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Microcap & Penny Stocks : Zia Sun(zsun) -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey S. Mitchell who wrote (9725)	11/15/2001 9:28:57 AM
From: Ben Wa	Respond to of 10354

INTERNATIONAL ASSET MANAGEMENT IN ANOTHER TUSSLE 2001 media and information releases 01/396 Cold-caller convicted Friday 9 November 2001 Paul Richard Bell today pleaded guilty in the Brisbane Magistrates Court to 21 charges laid by the Australian Securities and Investments Commission (ASIC) in relation to his activities as a cold-caller operating out of Thailand and the Philippines. Mr Bell, an American citizen, was known to Australian investors as Dr Richard King. He was employed by Thailand-based International Asset Management (IAM), and Philippines-based Trident International, companies that sold overseas shares through cold calling. ASIC obtained statements from 11 investors who purchased overseas shares in Evive Corporation after receiving a cold call from Mr Bell and IAM. On the basis of that evidence Mr Bell was charged with seven counts of making false and misleading statements, ten counts of being knowingly concerned in securities to Australian investors without a required disclosure document, and four counts of share-hawking. Mr Bell received two sentences of six months' imprisonment, fully suspended upon him entering into a good behaviour bond for two years and a recognisance of $4000, and was fined a total of $12,000. Mr Bell will be subject to seven months' imprisonment if he fails to pay the fine within four months. In 1992 Mr Bell was fined $100,000 and had his registration under the US Commodities Exchange Act permanently revoked, for similar offences. ASIC became aware that Mr Bell had flown into Brisbane on grand final weekend and took immediate action in the Supreme Court at Brisbane to restrain him from leaving Australia or approaching Australian investors. 'This outcome shows that ASIC is determined to pursue share cold-callers who come to Australia, in addition to assisting Asian regulators shut down and prosecute share cold-callers in their countries', ASIC's Executive Director Consumer Protection, Peter Kell said. This matter was prosecuted by the Commonwealth Director of Public Prosecutions. For further information contact: Peter Kell Executive Director, Consumer Protection Telephone: 02 9911 2092 Mobile: 0411 549 281 Felicity Glennie-Holmes ASIC Media Unit Telephone: 02 9911 2600 Mobile: 0412 673 038