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

To: Bear Down who wrote (81291)	10/30/2002 12:07:42 PM
From: pilapir	Respond to of 122087

Amen bro ...lol ...;-))

To: Bear Down who wrote (81291)	10/30/2002 11:20:20 PM
From: StockDung	Respond to of 122087

I WAS WONDERING WHY BILTMORE SECURITIES WAS SO INVOLVED WITH BOILER ROOM STOCK JUNUM (JUNM NOW JNUM AFTER 100 TO 1 REVERSE SPLIT). SEC AND NASD CONTINUE TO LOOK THE OTHER WAY. Securities Division FOR IMMEDIATE RELEASE: April 29, 1997 CONTACT: Mary Lynn Ricks - (317) 232-6535 Gilroy's Office Imposes Severe Fine and Sanctions Against Biltmore Securities, Inc. Securities Division Continues Assault Against Boiler Room Scams Indianapolis, IN-- The Securities Division of Secretary of State Sue Anne Gilroy's office continues its assault against brokerage firms that target Indiana investors through abusive telemarketing schemes. Gilroy announced today that her office has entered into a consent agreement with Biltmore Securities, Inc. ("Biltmore"), a Florida securities firm, that has been the subject of numerous complaints regarding abusive sales practices. According to the Securities Division, Biltmore engaged in a pattern of dishonest and unethical sales practices, sold unregistered securities to Indiana residents, violated the antifraud provisions of the Indiana Securities Act and failed to properly supervise the conduct of its agents. By entering into the consent agreement, the firm neither admits nor denies the allegations. Under the terms of the consent agreement, approved by Gilroy's Securities Commissioner Bradley W. Skolnik: Biltmore must pay fines and costs totaling $175,000, Biltmore will reimburse five Hoosier investors over $495,000 for losses they sustained, Any other Indiana residents who believe they have been victimized by Biltmore will be permitted for a period of two years to file a claim through the National Association of Securities Dealers ("NASD") sponsored mediation process to settle any claims they may have against the firm. Biltmore will bear all of the costs associated with the mediation, excluding private attorneys fees. All mediation sessions will be required, for the convenience of Hoosier investors, to be held in the state of Indiana. Biltmore is barred for a period of two years from selling Indiana residents any stocks that are not listed on one of the nation's major exchanges or for which it serves as an underwriter or market maker. The fines and costs of $175,000 represent one of the largest penalties that the Securities Division has ever imposed, independently, against an NASD licensed securities firm. Although the Securities Division has collected larger sums from brokerage firms in past cases, those matters generally involved global settlements negotiated on behalf of a large number of states. Additionally, the two year restriction on Biltmore's license, which prevents the firm from selling stocks other than those listed on the major exchanges or for which the firm serves as an underwriter or market maker, effectively bars Biltmore from selling the type of high-risk and speculative stocks that are most often sold by high-pressure boiler room operations. Secretary of State Gilroy lauded the consent agreement. "The penalties and restrictions imposed against Biltmore are severe. They should be. We cannot, and will not, tolerate the abusive conduct of brokerage firms that prey upon unsuspecting investors through unlawful boiler room scams. I think this sends a clear message that such firms are not welcome here in Indiana and will be dealt with harshly." The action taken against Biltmore is part of the Securities Division's ongoing enforcement effort against fraudulent broker-dealer sales practices . Indeed, Gilroy's office has played a leading role in the effort of state securities regulators to combat abusive sales practices in the securities industry. During the past fourteen months, Indiana has suspended or revoked the licenses of Stratton Oakmont, Inc., Investors Associates, Inc., and, most recently, Sterling Foster, Inc., three firms that have generated numerous complaints from investors nationwide. Secretary of State Gilroy urges all Hoosier investors not to invest with the ever growing number of out-of-state brokerage firms that victimize investors through abusive telemarketing scams. Any Indiana residents who believe they have been victims of securities fraud should contact the Indiana Securities Division at its toll-free number, 1-800-223-8791. Before investing in any securities, investors should call the Securities Division at this toll-free number to determine the disciplinary history and registration status of any securities salesperson, and whether the securities are properly registered. - 30 - -------------------------------------------------------------------------------- WELCOME FROM SUE ANNE GILROY \| DUTIES & BIOGRAPHY \| PRESS RELEASES \| BUSINESS SERVICES DIVISION SECURITIES DIVISION \| ELECTION DIVISION \| CONTACT US \| FORMS \| WHAT'S NEW HOME