the financial district of Manhattan, according to Julie Kostas, Smith's administrative assistant. She said Smith is traveling in England and not available for comment. Smith's signature on the Form 144 is dated May 21, two days before Bloomberg reported he received the stock. Three days earlier, Smith was interviewed by Bloomberg about his television recommendations and his relationship with Genesis. Yesterday, Rubin's assistant said the filing of the form and the stock sale were delayed by UBS Paine Webber executives for three months. Payment Smith, the 49-year-old editor of Wall Street Winners newsletter, said in a May interview that he still owned the Genesis shares. No currently available public records link Smith to the Web site, DoWebsites.com. Smith said the stock was payment for the Web site he sold to Genesis on March 29, 2000. Genesis wrote off its purchase price by year-end 2000, according to its SEC filing. The site, which Genesis recently revived, consists primarily of links to unrelated sites. Until the end of last year, Smith was employed by the Orbitex Group of Companies. He was chief investment officer for Oribitex Management from 1997 until December 1999. He then served as global strategist for Orbitex Global, with headquarters in Zurich, until Dec. 31, 2000. Genesis, which has a market value of about $400 million, had a negative net worth of $9.3 million as of June 30. The company's loss widened to $15.7 million in the first half of 2001, from $12.5 million in the year-earlier period. Sales rose to $24.9 million from $14.8 million. Genesis lost $33.5 million in 2000, on sales of $42.3 million. Revenue Most of Genesis' revenue comes from telemarketing and infomercials for products including Ab Twister exercise machines and tapes with advice on love and personal finance. The Centerlinq division of Genesis, which operates Internet kiosks in more than 30 shopping malls, lost $4.8 million on sales of $350,154 in the first half. Earlier this month, Bloomberg reported that a fund managed by Orbitex purchased 500,000 shares from Saudi financier and arms dealer Adnan Khashoggi, the largest outside shareholder of Genesis, at $14 a share, a 21.7 percent discount to the market price, in a private transaction on July 1. Within eight days, Khashoggi replaced about half the shares at full price. Khashoggi's Ultimate Holdings Ltd. began investing in Genesis on Feb. 24, 2000, buying 4,800 shares at a split-adjusted price of $5.50. The next day, Genesis soared 70 percent after Smith recommended it on CNBC television as his ``Double Your Money'' stock pick. Oribtex Management President Richard Stierwalt said Smith played no role in the transaction. The fund that acquired the Genesis stock, Orbitex Communications & Information Technology Fund, is one of the worst performing mutual funds tracked by Bloomberg analytics. The fund underperformed 99 percent of all funds over the past 12 months, losing 80 percent of its value. On July 2, Genesis paid financier Carl Icahn $275,000 to help it raise cash for acquisitions. In return for a ``conditional commitment'' for a $100 million line of credit, Icahn also received Genesis stock options then worth more than $74 million. No loans have been announced to date.

To: Brasco One who wrote (249)	8/31/2001 4:08:46 PM
From: StockDung	Respond to of 574

DER STANDARD: INVESTIGATIONS IN VIENNA FOLLOWING MASSIVE INVESTMENT FRAUD -- (RIESIGER ANLAGEBETRUG: SPUREN NACH WIEN) -------------------------------------------------------------------------------- Story Filed: Tuesday, August 21, 2001 2:02 AM EST Aug 21, 2001, (Der Standard /FT Information via COMTEX) -- The FBI has uncovered an international investment fraud ring, thought to have incurred damages calculated at 1.1bn euros, according to a press source. Employees of stockbrokerage General Commerce Bank (formerly WMP Bank), which is operative in Austria among other countries, are suspected of having pushed up the prices of worthless shares before selling them to thousands of customers. It is reported that, 10 days ago, the FBI arrested 81 suspects, largely Europeans, in Bangkok (Thailand). It is not known whether there is a link with the recent arrests in Austria, of persons connected with the General Partners group (formed from the WMP Bank and Residenz Real), including the arrest of Vienna stockbroker Wolfgang Kossner. Copyright 2001: Financial Times Information, Dow Jones, Dialog KEYWORD: Thailand Asia South East Asia Austria Europe European Union Western Europe Vienna INDUSTRY KEYWORD: Securities Brokerage. Commercial Banking. Police Protection. SUBJECT CODE: Company News Human Resources & Employment Crimes General News Copyright © 2001, Financial Times World Media Abstract Service: European, all rights reserved library.northernlight.com

To: Brasco One who wrote (249)	9/1/2001 10:20:59 AM
From: StockDung	Respond to of 574

GLOBAL CAPITAL PARTNERS IS SELLING SUTTON ONLINE TO IKOM VENTURES WHICH IS CONTROLLED BY IAN RICE ITS LARGEST SHAREHOLDER. GLOBAL CAPITAL PARTNERS AS I HAVE PREVIOUSLY POSTED WAS HEAVILY INVOLVED IN KHASHOGGI'S WMP BANK A/K/A. GENERAL COMMERCE BANK AG. WMP BANK IS UNDER FBI INVESTIGATION FOR RUNNING A WORLD WIDE BOILER ROOM RING. 4 PEOPLE ARE IN JAIL BECAUSE OF MASSIVE FRAUD AT THE BANK.IKOM VENTURES WAS PREVIOUSLY KNOW AS MYWEB AND PRIOR TO THAT ASIA MEDIA COMMUNICATIONS. WHEN THE DEAL CLOSES ON SUTTON ONLINE AN UNKNOW ENTITY IS SUPPOSED TO BE BUYING OVER 30% OF THE COMPANY. REGIS POSSINO THE CONMAN IS INVOLVED WITH GLOBAL CAPIPITAL PARTNERS WHICH BTW ACCESS1FINANCIAL AND MARK BERGMAN PUT ON A STRONG BUY ON GCAP RIGHT BEFORE THE STOCK NOSEDIVED. HERE IS A STORY THAT MENTIONS IAN RICE. Russian mafia in double vodka share scam By Michael Gillard The threat to the City of London from the godfathers of Russian organised crime is not restricted to money laundering through its banks as indicated by the recent Bank of New York investigation. The Express can today reveal how the Russian mafia was involved in an attempt to make millions from two companies listed on the London and New York stock markets. A Russian crime group wanted to exploit the companies to sell one of Russia's most popular brands of vodka which promoted international sales by sponsoring a Formula One motor racing team, international tennis tournaments and other sporting events that were unaware of their real benefactors. However, investigations by American stock market regulators and the Belgian police exposed the involvement of the Russian mob, leading to the collapse of both deals. At the heart of the scheme was an Antwerp-based company which then owned the rights to Kremlyovskaya vodka. Antwerp is a major centre for Russian organised crime groups attracted by its diamond business. Kremlyovskaya Group was controlled by a syndicate of mainly Russian businessmen headed by Riccardo Fanchini. Fanchini's Russian contacts had close connections to the circle around Russian president Boris Yeltsin. This facilitated a legitimate deal to export the "Kremlin's vodka" to Russia under a partnership with Moscow's National Sports Foundation which received a royalty from every bottle sold. The foundation was supposed to use the royalties from importing tax-free alcohol to fund Russian sport. Instead it became a magnet for the mobsters. Its director survived an assassination attempt in 1996 only to die mysteriously this year. Fanchini, 43, came to Belgium from the "Little Odessa" neighbourhood of Brooklyn, the centre for the Russian mafia in New York. Kremlyovskaya Group was formed in 1992, two years after the vodka was launched. In March 1996 Fanchini and friends negotiated for the company to be injected into a NASDAQ-listed "shell" company, Asia Media Communications. They were to receive 89million AMC shares. Internal documents seen by The Express show it was intended to raise up to $100million by loans and further share sales to finance a Russian vodka distillery and the export of cigars, chocolates and other luxury goods to Russia. Most of the AMC shares were to go to a maze of offshore companies in various tax havens. Some of these companies were managed by a London-based company administrator who declined to be interviewed by the Belgian police about his work for Russian gangsters. Investigators believed their secret aim was a "pump and dump" scam whereby the AMC share price would have been grossly inflated, enabling the offshore companies to unload equity and cash while at the same time the vodka business provided an opportunity to launder money. Sergei "Mikhas" Mikhailov, the leader of Moscow's Solntsevo organisation, the largest Russian crime group, who has substantial interests in Belgium, and fellow Russian godfather Semion Mogilevich, who featured in last night's BBC-TV Panorama programme, carried out a similar operation with YBM Magnex. This Canadian-listed "shell" company acquired magnet businesses in Eastern Europe. YBM was worth £400million on the Toronto stock market before the bubble burst last year when the FBI raided its headquarters. Mogilevich money from YBM was among the $10billion laundered through the Bank of New York. In July 1996 it was announced that Greenhills, a "shell" company listed on the AIM market in London, was to acquire the rights to sell Kremlyovskaya in Britain, Ireland and Cyprus. Greenhills was to take over Russian Dawn, a private British company that had acquired these rights, for up to £1.35million to be paid in Greenhills shares. The major vendor of Russian Dawn was London-based Australian businessman Ian Rice, the controlling shareholder and chairman of AMC before the proposed Kremlyovskaya Group deal. Attempts to contact Rice, who is not suspected of any wrongdoing, were unsuccessful. But in mid-August 1996 the AMC deal collapsed due to what Rice called a "mutual mistake". AMC disclosed there had been "breaches of certain of the representations and warranties" made by Fanchini and the other vendors of Kremlyovskaya Group. As a result suitably audited statements could not be produced to satisfy the US Securities & Exchange Commission watchdog. A day after the purchase of Kremlyovskaya Group was rescinded, the Greenhills deal also collapsed. Rice and the other vendors of Russian Dawn said they no longer wanted to proceed. Greenhills went into liquidation later in 1996. Russian Dawn collapsed in 1997 with debts of £250,000. Kremlyovskaya Group became bankrupt in December 1996. The vodka is now sold by an unrelated company and owners. Fanchini was convicted earlier this year in Antwerp of bankruptcy fraud in relation to the company's collapse. He was given a two-year prison sentence, most of it suspended. Two associates were also convicted. Others, including director Yacov Tilipman, remain wanted in Belgium. Next month Fanchini will appeal against his conviction while prosecutors will appeal against his acquittal on money-laundering charges on the basis of new information about the Kremlyovskaya scam. © Express Newspapers, 1999 google.com Thursday July 5, 9:43 am Eastern Time Press Release Ikon Ventures, Inc. to Acquire Sutton Online, Inc. MELVILLE, N.Y.--(BUSINESS WIRE)--July 5, 2001--Ikon Ventures, Inc. (OTCBB:IKNV - news) announced that it has entered into a definitive agreement to acquire all of the issued and outstanding capital stock of Sutton Online, Inc., a private company formed in April 1999, that develops and markets worldwide trading solutions, in exchange for a controlling interest in Ikon. Pursuant to the agreement, Sutton Online would become a wholly owned subsidiary of Ikon, and Ikon would issue to the stockholders of Sutton Online shares of Ikon common stock, which upon completion of the transaction, would constitute approximately 78% of the total then issued and outstanding shares of Ikon common stock. In addition, the current officers and directors of Ikon would resign and, subject to compliance with applicable laws, it is expected that Sutton Online's current management will be appointed to fill the vacancies. Sutton Online is an innovative, Direct Access software company that provides online solutions to individuals, broker/dealers, and financial companies worldwide. Sutton Online provides a turnkey solution comprising of front-end software, trade routing and back-office management applications. GlobalDAT(TM), a unique proprietary technology owned by Sutton Online, connects European and American Stock Exchanges and ECN's through one user interface for share dealing. The agreement has been executed by three stockholders of Sutton Online, Jonathan D. Siegel, the Chief Executive Officer of Sutton Online, Gregory Frank, the President of Sutton Online, and Global Capital Partners, Inc., the principal stockholder of Sutton Online.</v> These stockholders own in the aggregate approximately 75% of the total outstanding shares of Sutton Online. In connection with the agreement, Ikon issued a convertible promissory note to an unaffiliated accredited investor in the amount of $100,000. The note provides for mandatory conversion into 25,000 shares of Ikon common stock upon completion of the Sutton Online transaction and, if such transaction is not completed for any reason, payment of the principal thereof, together with interest at the rate of 8% per annum, is payable on demand. The proceeds from the sale of the convertible note were loaned by Ikon to Sutton Online. If for any reason the Sutton Online transaction is not completed, the loan to Sutton Online is repayable in one year. Completion of the transaction is subject to the fulfillment of various conditions, including: (a) Ikon having a liquid net worth at closing of no less than $400,000, (b) signature of the definitive agreement by all of the other stockholders of Sutton Online, including holders of certain outstanding indebtedness of Sutton Online that must be converted into Sutton Online stock prior to the closing, and (c) the sale by Global Capital Partners, on such terms as may be agreed, of at least 2,684,000 of its Sutton Online shares (representing approximately 45% of the current total issued and outstanding shares of Sutton Online) to Jonathan D. Siegel, Gregory Frank and/or such other purchasers as may be acceptable to Global Capital Partners. No assurance can be given, however, that these and the other conditions to closing will be satisfied or that the acquisition will be completed. If the conditions to closing have not been satisfied, and the closing has not occurred by August 17, 2001, then any party to the definitive agreement will have the right to terminate the agreement. Ikon, having sold all its operations in March 1999, since such date has engaged solely in the business of seeking investment opportunities. If the Sutton Online transaction is not completed, no assurance can be given that Ikon will be able to identify and consummate another business combination. Forward-looking Statement: The Private Securities Litigation Reform Act of 1995 provides a ``safe harbor'' for forward-looking statements. Certain information included in this news release (as well as information included in oral statements or other written statements made or to be made by IKON Ventures, Inc.) contain statements that are forward-looking, such statements related to consummation of the transaction, anticipated future revenues of the companies and success of current product offerings. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of IKON Ventures, Inc. For a description of additional risks and uncertainties, please refer to IKON Ventures, Inc. filings with the Securities and Exchange Commission, including Forms 10K and 10Q. -------------------------------------------------------------------------------- Contact: Ikon Ventures Inc., Scottsdale, Ariz. Ian Rice, 480/945-2232 google.com q=cache:KdVl2LK59V0:biz.yahoo.com/bw/010705/2092.html+%22Ian+Rice%22+sutton+online&hl=en

To: Brasco One who wrote (249)	9/1/2001 10:42:13 AM
From: StockDung	Respond to of 574

Ian Rice google.com Mr. Ian Rice, Executive Chairman of WSS, has been Chairman and Chief Executive Officer of Ikon Ventures, Inc. since June 1997. Ikon produces a range of environmentally friendly specialty chemical products. From January 1994 to October 1996, he was Chairman of the Board of Directors and President of Asia Media Communications Ltd., a holding company in Switzerland. From 1985 to the present, Mr. Rice has been a director of Sigma Limited, SA, an investment firm in Switzerland. Mr. Rice was a founder, and from 1987 to 1992 served as Director of Navan Resources plc., an Irish public company which owns and operates gold, copper and industrial mines in Hungary and Bulgaria. From 1992 until November 1994, Mr. Rice was a Director of Rare Earth Resources Ltd., a publicly held Canadian corporation engaged in the mining business. From 1972 to 1980, Mr. Rice developed, operated and was Chairman of the Board of Directors and the majority stockholder of Dairy Bell Ice Cream Pty Ltd., an Australian ice cream manufacturing and distribution company. From 1969 to 1972 Mr. Rice was a major franchisee of Kentucky Fried Chicken in Australia. His knowledge of the international capital markets has substantially contributed to the successful development and funding of early stage companies throughout the world. Charles Payne, Chief Executive Officer, Principal Analyst and Director of WSS: Charles Payne started Wall Street Strategies in 1990. He is the principal analyst, market technician and editor of all product communications. His analysis includes both the overall market as well as individual stocks from both a long-term and a short-term perspective. He is also the Company's media spokesperson. Prior to starting the Company, he worked as an analyst creating daily reports focused on the needs of short-term investors. His professional career began over 15 years ago at Dean Witter (MWD) as a Compliance Analyst before receiving his Broker license in 1986, when he began the identification of individual stock ideas for his clients. --------------------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION LITIGATION RELEASE NO. 15371 / May 22, 1997 ACCOUNTING AND AUDITING ENFORCEMENT RELEASE NO. 915 / May 22, 1997 SEC v. MEMBERS SERVICE CORPORATION, et al., 97-CV-01146 (May 22, 1997) United States District Court for the District of Columbia The Securities and Exchange Commission today filed a civil action in the U.S. District Court for the District of Columbia against Members Service Corporation, Philip Sung, John R. Silseth II, Union Securities Ltd., David Gilbert, Todd H. Moore, Charles V. Payne, Wall Street Strategies, Inc., Joseph Lanza, and Kenneth O'Neal alleging violations of the antifraud, registration, and reporting provisions of the federal securities laws. Members, which was based in Winter Park, Florida, purported to acquire and operate private companies engaged in various businesses, including oil and gas production, the sale of cellular fax machines, and the development of a synthetic blood substitute. The complaint alleges that, beginning in 1992, certain defendants issued false and misleading press releases, prepared false and misleading financial statements, and made undisclosed payments to salesmen and others to manipulate the price of Members stock from $2.50 to a high of $12 per share. According to the complaint, the scheme began when stock promoter Sung and Arthur Feher, Jr., the now-deceased former president of Members, obtained 1.4 million shares of unregistered Members stock in sham transactions designed to circumvent the registration provisions of the federal securities laws. In one transaction, Feher allegedly caused Members to issue 200,000 shares to his nominee, a 96-year-old retired nursemaid who lived with him in Florida. In an effort to invoke Regulation S, which provides exemption from registration for sales made abroad, Feher allegedly caused Members to issue the stock to the woman as payment for consulting services that she had not performed, and moreover caused records to reflect that she lived abroad. The complaint alleges that the unregistered stock was deposited in nominee accounts at Union Securities in Vancouver, British Columbia, where Gilbert worked as a stockbroker. The complaint alleges that Sung, Feher, Moore, Lanza, and Gilbert met in Boca Raton in May 1992 and agreed to undertake a series of actions to raise Members' share price artificially, to sell more than one million shares of unregistered Members stock that Sung and Feher controlled at Union Securities, and to share the proceeds from the sales. Members thereafter allegedly issued various false and misleading press releases about its involvement with companies that were developing synthetic blood and producing oil and gas. The complaint alleges that, in one press release, Members falsely stated ======END OF PAGE 1====== that it had acquired a synthetic blood company when, in fact, it had not. In another press release, Members allegedly predicted that drilling on its oil and gas properties would generate substantial revenues, but the release failed to disclose that there was no reasonable basis for the prediction. As part of the alleged scheme, Moore and Payne caused Wall Street Strategies, a New York investment adviser, to recommend the purchase of Members stock to its clients, and Lanza recommended the purchase of Members stock to others. According to the complaint, Wall Street Strategies, Payne, and Moore failed to disclose the compensation that they received for promoting the stock. The complaint alleges that Lanza was paid at least $540,000, that Moore was paid $282,000, and that Payne was paid nearly $70,000 for promoting the stock. The complaint also alleges that First New England Securities, a Boca Raton brokerage firm that Silseth controlled, sold Members stock to customers at prices that included excessive, undisclosed compensation to the brokers. The complaint further alleges that, as part of the scheme, Sung provided Silseth with several hundred thousand dollars to help finance the operations of First New England. The complaint alleges that Sung, Feher, Silseth, Moore, and Lanza obtained illegal profits of more that $5 million from sales of unregistered Members stock into the manipulated market. In addition, according to the complaint, Union Securities and Gilbert received approximately $350,000 in commissions for transactions in Members stock. The complaint alleges that O'Neal, who was then a certified public accountant, participated in deficient audits of Members' financial statements for 1991 and 1992. According to the complaint, the financial statements materially overstated Members' assets and materially understated Members' liabilities. The complaint alleges that O'Neal knew, or was reckless in not knowing, that the audits were deficient and that Members' financial statements had not been prepared in accordance with professional standards. The complaint alleges that Members, Sung, Silseth, Moore, Union Securities, Gilbert, and Lanza violated Sections 5(a), 5(c) and 17(a) of the Securities Act, Section 10(b) of the Exchange Act, and Rule 10b-5. The complaint also alleges that Members made materially false and misleading filings with the Commission in violation of Section 13(a) of the Exchange Act and Rules 12b-20 and 13a-1. In addition, the complaint alleges that O'Neal violated Section 10(b) of the Exchange Act and Rule 10b-5, that Sung failed to disclose his beneficial ownership of 5% of Members stock in violation of Section 13(d) of the Exchange Act and Rule 13d-1, and that Wall Street Strategies and Payne violated Section 17(b) of the Securities Act. The complaint seeks disgorgement of illegal profits, civil penalties, and permanent injunctions against further violations. See also Lit. Rel. No. 14901 (May 6, 1996); Accounting and Auditing Enforcement Rel. No. 779 (May 6, 1996). ======END OF PAGE 2======

To: Brasco One who wrote (249)	9/1/2001 10:49:13 AM
From: StockDung	Respond to of 574

Whats wrong with the the street.com to be interviewing such individuals as Charles Payne Super Wednesday? Good Enough, Say Longs, as Major Indices Rise By Aaron L. Task Senior Writer 3/8/00 4:34 PM ET Gotta Have Faith "Even at the Nasdaq's nadir, few market players believed the action suggested blue-chips would revive at the expense of tech names for long. Charles Payne, chief analyst at Wall Street Strategies, recalled that the last time the Dow dipped below 10,000, the Nasdaq took a bit of a powder before storming back in earnest. "You saw some bargain-hunters coming out with drugs the biggest beneficiaries. But I don't think the game has changed," Payne said. "In a couple of days more of the buying and cash flow will be redirected back into the Nasdaq." That desire reasserted itself today. Gains by bellwethers such as Microsoft (MSFT:Nasdaq - news - boards) and MCI WorldCom (WCOM:Nasdaq - news - boards) helped the Comp overcome weakness in tech stalwarts such as JDS Uniphase (JDSU:Nasdaq - news - boards) and Ciena (CIEN:Nasdaq - news - boards). The Nasdaq 100 rose 1.3%. Yesterday's dichotomy between P&G and Network Solutions (NSOL:Nasdaq - news - boards) is the "snapshot that told the story" of why investors just can't stay away from the Comp, Payne said. "The reality is, I can find value all day long [on the Big Board] but people want instant gratification. They want to make money." UNITED STATES SECURITIES AND EXCHANGE COMMISSION LITIGATION RELEASE NO. 15371 / May 22, 1997 ACCOUNTING AND AUDITING ENFORCEMENT RELEASE NO. 915 / May 22, 1997 SEC v. MEMBERS SERVICE CORPORATION, et al., 97-CV-01146 (May 22, 1997) United States District Court for the District of Columbia The Securities and Exchange Commission today filed a civil action in the U.S. District Court for the District of Columbia against Members Service Corporation, Philip Sung, John R. Silseth II, Union Securities Ltd., David Gilbert, Todd H. Moore, Charles V. Payne, Wall Street Strategies, Inc., Joseph Lanza, and Kenneth O'Neal alleging violations of the antifraud, registration, and reporting provisions of the federal securities laws. Members, which was based in Winter Park, Florida, purported to acquire and operate private companies engaged in various businesses, including oil and gas production, the sale of cellular fax machines, and the development of a synthetic blood substitute. The complaint alleges that, beginning in 1992, certain defendants issued false and misleading press releases, prepared false and misleading financial statements, and made undisclosed payments to salesmen and others to manipulate the price of Members stock from $2.50 to a high of $12 per share. According to the complaint, the scheme began when stock promoter Sung and Arthur Feher, Jr., the now-deceased former president of Members, obtained 1.4 million shares of unregistered Members stock in sham transactions designed to circumvent the registration provisions of the federal securities laws. In one transaction, Feher allegedly caused Members to issue 200,000 shares to his nominee, a 96-year-old retired nursemaid who lived with him in Florida. In an effort to invoke Regulation S, which provides exemption from registration for sales made abroad, Feher allegedly caused Members to issue the stock to the woman as payment for consulting services that she had not performed, and moreover caused records to reflect that she lived abroad. The complaint alleges that the unregistered stock was deposited in nominee accounts at Union Securities in Vancouver, British Columbia, where Gilbert worked as a stockbroker. The complaint alleges that Sung, Feher, Moore, Lanza, and Gilbert met in Boca Raton in May 1992 and agreed to undertake a series of actions to raise Members' share price artificially, to sell more than one million shares of unregistered Members stock that Sung and Feher controlled at Union Securities, and to share the proceeds from the sales. Members thereafter allegedly issued various false and misleading press releases about its involvement with companies that were developing synthetic blood and producing oil and gas. The complaint alleges that, in one press release, Members falsely stated ======END OF PAGE 1====== that it had acquired a synthetic blood company when, in fact, it had not. In another press release, Members allegedly predicted that drilling on its oil and gas properties would generate substantial revenues, but the release failed to disclose that there was no reasonable basis for the prediction. As part of the alleged scheme, Moore and Payne caused Wall Street Strategies, a New York investment adviser, to recommend the purchase of Members stock to its clients, and Lanza recommended the purchase of Members stock to others. According to the complaint, Wall Street Strategies, Payne, and Moore failed to disclose the compensation that they received for promoting the stock. The complaint alleges that Lanza was paid at least $540,000, that Moore was paid $282,000, and that Payne was paid nearly $70,000 for promoting the stock. The complaint also alleges that First New England Securities, a Boca Raton brokerage firm that Silseth controlled, sold Members stock to customers at prices that included excessive, undisclosed compensation to the brokers. The complaint further alleges that, as part of the scheme, Sung provided Silseth with several hundred thousand dollars to help finance the operations of First New England. The complaint alleges that Sung, Feher, Silseth, Moore, and Lanza obtained illegal profits of more that $5 million from sales of unregistered Members stock into the manipulated market. In addition, according to the complaint, Union Securities and Gilbert received approximately $350,000 in commissions for transactions in Members stock. The complaint alleges that O'Neal, who was then a certified public accountant, participated in deficient audits of Members' financial statements for 1991 and 1992. According to the complaint, the financial statements materially overstated Members' assets and materially understated Members' liabilities. The complaint alleges that O'Neal knew, or was reckless in not knowing, that the audits were deficient and that Members' financial statements had not been prepared in accordance with professional standards. The complaint alleges that Members, Sung, Silseth, Moore, Union Securities, Gilbert, and Lanza violated Sections 5(a), 5(c) and 17(a) of the Securities Act, Section 10(b) of the Exchange Act, and Rule 10b-5. The complaint also alleges that Members made materially false and misleading filings with the Commission in violation of Section 13(a) of the Exchange Act and Rules 12b-20 and 13a-1. In addition, the complaint alleges that O'Neal violated Section 10(b) of the Exchange Act and Rule 10b-5, that Sung failed to disclose his beneficial ownership of 5% of Members stock in violation of Section 13(d) of the Exchange Act and Rule 13d-1, and that Wall Street Strategies and Payne violated Section 17(b) of the Securities Act. The complaint seeks disgorgement of illegal profits, civil penalties, and permanent injunctions against further violations. See also Lit. Rel. No. 14901 (May 6, 1996); Accounting and Auditing Enforcement Rel. No. 779 (May 6, 1996). ======END OF PAGE 2======

To: Brasco One who wrote (249)	9/1/2001 10:54:05 AM
From: StockDung	Respond to of 574

Continental Capital Equity Corporation ties to Wall Street Strategies and Ian Rice. WALL STREET STRATEGIES CORPORATION AND SUBSIDIARY WASHINGTON, D.C. 20549 FORM 10-QSB/A- MARCH 31, 2000 On February 9, 2000, the Company issued to Continental Capital Equity Corporation ("CCEC"), a sophisticated investor, 30,000 shares of common stock as compensation for services to be rendered by CCEC to the Company pursuant to a Market Access Program Marketing Agreement dated January 26, 2000. The Company also issued to CCEC an option to purchase an additional 100,000 shares of common stock at prices ranging from $10.00 to $16.00 per share. The common stock issuance and option grant were measured using the share price of $14.00 on January 26, 2000 and was accounted for as unearned compensation in the amounts of $420,000 and $870,000, respectively. The $1,290,000 is being charged to operations ratably over the twelve-month period of the agreement. Approximately $226,000 has been charged to operations for the three months ended March 31, 2000. google.com

To: Brasco One who wrote (249)	9/1/2001 12:53:04 PM
From: StockDung	Respond to of 574

GenesisIntermedia Slows Kiosk Growth as Losses Mount By David Evans Van Nuys, California, Aug. 31 (Bloomberg) --GenesisIntermedia Inc., a money-losing telemarketing firm, canceled a nine-month-old contract to deploy its Centerlinq Internet kiosks at 27 shopping malls operated by Macerich Co. after placing the kiosks at three locations, according to a regulatory filing. The Centerlinq business, which operates the kiosks in 32 shopping malls in 18 states, lost $4.8 million on revenue of $350,154 in the first half. ``We're only doing malls in the top-20 markets now,'' said Ramy El-Batrawi, GenesisIntermedia chief executive, in an interview. Adnan Khashoggi, the Saudi arms dealer and financier, owns 37.3 percent of the Van Nuys, California-based company. The cancellations include sites in at least three malls in Los Angeles, the nation's second largest market -- the Westside Pavilion, Los Cerritos Center and Stonewood Center. Santa Monica, California-based Macerich released Genesis from its obligation to rent additional space in exchange for warrants to buy Genesis shares with an intrinsic value of $2.4 million. Macerich received 200,000 five-year warrants to buy Genesis stock at $5 a share. Genesis fell 50 cents to $17.17, giving the company a market value of $400 million. As recently as two weeks ago, Genesis said it planned to spend $15 million to $20 million over the next 18 months to expand its Centerlinq network, even as it reported continuing losses and a negative net worth of $9.3 million as of June 30. Kiosks The three Macerich malls with Centerlinq kiosks are Santa Monica Place in California, Lakewood Center in Los Angeles and Valley View in Dallas. In the Centerlinq business, the company installs 14 to 18 free-standing kiosks in each mall. They give shoppers free Internet access and display commercials on large-screen plasma televisions, spending between $200,000 and $300,000 to outfit each mall, said El-Batrawi in an April conference call with investors. The company's loss widened to $15.7 million in the first half of 2001, from $12.5 million in the year-earlier period. Sales rose to $24.9 million from $14.8 million. Genesis lost $33.5 million in 2000, on sales of $42.3 million. On July 2, Genesis paid investor Carl Icahn $275,000 to help it raise cash for acquisitions. In return for a ``conditional commitment'' for a $100 million line of credit, Icahn also received Genesis stock options then worth more than $74 million. No loans from Ichan have been announced.

To: Brasco One who wrote (249)	9/1/2001 1:33:19 PM
From: StockDung	Respond to of 574

YET ANOTHER STRATTON OAKMONT FRAUDULENT BOILER ROOM PROMOTER TIED TO REGIS POSSINO/"CORPORATE FINANCIAL ENTERPRISES", OSIN, POCO, WSST, AFTI, TEVT, CNES, LXTI, AND THTH Personal Quote: Every time I held a rose, it seems i only felt the torns Robert William Koch, II (Registered Representative, Katonah, New York) submitted an Offer of Settlement pursuant to which he was censured, suspended from association with any NASD member in any capacity for two years, and required to requalify by exam prior to becoming associated with any member firm. Without admitting or denying the allegations, Koch consented to the described sanctions and to the entry of findings that he made baseless and improper price predictions pertaining to highly speculative securities and engaged in unauthorized trading in a customer's account. The findings also stated that Koch improperly discouraged or refused to execute sell orders, improperly promised to limit losses, and made false and misleading disclosures as to risk. Furthermore, the NASD determined that Koch made false and misleading statements as to an issuer and falsely claimed access to inside information. nasdr.com Registrant: Dailyfinancial.com (DAILYFINANCIAL-DOM) 324 Jay Street Katonah, NY 10536 US Domain Name: dailyfinancial.com Enter amount Administrative Contact, Billing Contact: Bob, Koch (BK6550) rwkice@AOL.COM Dailyfinancial.com 324 Jay Street Katonah, NY 10536 (877)285-5587 Technical Contact: Harris, Lee (LH1027) lee@HARRISNET.COM Harris Media 57 East 11th Street, 9th Floor New York, NY 10003 212-822-8840 (FAX) 212-208-4607 Record last updated on 07-Mar-2001. Record expires on 25-Feb-2003. Record created on 25-Feb-1999. Database last updated on 1-Sep-2001 03:10:00 EDT. Domain servers in listed order: RE:OSIN, rwk stands for Robert W Koch, Former Stratton Oakmont Principal Registrant: Dailyfinancial.com (DAILYFINANCIAL-DOM) 324 Jay Street Katonah, NY 10536 US Domain Name: dailyfinancial.com Enter amount ( Administrative Contact, Billing Contact: Bob, Koch (BK6550) rwkice@AOL.COM Dailyfinancial.com 324 Jay Street Katonah, NY 10536 (877)285-5587 For Release: Contact: Other Contact: Thursday, October 16, 1997 Nancy A. Condon - (202) 728-8379 Barry R. Goldsmith - (202) 974-2850 NASD Regulation Brings Sales Practice Charges Against 33 Former Stratton Oakmont Principals and Brokers Washington, D.C.¾ NASD Regulation, Inc., today announced that it has filed disciplinary charges against 33 former principals, brokers, and employees of the now defunct Long Island brokerage firm of Stratton Oakmont, Inc. The firm was expelled from the National Association of Securities Dealers, Inc. (NASD) in December 1996 because it posed "an on-going risk to the investing public." Today’s complaint, which alleges a wide range of serious sales practice violations by 33 individuals, is one of the largest complaints of its type ever brought by NASD Regulation and results from a continuing investigation into Stratton Oakmont’s operations. The complaint alleges that 33 individuals, who were based at Stratton Oakmont’s headquarters in Lake Success, N.Y., engaged in a number of fraudulent sales practices and other misconduct from 1993 through 1996. NASD Regulation also alleges that in many instances, Stratton Oakmont used prepared scripts (six of which are part of the complaint) as part of their aggressive telemarketing efforts to sell speculative securities. Today’s complaint identifies at least 70 specific customers who were allegedly victimized through fraudulent practices including: unauthorized trading; baseless or improper price predictions; inadequate or inaccurate risk disclosure; churning and excessive trading; sale of unsuitable investments to risk-averse customers; advising customers to disregard information in prospectuses; falsely promising to limit losses to a specific amount; claiming access to inside information; making false statements regarding specific securities and issuers; making improper comparisons to other stocks; tying the purchase of initial public offerings to a commitment to buy stock in the aftermarket; guaranteeing customers against loss; promising to make up losses with new trades; refusing to execute or aggressively discouraging orders to sell stocks; use of false and misleading scripts; supervision failures; falsifying account documentation; failing to appear for testimony before the NASD; and lying during testimony. The complaint names the following principals: Daniel M. Porush – President and principal owner. Michael J. Albino – Director of Supervision. Andrew T. Greene – Executive Vice President and Director of Corporate Finance. Howard S. Gelfand Jordan Shamah Named brokers include: Chad J. Beanland Eric Blumen Ira A. Boshnack Stephen G. Buxton Andrew S. Friedman Dean S. Friedman Kenneth J. Fuina Daniel J. Gallagher James W. Garofalo Jr. Paul J. Greco David S. Heredia Robert W. Koch II Thomas A. Niemczyk George Patsis Michael J. Raskin Frank Riccuiti Jr. Richard L. Ringel Robert J. Rosato Peter T. Rubenstein Lawrence T. Smith Robert F. Smith Edward C. Sparacio Michael A. Taliercio Joseph Teseo Peter T. Tsadilas Bonnie C. Vandenberg April Wiener The complaint names the following research analyst: Clifford B. Olshaker Prior to its expulsion by NASD Regulation, Stratton Oakmont and its principals were repeatedly fined, censured and, in some cases, barred by federal and state securities regulators. Since June 1989, the firm and its principals have been the subject of numerous NASD Regulation disciplinary actions, including fines, censures, suspensions, and bars. In recent years, the Securities and Exchange Commission (SEC) and a number of state securities regulators around the nation have also sanctioned both Stratton Oakmont and its principals. In early 1994, the SEC settled an enforcement action against Stratton Oakmont and its President, Daniel M. Porush, after alleging that the firm engaged in securities fraud through its "boiler room" sales operation. By late 1994, the SEC had charged Stratton Oakmont with violating the settlement agreement and obtained a permanent injunction against the firm requiring future compliance. At the time of its expulsion in December 1996, the firm had been barred by a number of state regulators. Stratton Oakmont is currently being liquidated in accordance with the Securities Investors Protection Act (SIPC) of 1970. The filing of an NASD Regulation complaint represents the initiation of a formal proceeding. At this time, the allegations have not been proven and no decision has been made. Under NASD Regulation rules, the respondents can file a response to these charges and request a hearing before an NASD Regulation disciplinary panel. Possible sanctions include a fine, suspension, or bar from the securities industry. Investors can obtain the disciplinary record of any NASD-registered broker or brokerage firm by calling 800-289-9999, or by sending an e-mail through NASD Regulation’s web site (www.nasdr.com). NASD Regulation oversees all U.S. stockbrokers and brokerage firms. NASD Regulation, along with The Nasdaq Stock Market, Inc., are subsidiaries of the National Association of Securities Dealers, Inc. (NASDÒ), the largest securities-industry self-regulatory organization in the United States. Investors who have questions should contact NASD Regulation at (301) 590-6500. ---------------------------------------------------------------- google.com NASD Regulation Brings Sales Practice Charges Against 33 Former Stratton Oakmont Principals and Brokers NASD Regulation announced that it has filed disciplinary charges against 33 former principals, brokers, and employees of the now defunct Long Island brokerage firm of Stratton Oakmont, Inc. The firm was expelled from the NASD in December 1996 because it posed “an ongoing risk to the investing public.” The complaint, which alleges a wide range of serious sales practice violations by 33 individuals, is one of the largest complaints of its type ever brought by NASD Regulation and results from a continuing investigation into Stratton Oakmont’s operations. The complaint alleges that 33 individuals, who were based at Stratton Oakmont’s headquarters in Lake Success, New York, engaged in a number of fraudulent sales practices and other misconduct from 1993 through 1996. NASD Regulation also alleges that, in many instances, Stratton Oakmont used prepared scripts (six of which are part of the complaint) as part of their aggressive telemarketing efforts to sell speculative securities. The complaint identifies at least 70 specific customers who were allegedly victimized through fraudulent practices including: unauthorized trading; baseless or improper price predictions; inadequate or inaccurate risk disclosure; churning and excessive trading; sale of unsuitable investments to risk-averse customers; advising customers to disregard information in prospectuses; falsely promising to limit losses to a specific amount; claiming access to inside information; making false statements regarding specific securities and issuers; making improper comparisons to other stocks; tying the purchase of initial public offerings to a commitment to buy stock in the aftermarket; guaranteeing customers against loss; promising to make up losses with new trades; refusing to execute or aggressively discouraging orders to sell stocks; use of false and misleading scripts; supervision failures; falsifying account documentation; failing to appear for testimony before the NASD; and lying during testimony. The complaint names the following principals: Daniel M. Porush, President and principal owner Michael J. Albino, Director of Supervision Andrew T. Greene, Executive Vice President and Director of Corporate Finance Howard S. Gelfand Jordan Shamah Named brokers include: Chad J. Beanland Eric Blumen Ira A. Boshnack Stephen G. Buxton Andrew S. Friedman Dean S. Friedman Kenneth J. Fuina Daniel J. Gallagher James W. Garofalo Jr. Paul J. Greco David S. Heredia Robert W. Koch II Thomas A. Niemczyk George Patsis Michael J. Raskin Frank Riccuiti Jr. Richard L. Ringel Robert J. Rosato Peter T. Rubenstein Lawrence T. Smith Robert F. Smith Edward C. Sparacio Michael A. Taliercio Joseph Teseo Peter T. Tsadilas Bonnie C. Vandenberg April Wiener The complaint names the following research analyst: Clifford B. Olshaker Prior to its expulsion by NASD Regulation, Stratton Oakmont and its principals were repeatedly fined, censured and, in some cases, barred by federal and state securities regulators. Since June 1989, the firm and its principals have been the subject of numerous NASD Regulation disciplinary actions, including fines, censures, suspensions, and bars. In recent years, the SEC and a number of state securities regulators around the nation have also sanctioned both Stratton Oakmont and its principals. In early 1994, the SEC settled an enforcement action against Stratton Oakmont and its President, Daniel M. Porush, after alleging that the firm engaged in securities fraud through its “boiler room” sales operation. By late 1994, the SEC had charged Stratton Oakmont with violating the settlement agreement and obtained a permanent injunction against the firm requiring future compliance. At the time of its expulsion in December 1996, the firm had been barred by a number of state regulators. Stratton Oakmont is currently being liquidated in accordance with the Securities Investors Protection Act (SIPC) of 1970. The filing of an NASD Regulation complaint represents the initiation of a formal proceeding. At this time, the allegations have not been proven and no decision has been made. Under NASD Regulation rules, the respondents can file a response to these charges and request a hearing before an NASD Regulation disciplinary panel. Possible sanctions include a fine, suspension, or bar from the securities industry. © 1997, National Association of Securities Dealers, Inc. (NASD). All rights reserved. Subj:Corporate Financial Enterprises is Regis Possino/Dutchess Advisors have promoted Possino stocks/ConectiSys Corp Regis Possino has a judgement with idaho securities SEC for selling unregistered securities in this stock /OSIN being promoted by Robert W. Koch Daily Financial IMPORTANT DISCLAIMER: Dailyfinancial.com is not a registered investment advisor or a broker dealer. All statements and expressions are strictly the opinion of Dailyfinancial.com. Statements and expressions made are not meant to be a solicitation to buy or sell securities. Dailyfinancial.com inc.(who along with its affiliates, directors,officers,representatives and agents is collectively referred to as Dailyfinancial.com or its published Dailyfinancial Report ) maintains this website as a service to its customers,who have paid for the publication of materials regarding their respective company or business. By using this website,you agree to the following terms of use, which Dailyfinancial.com may change at any time. 1. No advise or recommendations made by Dailyfinancial.com. The advertisements and materials relating to Dailyfinancial.com and its "report" respective customers are not intended to directly or indirectly provide advise as to the value of the securities of the companies described or as to the advisability of investing in, purchasing,holding or selling of such securities. 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In consideration for the publication of the advertisements in this website and its "report" and the promotional services provided by both the Dailyfinancial.com website and "report", the advertised companies have paid cash or issued stock and/or options to Dailyfinancial.com as follows: Carriage House Capital and its shareholders have paid Dailyfinancial.com $15,000 in cash to profile Politics.com (POCO) to profile and disseminate information. Dailyfinancial.com who has been paid a cash fee of $5,000 and 3750 free trading shares of Wall Street Strategies (WSST) from R.H. Barsom and Co to diseminate information Dailyfinancial.com was paid a cash fee of $30,000 from Corporate Financial Enterprises on behalf of Intergrated Communications Networks, Inc Absolutefuture.com (AFTI) and its shareholders who have paid Dailyfinancial.com $15,000 in cash to profile and disseminate information. 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Dailyfinancial.com ,editor or affiliate,agents and/or family may have equity interests or positions in the equity securities profiled in this publication, some of which may have been acquired prior to the dissemination of this report and may increase or decrease these positions at any time. Whois Results for dailyfinancial.com The Data in Network Solutions' WHOIS database is provided by Network Solutions for information purposes, and to assist persons in obtaining information about or related to a domain name registration record. Network Solutions does not guarantee its accuracy. By submitting a WHOIS query, you agree that you will use this Data only for lawful purposes and that, under no circumstances will you use this Data to: (1) allow, enable, or otherwise support the transmission of mass unsolicited, commercial advertising or solicitations via e-mail (spam); or (2) enable high volume, automated, electronic processes that apply to Network Solutions (or its systems). Network Solutions reserves the right to modify these terms at any time. By submitting this query, you agree to abide by this policy. Registrant: Dailyfinancial.com (DAILYFINANCIAL-DOM) 324 Jay Street Katonah, NY 10536 US Domain Name: dailyfinancial.com Enter amount (min $200.00) Administrative Contact, Billing Contact: Bob, Koch (BK6550) rwkice@AOL.COM Dailyfinancial.com 324 Jay Street Katonah, NY 10536 (877)285-5587 Technical Contact: Harris, Lee (LH1027) lee@HARRISNET.COM Harris Media 57 East 11th Street, 9th Floor New York, NY 10003 212-822-8840 (FAX) 212-208-4607 Record last updated on 07-Mar-2001. Record expires on 25-Feb-2003. Record created on 25-Feb-1999. Database last updated on 31-Aug-2001 21:50:00 EDT. dailyfinancial.com CORPORATE RELATIONS PROGRAM: Is your stock undervalued, under-traded or does it lack coverage? Does the media and investing public seem to ignore your press releases? Is your corporate image not conveying the right messages? Does your company lack the internal marketing and PR capabilities to launch a comprehensive program? If the answer is yes to any of the questions, then you have found the solution to your problems. We are a full service corporate communications firm that specializes in helping high-tech companies get the attention they deserve. Daily Financial understands the different obstacles that an emerging growth company faces. The first step is getting your business off the ground, trying to raise capital, and then going public. And now realizing being public is not enough, we offer the final ingredient, EXPOSURE. The ability to tell your story. Daily Financial maintains a state-of-the-art database and actively networks with all facets of the Public Arena. Why Daily Financial.com? Working with us is uncomplicated. You will work directly with principals who are in a position to be responsive to your needs. We understand the importance of your success and are committed to providing you with professional and cost-effective corporate communications. From concept through finished product, our skills are diverse and highly integrated. Importantly, throughout the process, we have the ability to think like audiences and customers. Our professional service team is well acquainted with a variety of businesses, corporate, and regulatory environments. We are adept at recognizing, creating, and capitalizing on communication opportunities on behalf of our clients. Our Services Include: a. Investor Relations b. Stock Management c. Financial Website Coverage d. Financial Advisory Newsletter Coverage e. Generation of Newsletters, Brochures, and Other Publications f. Corporate Fact Sheets WE OFFER 3 DIFFERENT INVESTOR RELATIONS PACKAGES Silver Package a. Includes one full page detailing your corporate profile listed on our site. b. Stock quote, stock exchange, 52 week high and low, and shares outstanding c. Links to your most recent press releases d. Plus a free consultation on stock management Gold Package a. Includes the Silver Package b. Email all current share holders, or mail a investor package, contact them directly c. Help write any and all press releases and put them up on our website d. We will introduce you to different news wires Platinum Package a. Includes A and B packages b. We setup an email contact account on our site for you so anyone who visits our site and is interested in receiving your press releases and or updates on company news we will automatically update them. c. We will also work hand and hand with your company in dealing with investor emails, phone calls and any and all questions open to the public market. Our goals at Daily Financial are: - Allow companies to run their day to day business - Increase share holder base - Create public awareness for your company - Creating a solid investor relations program for the future COMING SOON: Financial Institutional Relations Financial Article Publications Annual Report Development/Design Investor Kits Broker/Analyst Relations Shareholder Mailings/Proxy Services Media/industry Analyst Road Shows Media Relations -------------------------------------------------------------- from rwkice@AOL.COM profile Member Name: Bobby Location: Westchester N.Y. Sex: Male Marital Status: single,but not for long Hobbies: playing cards and around. Occupation: investment banker,internet consulting Personal Quote: Every time I held a rose, it seems i only felt the torns

To: Brasco One who wrote (249)	9/3/2001 1:25:37 PM
From: StockDung	Respond to of 574

NEW YORK TIMES PROFILES MADISON AND WALLS CLIENT NET CURRENTS. --------------------------------------------- NTCS - NY Times article 09/03/01: September 3, 2001 Entrepreneur Is Quiet About His Past and Gets New Start in Net Surveillance By MICHAEL BRICK Twice, Irwin Meyer has sailed on big ideas to some degree of fortune. The first time was in 1977, when he found a struggling play based on a comic-strip character and helped turn it into the unlikely Broadway hit, "Annie." It earned him a Tony Award for co-producing the best musical of the year. The second time was in 1999, when he discovered a technology that could scour Internet chat rooms for rumors, innuendo, opinions or lies about a particular person or company. He created a company to offer the service to any business worried about its image — and its stock price. To win the trust of investors and clients, Mr. Meyer boasted of his Tony Award, and of the years he spent as a television and commercial producer in Hollywood. What he did not mention was his conviction for tax fraud, which put him in a federal prison for four months in 1982. Some of the people who wanted to become involved with Mr. Meyer and his Internet technology took the time to check his background, though it did not stop them from working with him. Others said they looked but did not find his conviction. Many, however, were too eager to join the Internet gold rush to do much more than read the incomplete biography that Mr. Meyer submitted to the Securities and Exchange Commission as a routine part of running a publicly traded company. Mr. Meyer said he did not make a point of mentioning his conviction nor try to hide it. "I don't wear a sign," he said. "Everybody who's ever worked with me knows about my background." The story of Mr. Meyer's reinvention as an Internet entrepreneur is emblematic of the paradoxes of the technology boom. It may have seemed that a bunch of 24-year- olds were "leveraging" the Internet — to use the vernacular that helped start so many dot-com companies — to take over the business world. But the larger truth is more nuanced and stranger than the notion that Daddy Warbucks invented the New Deal. And now that the boom times are over, Mr. Meyer has a mess on his hands. At 66 years old, Mr. Meyer comes across like a college drama teacher, theatrical and assured. His approach is: Listen, I'm gonna explain something to you. And he can be very convincing, given the right audience. When Internet stocks began their run-up, Mr. Meyer was in California and decided to shift his focus from Hollywood to Silicon Valley. In 1999, he used his foundering movie-production company in Los Angeles to create a new-economy start-up and began casting about for something to do. He first dabbled in satellite Internet access, buying a company called eSat, but switched to Internet image-management after merging with another company, Infolocity. He changed the name of his company — initially the Ventura Motion Picture Group, then the Producers Entertainment Group and most recently the IAT Resources Corporation — to the jazzy-sounding NetCurrents Inc. The company would use technology developed by Infolocity to monitor Internet chat rooms on behalf of companies willing to pay for the service. At the time, the Internet was so sexy and stock manipulation so worrisome that clients, including big names like Oracle and Office Depot (news/quote), began to line up. Then the Kroll-O'Gara Company (news/quote), the world's most prominent investigation company, signed an exclusive global alliance with NetCurrents to offer enhanced Internet intelligence services to corporations. NetCurrents' heady early days are but a memory now, and so are many of its clients. It is hard to sell image-protection services to companies that cannot even afford many of their employees anymore. NetCurrents' stock, which traded for as much as $11.94 a share in March 2000, now sells for less than 11 cents. So few people want to buy it that Nasdaq has removed the stock from its market, crippling the company's ability to raise additional cash to cover losses and repay debts. NetCurrents said in its most recent filings with the S.E.C. that it had laid off all its sales representatives and technicians. Mr. Meyer now spends his days looking for someone to invest more money in the company — and searching the Web for anyone who might be criticizing it, or him. The company has already sued one man, Victor Holtorf, the former chairman of one of its subsidiaries, for making disparaging remarks about Mr. Meyer on online message boards. They have since settled the suit, though Mr. Holtorf, who still owns stock in the company, said NetCurrents had not met the financial obligations of the settlement. He would not specify the obligations. Mr. Meyer has overcome financial obstacles before. For example, he and his partner, Stephen R. Friedman, had some difficulty raising their $250,000 contribution to the budget for "Annie," according to a 1977 Washington Post (news/quote) article on the show, though they eventually came up with the money. At around the same time, the two men shared in sales commissions totaling $4 million, government records say, by selling more than $20 million in tax-sheltered limited partnerships in a coal mining operation. Among the partners who bought in were celebrities like Elvis Presley, Margaux Hemingway and the singer Alice Cooper. Mr. Presley, for example, paid $505,000 and deducted $2.6 million from his taxable income for 1976. But the S.E.C. filed a civil complaint against Mr. Meyer, Mr. Friedman and others on Sept. 21, 1978, contesting the partners' rights to any coal under a piece of property around Gillette, Wyo. The federal government owned 95 percent of the rights, and that fact cast doubt on the profits and tax benefits that Mr. Meyer and his partners had promised the investors, the S.E.C. said. In 1980, Mr. Meyer and Mr. Friedman were indicted in a federal criminal complaint based on the coal mining partnerships. Both men eventually pleaded guilty to conspiring to assist in the preparation and filing of false income tax returns and were sentenced to prison. Mr. Meyer entered Federal Prison Camp Allenwood in Montgomery, Pa., on March 1, 1982, and was released on July 16, 1982. The "Annie" company disassociated itself from the two men, and Mr. Meyer's lawyer, Martin R. Gold, said at the time that his client was "finished in the entertainment business," according to the archives of United Press International. After regaining his freedom, however, Mr. Meyer moved to California, where he spent 16 years producing commercials and television programs. His company received production fees for the program "Dave's World" and for the movie "What's Love Got to Do With It?" When Mr. Meyer turned his attention to the Internet, the most important part of his transformation was to buy Infolocity, a company run by James J. Cerna Jr., who is listed as an inventor of the technology used by NetCurrents. To promote the company's services, Mr. Meyer appeared on the CNBC program "Power Lunch" in March 2000. "We have found in recent months, and I guess growing on a daily basis, an enormous amount of information and misinformation coming across the Net," he said on the program. Three days later, the company said it had closed a private placement of its stock, raising $8.5 million. Before the summer was out, Mr. Meyer's reinvention as an Internet fraud expert received an impressive stamp of approval when Kroll-O'Gara teamed up its Risk Consulting Services division with NetCurrents — in the process, receiving warrants to buy 5 percent of NetCurrents' stock. At the time, there was no mention of Mr. Meyer's conviction for fraud, but Jules Kroll, chairman of Kroll-O'Gara, said in a recent interview that his company knew about it. "We did exhaustive due diligence on the company, technology, directors, management and in particular the somewhat colorful history of its C.E.O.," Mr. Kroll said. "You can imagine, given what we do for a living, it was an issue for us." He added, "I do believe in redemption, under certain circumstances." Mr. Meyer said that he told Mr. Kroll about his jail term. "It would be foolish of me to go into business with the world's largest investigation business that has a division that checks people's backgrounds and assume that they're not going to check my background," Mr. Meyer said. But others did not learn of the conviction until long after they went into business with him. Mr. Cerna said that his lawyer had investigated Mr. Meyer's background and never found the conviction. "To get in the position he's in now, he's found a way to hide it," Mr. Cerna said. "You would think, in the spirit, he should disclose that. We had no intention to get involved with anyone that has a history of fraud." Several customers also said they were unaware of Mr. Meyer's conviction, though they said they were pleased with the service. "It was immensely valuable to us," said Jennifer Glass, a vice president at Oracle. "We would get a heads-up on rumors and general sentiment about Oracle within the online community." Ms. Glass and Lauren Garvey, a spokeswoman for Office Depot, said, however, that NetCurrents had discontinued its service to them without explanation. Mr. Meyer said that he felt obligated to his shareholders. They want him to do what he has always done when he found a new business idea, like the little orphan girl, the tax shelters and the Internet security blanket. "They're looking for me to secure another round of financing," he said. nytimes.com