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To: afrayem onigwecher who wrote (11198) 3/3/2003 5:26:52 PM From: StockDung   Respond to of 19428   ImClone's Sam Waksal Pleads Guilty to Avoiding Taxes (Update13) By David Glovin and Christopher Mumma New York, March 3 (Bloomberg) -- ImClone Systems Inc. founder Samuel Waksal, who pleaded guilty to insider trading and other crimes, admitted today that he avoided paying sales taxes on $15 million of art purchases. Waksal, 55, pleaded guilty to federal charges of conspiracy and wire fraud, for plotting with an unidentified New York art gallery to dodge $1.2 million in taxes. Waksal and the gallery schemed to make it appear the paintings would be delivered to New Jersey, though they ended up in his loft in Manhattan's SoHo neighborhood. Waksal is the second former chief executive officer in the past year charged with failing to pay sales taxes on art. Dennis Kozlowski, former head of Tyco International Ltd., was accused in 2002 of evading sales tax on purchases of $13.2 million. ``At all times I knew that avoiding payment of New York sales tax was wrong,'' Waksal told U.S. District Judge William Pauley. Waksal already pleaded guilty on Oct. 15 to six of 13 charges previously filed against him, including insider trading, for telling his daughter to sell shares in the biotechnology company based on confidential information. He also admitted to securities fraud, bank fraud, and perjury. The other charges, including conspiring with his father and daughter to commit insider trading, are pending, though prosecutors said they might dismiss them at sentencing. Waksal remains free on bond. Martha Stewart Federal prosecutors have been trying to induce Waksal to cooperate in their probe of his friend, lifestyle and media entrepreneur Martha Stewart, who is under criminal investigation for her sale of ImClone shares for $228,000 on Dec. 27, 2001. A day after the sale, ImClone announced that federal regulators had rejected the company's application for its Erbitux cancer drug. ``The offer of a reduced prison term by the government in exchange for cooperation against Martha Stewart and others never enticed'' Waksal, said Houston attorney Christopher J. Bebel, a former federal prosecutor. Waksal, who resigned as ImClone's chief executive officer in May, faces 70 to 87 months in prison when he's sentenced on May 29, U.S. Attorney James Comey said. Prosecutors had earlier said Waksal might receive from seven to nine years; they didn't have an immediate comment on the decrease in his possible sentence. In pleading guilty to the insider trading charge, Waksal said he didn't tell his daughter Aliza the true reason he urged her to sell her ImClone stock. Rothko Prosecutors said they will dismiss the remaining charges pending against Waksal, though they're still considering whether to request a longer jail term at sentencing. Defense attorney Mark Pomerantz said Waksal has met with prosecutors and told them about illegal stock trades by others, not including Stewart. ``I am not alluding to Martha Stewart," Pomerantz told the judge. Comey declined to comment on the Martha Stewart investigation or other aspects of his probe. ``The investigation into the trading of ImClone shares is continuing,'' he said at a press conference. Comey said Waksal bought the paintings from a different dealer than Kozlowski. Waksal and the unnamed art gallery produced fraudulent invoices indicating that the artwork, which was purchased in 2000 and 2001, should be shipped to a New Jersey address where ImClone has a manufacturing plant, Assistant U.S. Attorney Michael Schachter told Pauley. Instead, Waksal had the artwork, including a $3.5 million Mark Rothko painting, sent to his lower Manhattan apartment. U.S. prosecutors had authority in the case because it was an interstate fraud. Not the Architect Waksal also purchased works by Francis Bacon, ($3 million); Franz Kline, ($3 million); Willem de Kooning, ($2.4 million); two by Cy Twombly, ($1.3 million and $800,000); and Roy Lichtenstein ($900,000). Pomerantz said his client was not the architect of the tax avoidance scheme, though he said he was ``certainly a knowing participant.'' In a statement handed out to reporters outside the courtroom, Waksal said: ``Only two things are important to me at this point - - my family and getting our cancer drug approved. Beyond that I simply look forward to the day when I can put all of this behind me and move on with my life.'' ImClone shares rose $1.02 to close at $14.35, in trading on the Nasdaq Stock Market. They've declined more than 47 percent in the past year. Shares of Martha Stewart Living Omnimedia Inc. rose 20 cents to $7.55 in New York Stock Exchange composite trading and have declined 58 percent in the past 12 months. ImClone Surging New York-based ImClone has surged almost 50 percent since Feb. 10, when the stock was trading for as low as $9.66 and an analyst recommended buying shares on improved prospects for Erbitux. Some analysts are optimistic that Erbitux may win European and U.S. approval as early as mid-2004, following the release of two studies this year. ImClone sued Waksal in August to recover $7 million in severance payments he collected before his indictment. Waksal allegedly ordered others to destroy documents that investigators had sought, the suit said. Waksal was arrested by the FBI on June 12. The U.S. Securities and Exchange Commission also has sued him.

To: afrayem onigwecher who wrote (11198) 3/3/2003 5:43:52 PM From: StockDung   Respond to of 19428   IN THE MONEY: DTC Asks SEC To Formally Halt Cos' Exit By CAROL S. REMOND A Dow Jones Newswires Column NEW YORK -- The Depository Trust Co., or DTC, has asked the Securities and Exchange Commission to formalize DTC's recently stated position that shareholders, not companies, can decide whether to hold shares in electronic form or in paper certificates. DTC, which manages a global electronic clearing and settlement system, said in late January that it would no longer allow small companies to exit its electronic or book-entry clearing system. A few development-stage companies have said they want to exit DTC and move back to an old fashion, and less liquid, system that requires physical delivery of paper certificates to settle securities trades. These companies are accusing market makers, brokers and other investors of using the electronic delivery and settlement mechanism to illegally short sell their shares. So far six companies were allowed to exit DTC before the depository decided that shareholders, not companies, could make the decision to move to physical delivery. DTC's request to the SEC was published in the Federal Register on Feb. 21. Under the Securities and Exchange Act of 1934, interested parties have 31 days within which to comment on the proposed rule. But the SEC may decide to extend that comment period to 90 days. It's difficult to predict when the SEC will make a decision on the matter since the comment period can be re-triggered by any amendment to the original proposal. A spokesman for the SEC declined to comment. The move by small companies to exit DTC contrasts sharply with global efforts to streamline securities trade clearing and settlement and do away with some of the costs associated with paper certificates. Dan Michaelis, a spokesman for Wall Street's main trade group, the Securities Industry Association, wasn't immediately able to comment on the new proposal. But previously commenting on the matter, Michaelis had told Dow Jones that "The industry is trying to move away from certificates all together" and that the SIA sees electronic clearing as a key element in streamlining the settlement process. A marketing firm called Investor Communications International, or ICI, represents a number of companies that have either exited or expressed their desire to exit DTC. "These companies are opting out of DTC's system to combat the naked short selling abuses made possible by the electronic system, which is flawed and allows (billions of dollars) in trading abuses to occur," ICI said in a press release Monday. Among the companies represented by ICI is GeneMax Corp. (GMXX ) of Blaine, Wash. GeneMax has been the subject of three "In The Money" columns. Those columns questioned whether insiders would benefit most from limits on short selling and GeneMax's connection to consultant ICI. Last month, Denver-based Global Securities Transfer Inc., a transfer agent representing a number of the companies that either exited or said they would exit DTC, filed a lawsuit against DTC to protect its clients' right to exit the depository system. Perhaps strengthening the interconnections between ICI, Global and the clients both firms represent, recent filings with the SEC show that an offshore firm called Newport Capital Corp. was one of three new entities taking equity positions in Global. SEC filings by Vega Atlantic Corp. (VATL), a publicly traded company represented by ICI and a client of Global, show an individual named Brent Pierce as president, secretary and a director of Newport. A Brent Pierce was identified in a December 2002 SEC filing as president of ICI. Representatives for ICI were not immediately available for comment. Following its decision to not allow companies to exit its electronic clearing system, DTC warned of potential settlement delays for companies that want out but won't be allowed to exit. Specifically , DTC told its participants to consider "increased risk that may be associated with potential rejections or deposits, delays in withdrawal, etc., until a resolution is reached." The warning may have lead some companies to reconsider their decision to exit. DTC notices to its participants in February show that four companies backtracked from their earlier intention to exit DTC and agreed to have their shares continue to clear and settle through DTC. DTC identified those companies as: Nutek Inc. (NUTK); Nutra Pharma Corp. (NPHC); ITIS Holdings Inc. (ITHH) and Ameri-Dream Entertainment Inc. (AMDR). By Carol S. Remond; Dow Jones News; 201 938 2074; carol.remond@dowjones.com Updated March 3, 2003 3:29 p.m. EST

To: afrayem onigwecher who wrote (11198) 3/3/2003 5:45:15 PM From: StockDung   Respond to of 19428   Gordon Brent Pierce lol->"Perhaps strengthening the interconnections between ICI, Global and the clients both firms represent, recent filings with the SEC show that an offshore firm called Newport Capital Corp. was one of three new entities taking equity positions in Global." "SEC filings by Vega Atlantic Corp. (VATL), a publicly traded company represented by ICI and a client of Global, show an individual named Brent Pierce as president, secretary and a director of Newport. A Brent Pierce was identified in a December 2002 SEC filing as president of ICI."

To: afrayem onigwecher who wrote (11198) 3/3/2003 5:47:13 PM From: StockDung   Respond to of 19428   IN THE MATTER OF Gordon Brent Pierce British Columbia Securities Commission bcsc.bc.ca Chapter 2 - Hearings, Decisions and Settlements Weekly Summary, Edition 93:23, p. 5 June 18, 1993 Indexed as: Pierce (Re) IN THE MATTER OF the Securities Act, S.B.C. 1985, chapter 83 AND IN THE MATTER OF Gordon Brent Pierce Order Under Section 144 D.E. Holley June 8, 1993 ORDER:-- WHEREAS an Agreed Statement of Facts and Undertaking was executed between Gordon Brent Pierce ("Pierce") and the Superintendent of Brokers (the "Superintendent"), a copy of which is attached hereto as Schedule "A"; NOW THEREFORE, the Superintendent, considering that it would be in the public interest to do so, orders that: 1. pursuant to section 144(1)(c) of the Securities Act, S.B.C. 1985, c. 83 (the "Act") the exemptions described in sections 30 to 32, 55, 58, 80 and 81 of the Act do not apply to Pierce for a period of 15 years; 2. pursuant to section 144(1)(d) of the Act, Pierce is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of 15 years; and 3. under section 144(1)(d) of the Act, Pierce is prohibited from becoming or acting as a director or officer of any issuer that provides management and administrative, promotional or consulting services to a reporting issuer for a period of 15 years. D.E. HOLLEY Superintendent of Brokers * * * * * SCHEDULE "A" Agreed Statement of Facts and Undertaking The following agreement has been reached between Gordon Brent Pierce ("Pierce") and the Superintendent of Brokers (the "Superintendent"): 1. As the basis for orders pursuant to section 144 of the Securities Act, S.B.C. 1985, c. 83, (the "Act"), Pierce acknowledges the following: (a) Pierce was the control person behind Valet Video and Pizza Services Ltd. ("Valet"), a private company incorporated in British Columbia under the Company Act, R.S.B.C. 1979, c. 59 (the "Company Act"); (b) Venessa Ellwyn ("Ellwyn") was the President and sole director of Valet as a nominee for Pierce; (c) Bu-Max Gold Corp. ("Bu-Max") was a reporting issuer incorporated in British Columbia under the Company Act and its common shares were listed, posted and called for trading on the Vancouver Stock Exchange (the "Exchange") on July 17, 1989; (d) by a prospectus dated May 1, 1989 (the "Bu-Max Prospectus") Bu-Max offered 700,000 common shares to the public at 35 cents per share (the "Bu-Max Offering") for the stated purpose of raising money to finance an exploration program; (e) the Bu-Max Offering raised $210,000 net to Bu-Max (the "Bu-Max Proceeds") which were received by Bu-Max on July 18, 1989; (f) on July 18, 1989 $100,000 of the Bu-Max Proceeds were paid by directors of Bu-Max to Valet for purposes which did not benefit Bu-Max and were not disclosed in the Bu-Max Prospectus. Some of these funds were applied to the benefit of Pierce and Ellwyn; (g) trading in the shares of Bu-Max was halted by the Exchange on July 21, 1989. Bu-Max was delisted on March 1, 1991; and (h) during the course of an investigation by staff of the Commission into the affairs of Bu-Max, Valet and Pierce, Pierce tendered documents to the staff of the Commission which were not genuine. 2. Pierce consents to an order of the Superintendent that: (a) pursuant to section 144(1)(c) of the Act, the exemptions described in sections 30 to 32, 55, 58, 80 and 81 of the Act do not apply to Pierce for a period of fifteen years; (b) pursuant to section 144(1)(d) of the Act, Pierce is prohibited from becoming or acting as a director or officer of any reporting issuer for a period of fifteen years; and (c) under section 144(1)(d) of the Act, Pierce is prohibited from becoming or acting as a director or officer of any issuer that provides management and administrative, promotional or consulting services to a reporting issuer for a period of 15 years. 3. Pierce agrees to pay the sum of $15,000 to the Minister of Finance and Corporate Relations. 4. Pierce waives any right he may have, under the Act or otherwise, to a hearing, hearing and review, judicial review or appeal related to, in connection with or incidental to this agreement and any related orders. DATED at Vancouver, British Columbia, on June 4, 1993. Witness: George Angelomatis ) 601 - 134 Abbott Street ) GORDON BRENT PIERCE Vancouver, B.C. V6B 2K4 ) DATED at Vancouver, British Columbia, on June 8, 1993. D.E. HOLLEY Superintendent of Brokers

To: afrayem onigwecher who wrote (11198) 3/3/2003 8:10:58 PM From: StockDung   Respond to of 19428   Share price down but be Happy because market cap is up up up. Always a big PLUS with the otc journal. lol They dont even know how many shares outstanding. =========================================== In fact, the OTC Journal first reported on this company on May 31, 2002. At the time the stock was trading at $.13. There were 60 million shares issued and outstanding, and the market value of the company was $7.8 million. Today, Calypte Biomed probably has 200 million to 220 million shares issued and outstanding. In addition, shareholders recently approved the number of authorized shares to be increased to 800 million. Therefore, today's market value of the company, based on the $.05 market price, is $11 million. Despite the stock being at 40% of the price in our original trading alert, the company's market value is 41% greater than it was on that date. ============================== March 3, 2003 Volume VI, Issue 18 Email : info@otcjournal.com URL : otcjournal.com To OTC Journal Members: Calypte Biomed (OTC BB: CALY): Interview Next Week With Chairman Tony Cataldo As you can see from the chart, Calypte Biomed has been quite volatile over the past two months. Today, on the strength of another press release concerning additional distribution of their test kits, the stock traded huge volume, 14.3 million shares. The company recently announced Planned Parenthood had become a customer (click here), and today announced their test kits would be used at the upcoming 14th annual Black Church Week of Prayer for the Healing of AIDS, the nation's largest AIDS awareness program targeting African Americans, kicking off in New York City February 28, 2003 (click here). If history repeats itself, the stock could rebound off the $.05 level as it has done twice in the past. Traders may want to step up to the plate at current levels as the stock has now put in a bullish "triple bottom". In a recent conference call covering year end numbers and fundamental developments, it was revealed Calypte had also obtained three new insurance company clients, including the one major overseas customer. Despite many fundamental accomplishments over the past six months, shares of Calypte Biomed are trading at the low end of their trading range. This stock is typically one of the highest volume stocks on the OTC Bulletin Board every day, and would no doubt be trading higher if the supply of shares were diminished. In fact, the OTC Journal first reported on this company on May 31, 2002. At the time the stock was trading at $.13. There were 60 million shares issued and outstanding, and the market value of the company was $7.8 million. Today, Calypte Biomed probably has 200 million to 220 million shares issued and outstanding. In addition, shareholders recently approved the number of authorized shares to be increased to 800 million. Therefore, today's market value of the company, based on the $.05 market price, is $11 million. Despite the stock being at 40% of the price in our original trading alert, the company's market value is 41% greater than it was on that date. We have invited Calypte Chairman Tony Cataldo to discuss this issue and fundamental corporate developments in an interview. We will conduct the interview early next week and publish either Wednesday or Thursday. If the company can continue to move forward as it has, and the supply of stock abates, investors could do very well off current levels. The interview will be streamed over the internet and published in text form. -------------------------------------------------------------------------------- Charts Provided Courtesy Of TradePortal.com -------------------------------------------------------------------------------- The OTC Journal is a proud partner of the SwingWire.com Online Investment Community. A next generation Online Analyst Exchange providing Members the ability to search, review, track and monitor some of the Internet's best Online CAs (CyberAnalysts). Members have the opportunity to potentially achieve higher returns by viewing top performing portfolios and receiving real-time alerts from favorite CAs. SwingWire.com also has a lucrative incentive model for experienced investors and traders who consistently outperform the market. Share market ideas with other like-minded investors, establish a proven track record, provide insightful commentary, attract followers and ultimately become one of the Internet's highest paid and most sought after CyberAnalysts! Click here to receive your FREE 30-Day Trial Membership with no further obligation. Sign Up Today! Disclaimer The OTCjournal.com Newsletter is an independent electronic publication committed to providing our readers with factual information on selected publicly traded companies. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward maximizing the upside potential for investors while minimizing the downside risk, whenever possible. Moreover, as detailed below, this publication accepts compensation from certain of the companies which it features. Likewise, this newsletter is owned by MarketByte, LLC. To the degrees enumerated herein, this newsletter should not be regarded as an independent publication. Click Here to view our compensation on every company we have ever covered, or visit the following web address: otcjournal.com for our full profiles and otcjournal.com for Trading Alerts. MarketByte LLC has been paid a fee of 250,000 free trading shares of Calypte common stock by First Stage Capital for coverage of Calypte Biomed. On August 12, 2002, MarketByte LLC entered into an agreement directly with Calypte Biomed to continue coverage of the company through October 31, 2002. Calypte Biomed paid $25,000 cash as compensation, and an additional 300,000 shares of free trading stock were paid by a third party on behalf of the company. On November 1, 2002, MarketByte LLC and Calypte Biomed to agreed to renew the agreement to extend through January 31, 2003 in return for $25,000 in cash, and an additional 300,000 shares of free trading stock were paid by a third party. Please review our policy on selling shares found in the Mission Statement on our home page. All statements and expressions are the sole opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. The editor, members of the editor's family, and/or entities with which they are affiliated, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication unless specifically disclosed in the newsletter. The profiles, critiques, and other editorial content of the OTCjournal.com may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein. THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN CONSENT OF THE EDITORS OF OTCjournal.com. We encourage our readers to invest carefully and read the investor information available at the web sites of the Securities and Exchange Commission ("SEC") at sec.govand the National Association of Securities Dealers ("NASD") at nasd.com. We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at sec.gov. Disclaimer ID:4PvMONjL Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site. -------------------------------------------------------------------------------- Unsubscribe Here -------------------------------------------------------------------------------- You can unsubscribe from this list at any time by Clicking Here and HITTING SEND. If you are having difficulty removing yourself or wish to change your address please go to listserv.otcjournal.com@aol.com.

To: afrayem onigwecher who wrote (11198) 3/5/2003 12:35:28 AM From: StockDung   Respond to of 19428   U.S. orders 24 long-range bombers to Guam Military officials: Aim is to send message to North Korea From Barbara Starr CNN Washington Bureau Tuesday, March 4, 2003 Posted: 10:39 PM EST (0339 GMT) The B-1 bomber has an intercontinental range and carries a crew of four. WASHINGTON (CNN) -- Twenty-four bombers will begin moving from bases in the United States to Guam as part of a planned beefing up of U.S. military forces in the Pacific to send a "message" to North Korea, the Pentagon said Tuesday. The move is part of the U.S. Pacific Command's effort to maintain a robust military presence around the Korean Peninsula while forces are being built up in the Persian Gulf region. Officials say they intend to send a nonthreatening message to North Korea not to take advantage of the Iraqi situation and assume the U.S. military is distracted. The deployment order for the bombers had long been planned and is not related to last weekend's intercept of an Air Force reconnaissance plane over the Sea of Japan by four North Korean MiG fighters, officials said. It is not clear how soon the bombers will deploy. Twelve B-1 bombers and 12 B-52 bombers received deployment orders Saturday. It was not immediately clear where the deployed B-1s are based, or whether the B-52s would come from Minot Air Force Base in North Dakota or Barksdale Air Force Base in Louisiana. The Pentagon issued this statement in connection with the deployment: "As part of our global efforts to address worldwide requirements, we are deploying additional forces to the Western Pacific as U.S. forces are preparing for possible military action elsewhere in the world. These moves are not aggressive in nature. Deploying these additional forces is a prudent measure to bolster our defensive posture and as a deterrent. As the President has said, we are seeking a peaceful, diplomatic resolution of the international community's concerns over North Korea's nuclear weapons program." The United States said last month that North Korea had reactivated its five-megawatt nuclear reactor, a sign that Pyongyang might be going ahead with its nuclear weapons program. The plant had been mothballed since 1994. But two months ago, North Korea expelled the U.N. atomic inspectors at the plant and removed U.N. seals on the equipment in preparation for reactivating the reactor. North Korea, for its part, has never publicly acknowledged that it has a nuclear weapons program, saying only that it needs to restart its reactors because of an acute energy shortage. The deployment was ordered a month after the commander of U.S. forces in the Pacific, Adm. Tom Fargo, requested additional planes and ships be sent to the region. A number of additional Air Force fighters and other aircraft have been repositioned throughout the Pacific theatre. Pentagon sources said Fargo also proposed sending eight F-15 fighter jets to bases in Japan. The aircraft carrier USS Kitty Hawk, based at Yokosuka, Japan, has been deployed to the Persian Gulf. Pentagon officials have said it is "routine" to increase the number of land-based warplanes in Japan whenever the carrier based there is sent out of the region.

To: afrayem onigwecher who wrote (11198) 3/5/2003 12:40:23 AM From: StockDung   Respond to of 19428   03-081 LifeWealth8: investor warning Tuesday 4 March 2003 Anyone thinking of sending money overseas to an organisation called LifeWealth8 should think carefully, according to a warning issued today by the Australian Securities and Investments Commission (ASIC). 'This scheme's website has some information that concerns ASIC, and it should be a red flag to anyone thinking of joining up', ASIC Director of Consumer Communication, Dr Michael Dunn said. 'Number one, the company appears to be located offshore. Number two, it claims that people can earn money by recruiting their friends. And number three, it seems to be offering financial products to Australians without a licence', Dr Dunn said. 'Based on the information we have, ASIC is concerned that this scheme could be a pyramid-selling operation. Pyramid selling is illegal in Australia. But more importantly, because the company isn't licensed to operate here, if you send your money to them and something goes wrong, you could lose the lot', he said. ASIC has received complaints which seem to indicate that memberships have been promoted through 'recruitment meetings' in clubs and other venues across Australia. The organisation's website claims that the company is incorporated in Malta, where it operates a 'Relationship Marketing' business that promotes 'digital products' to its members and customers. To log into the site you have to register and pay a fee of 25 Euro - about $50 AUD. The site mentions a virtual stock market 'game', where members can obtain 'shares' for signing up new members. Members can also apply for their own 'international bank account'. If anyone has information on the scheme, please contact ASIC by phoning 1300 300 630 or by emailing infoline@asic.gov.au. ASIC's investor website FIDO at www.fido.asic.gov.au has tips and safety checks for anyone thinking about investing overseas. Updated: 04/03/2003

To: afrayem onigwecher who wrote (11198) 3/5/2003 12:48:26 AM From: StockDung   Read Replies (1) | Respond to of 19428   lifewealth8 lifewealth8.com

To: afrayem onigwecher who wrote (11198) 3/6/2003 12:26:36 PM From: StockDung   Respond to of 19428   SEC Faults Pension Reporting, Wants More `Reality' (Update3) By David Evans Washington, March 6 (Bloomberg) -- U.S. Securities and Exchange Commission officials say they're concerned that companies are obscuring their pension losses in federal filings and giving investors incomplete information. ``There was a general lack of informative transparent disclosure,'' says Carol Stacey, chief accountant of the SEC's division of corporation finance. She says she reviewed more than 500 annual reports for 2001 with her staff. ``We strongly encourage companies to remedy this in future filings.'' Companies in the Standard & Poor's 500 Index lost more than $200 billion in the past two years in pension investments without clearly disclosing those losses in SEC filings, according to studies by investment banks Credit Suisse First Boston and UBS Warburg LLC. Over the past five months, 12 companies, including General Motors Corp. and International Business Machines Corp., said they had reduced shareholder equity by $40 billion to account for pension deficits. SEC Commissioner Harvey Goldschmid says he's concerned about the quality of information on pension funds reaching investors. He says companies are burying their pension information in complex footnotes, and not clearly explaining the losses and their effect on earnings in the Management Discussion and Analysis section of annual reports. ``Pension disclosures must reflect financial reality and be as transparent as possible,'' says Goldschmid. Over the next several weeks, as thousands of U.S. corporations file annual reports for 2002, Stacey says the SEC will watch to see if companies do a better job of informing investors about pension obligations. Lowering Expectations In recognition of declining pension returns, more than 80 companies, including Caterpillar Inc., Lockheed Corp. and Verizon Communications Inc., have said in the past three months they will lower their expected rate of return in pension investments by about 1/3 of a percentage point this year to an average of 8.7 percent, according to Kevin Wagner, retirement practice director for Watson Wyatt Worldwide, a pension consulting firm. The full magnitude of pension fund losses hasn't shown up on balance sheets because accounting rules allow companies to use estimated pension investment gains, rather than calculate actual losses, a review of company filings shows. The rules have allowed companies to legally report billions of dollars in gains while their pension funds are actually losing billions. By not adequately addressing pension fund issues now, companies will be forced to cut back on future spending and hiring because they'll have to put more money into their pension funds later, says Watson Wyatt's Wagner. Earnings Overstated

To: afrayem onigwecher who wrote (11198) 3/6/2003 6:24:10 PM From: StockDung   Respond to of 19428   CSFB Executives Subpoenaed in Enron Examiner Probe (Update3) By David E. Rovella New York, March 6 (Bloomberg) -- Credit Suisse First Boston investment banking chief Adebayo Ogunlesi and six other bank executives have been subpoenaed to testify about transactions they performed for Enron Corp., a bankruptcy examiner said. The executives are trying to delay their testimony until they can coordinate evidence requests stemming from investor suits, according to the examiner. Neal Batson, the lawyer named by the U.S. Justice Department to investigate Enron's collapse, asked a bankruptcy judge to force the executives to appear or face contempt-of-court charges. CSFB and Deutsche Bank AG arranged the sale of $915 million of notes for an Enron partnership in July 2001, five months before the energy trader filed what was then the largest bankruptcy in U.S. history. Investigations and lawsuits arising from Enron's failure pose legal risks for CSFB, the investment-banking unit of Switzerland's No. 2 bank, at the same time the firm is facing litigation over practices during the technology stock bubble of the 1990s. ``There's a legal cloud hanging over this industry and Credit Suisse,'' said Heinrich-Horst Wiemer, an analyst at Bank Sal. Oppenheimer Jr. & Cie., who has a ``neutral'' rating on Credit Suisse Group. ``This is one more ingredient.'' Batson said he's also demanding testimony from Osmar Abib, managing director of CSFB's banking team and energy group; Curt Launer, an energy analyst formerly with Donaldson, Lufkin & Jenrette; Brian McGabe, a vice president in CSFB's corporate finance, investment banking and energy group; Mary Beth Mandanas, an associate with the bank's leveraged finance group; James Moran, a director of CSFB's energy group; and Laurence Nath, a managing director in the bank's structured products group. Other Banks Batson told the bank that he would also subpoena individuals from seven other unnamed investment banks, said CSFB spokesman John Gallagher. Batson released a 2,147-page report yesterday that provides the most detailed description yet of the deceptive accounting practices that helped build Enron into the seventh-largest company in the U.S. by sales and ultimately led to a $68 billion loss of market value from its share-price high to its bankruptcy. The Batson report lists the sale of $915 million notes arranged by CSFB and Deutsche Bank for an Enron partnership called Marlin Water Trust II as one of the deals he is investigating. Marlin Water Trust II's three-year, interest-bearing securities, backed by Enron stock, were designed to move debt off Enron's books from the company's money-losing water venture, Azurix. Fast Default Marlin Water Trust II defaulted on its interest payments less than five months later, making it the nation's largest default within the shortest time span, according to CreditSights Inc. and the Defaulted Bond Newsletter. Batson says Enron creditors may be entitled to seek about $5 billion in assets that were illegally moved off the energy company's books, including transactions done too close to a bankruptcy filing. Credit Suisse First Boston set aside $450 million as a liability reserve last week. Under co-chief executives John Mack and Oswald Gruebel, Credit Suisse Group had a fourth-quarter loss of $811 million. The firm's top technology investment banker, Frank Quattrone, quit two days ago and today was charged by securities regulators with abuses tied to sales of shares in initial public offerings and analyst research. Ogunlesi CSFB's Ogunlesi became a managing director of the bank in 1993 and headed the global energy group before Mack tapped him to head investment banking in February 2002. Ogunlesi, a 49-year-old Nigerian native with law and business degrees from Harvard University, started his career as a clerk for U.S. Supreme Court Justice Thurgood Marshall. He then worked for the New York law firm, Cravath, Swaine & Moore, before joining Credit Suisse in 1983 as a banker assigned to oil and natural-gas transactions. ``We're not surprised that they would want to talk to him,'' McFadden said. ``He used to run the oil and gas industry group at that time.'' Credit Suisse shares fell 67 cents to $18.40 in composite trading on the New York Stock Exchange. CSFB cited a previous court order by Bankruptcy Court Judge Arthur Gonzalez as justification for its delay in responding to the subpoenas. The judge told the parties to coordinate testimony with shareholder lawyers where it was ``practicable.'' ``We're not refusing, we want to coordinate the deposition with the civil litigation so everyone only has to testify once,'' said CSFB spokeswoman Jeanmarie McFadden. Months Away In a Feb. 24 letter to Batson lawyer Frank G. Smith, CSFB lawyer Julie A. North of Cravath, Swaine & Moore said any depositions of CSFB personnel should be ``coordinated with the depositions in other Enron-related litigation.'' Lawyers for Batson told the bankruptcy judge March 5 that Enron shareholder lawyers had said they would not be ready to question CSFB executives ``for many months'' because they have not had access to bank documents to prepare for the testimony. Batson's next report is due June 28, so it is ``not practicable'' to allow CSFB to coordinate with investor lawyers, he said. Batson attorney Smith said in the filing with the court that Batson may seek testimony from additional CSFB officials. Batson had scheduled the depositions of the seven executives for April 3 through April 11. He has asked the judge to schedule a hearing March 27 on Batson's motion to compel the executives' testimony. Creditors filed $50 billion in claims since Enron filed for bankruptcy in December 2001. The bankruptcy is now the second largest in the U.S. after that of WorldCom Inc. Enron Fortunes A year-old report by an investigative committee of the Enron's board said top executives at the company amassed fortunes while hiding the company's true financial condition. The officials inflated Enron's earnings by more than $1 billion in one year alone, that report said. Karen Denne, an Enron spokeswoman, declined to comment on the Batson report. In securities-fraud suits filed in Texas, Alabama and Ohio, investors are alleging that investment banks, including Credit Suisse First Boston, collaborated with Enron to defraud the public about its finances. CSFB has denied any wrongdoing.

To: afrayem onigwecher who wrote (11198) 3/6/2003 7:08:24 PM From: StockDung   Read Replies (1) | Respond to of 19428   Ex-broker guilty of mail fraud By Rob Seman, Daily Record 03/06/03 - Posted 11:23:13 PM from the Daily Record newsroom A former securities broker who operated with Seaboard Securities in Florham Park pleaded guilty in U.S. District Court on Wednesday to mail fraud and a scheme to bilk clients out of more than $350,000. Louis Romano, 59, of Madison, admitted that he devised a scheme to take customer funds supposedly earmarked for legitimate stock and bond investments and divert them for his own personal use. Romano admitted he diverted about $350,000. Romano was indicted in October on two counts of mail fraud and pleaded guilty to one count on Wednesday. The other count was dropped as part of the plea agreement. "After a careful evaluation of the evidence in the case, Mr. Romano made the decision that he should accept the responsibility for his conduct," said Romano's Morristown-based attorney, John Whipple. Romano admitted he convinced customers to pay for supposed legitimate investments with personal checks made out to "cash" or to Romano himself. Romano said he convinced other customers to sell their existing legitimate securities and turn over proceeds to him for further investment and falsely represented that the stocks and bonds he recommended were safe, high-yield opportunities for long-term investment. Romano told his clients he would invest their money in Seaboard accounts and they would not receive monthly account statements, while in fact no investments ever were made. In order to conceal his activity, Romano reassured customers and made periodic payments to a number of his customers . Whipple said Romano was not a full-time broker with Seaboard Securities, and has not worked there for a few years. The fate of Romano's license or ability to practice in the industry will be decided at his sentencing, scheduled for June 23. Romano faces a maximum penalty of five years in prison and a $250,000 fine. Romano has agreed to repay his victims. He is free on bail pending his sentencing. "He certainly regrets what he did and will make every effort to make them (the customers) whole in the future," Whipple said. Rob Seman can be reached at rseman@gannett.com or (973) 428-6631.

To: afrayem onigwecher who wrote (11198) 3/6/2003 7:26:15 PM From: StockDung   Read Replies (1) | Respond to of 19428   FBI warns al Qaeda arrest could 'accelerate' attacks From Terry Frieden CNN Washington Bureau Thursday, March 6, 2003 Posted: 8:19 AM EST (1319 GMT) WASHINGTON (CNN) -- The FBI on Wednesday advised state and local law enforcement agencies that the capture of al Qaeda operations chief Khalid Shaikh Mohammed could spark terrorist attacks already planned. The FBI, in its weekly intelligence bulletin to police agencies, said it believes the capture of Mohammed deals "a severe long-term blow" to al Qaeda's ability to plan and carry out attacks against the United States. But officials worried about plans that may already be in the pipeline. "In the short term, the apprehension may accelerate execution of any operational planning already under way, as operatives seek to carry out attacks before the information obtained through Mohammed's capture can be used to undermine operational security," the FBI said. But an FBI official told CNN that despite the concern expressed in the dispatch, authorities have no information indicating there is any specific or credible threat as a result of the capture. Mohammed is suspected of masterminding the September 11 attacks. Interrogators are placing "all appropriate pressure" on Mohammed at an undisclosed location, U.S. officials have said. Government sources have said Mohammed has not been particularly useful so far, but that he has begun to talk. Initially, the suspected terrorist limited his responses to recitations from the Koran, the Islamic holy book, the sources said. But human rights group Amnesty International said Wednesday that interrogation techniques used on Mohammed and on other alleged terrorists amount to torture. "Despite claims to the contrary by U.S. officials, the use of sensory deprivation (hooding), prolonged physical restraint (shackling) and denial of needed medical care are all characteristic elements of torture, and like psychological torture, are prohibited under international law," the group said in a statement. (Full story) The FBI statement, intended for law enforcement officials, noted several members of Mohammed's family living outside the United States are known to have been affiliated with al Qaeda. One of Mohammed's nephews, Abd al-Karim, speaks English and is described as being familiar with life in the United States from his years spent studying in North Carolina in the mid-1980s (Full story). Both Mohammed and al-Karim studied at North Carolina Agricultural and Technical State University in Greensboro. They left the United States in 1986, after Mohammed earned an engineering degree.

To: afrayem onigwecher who wrote (11198) 3/7/2003 1:23:32 PM From: StockDung   Respond to of 19428   Exec gets 7 years in investing scam By Greg Jefferson Express-News Business Writer Web Posted : 03/07/2003 12:00 AM George Fahey, the No. 2 executive of InverWorld Inc., was sentenced to seven years in prison Thursday on conspiracy and fraud charges stemming from the San Antonio-based investment firm's 1999 collapse. But that penalty, already a reduced sentence, could be relaxed even further because of Fahey's cooperation in a spate of civil lawsuits that arose from the InverWorld debacle. Assistant U.S. Attorney Charles Jenkins said he expected to file such a motion before Aug. 1, the date after which U.S. District Judge Ed Prado ordered Fahey to report to federal prison. Fahey, soft-spoken and apologetic, also received three years probation. He had pleaded guilty to investment fraud and conspiracy to launder money in December 2001. As part of a deal with prosecutors, he agreed to cooperate in the investigation and prosecution of his former boss, InverWorld Chairman José Zollino. Fahey was president of the firm under Zollino. In a brief statement to the court, Fahey apologized to his family and then turned his attention to InverWorld. "I would also like to apologize to InverWorld employees and clients for not (fulfilling) my responsibilities," he said. He sought to make amends, he added, by cooperating with prosecutors and helping InverWorld's bankruptcy liquidator track down assets that could be sold, with the proceeds returned to investors. "I think the crime was totally out of character for him," said Fahey's attorney, Steve Hilbig. In October, Zollino was sentenced to 12 years in prison after pleading guilty to conspiracy to commit fraud and conspiracy to launder money. Federal prosecutors accused the former executives of using a complex pyramid scheme to hide InverWorld's weak financial condition. About 1,200 investors from Mexico and other Latin American countries lost $325 million when InverWorld sank into bankruptcy in June 1999. Federal agents raided InverWorld's headquarters, near the Quarry Golf Club, less than two months later. Zollino was arrested in April 2001 in New York as he returned from Europe, and Fahey surrendered in San Antonio. While Fahey was released on a $100,000 unsecured bond, Zollino remained in federal custody because he refused to submit to an audit of his finances. A federal grand jury indicted Fahey on 15 fraud counts, 13 of which prosecutors dropped under the plea agreement. He could have received 25 years in prison for the two charges, but as part of the deal prosecutors recommended that he be sentenced to no more than seven. Investors and InverWorld's court-appointed liquidator, Len Blackwell, have filed civil lawsuits against Zollino and Fahey, as has the Securities and Exchange Commission. -------------------------------------------------------------------------------- gjefferson@express-news.net

To: afrayem onigwecher who wrote (11198) 3/7/2003 1:31:20 PM From: StockDung   Respond to of 19428   PayPal scam doing the rounds March 6 2003 A Paypal scam appears to be doing the email rounds, according to a post to the Full-Disclosure mailing list yesterday. PayPal lets any business or consumer with an email address send and receive payments online. The email has the heading "Your PayPal account is Limited" and says: "PayPal is currently performing regular maintenance of our security measures. Your account has been randomly selected for this maintenance, and placed on Limited Access status. Protecting the security of your PayPal account is our primary concern, and we apologize for any inconvenience this may cause. "To restore your account to its regular status, you must confirm your email address by logging in to your PayPal account using the form below:" advertisement advertisement The form mentioned asks for email address, password, bank account, bank account number, credit card and credit card number. When one replies to the email, it goes to an address with a .ru extension - the two-letter code for Russia. PayPal scams can be reported at this URL. theage.com.au

To: afrayem onigwecher who wrote (11198) 3/7/2003 1:51:31 PM From: StockDung   Respond to of 19428   SEC EYES CORPORATE PENSIONS OVER ACCOUNTING TIME BOMB By ERIC MOSKOWITZ March 7, 2003 -- There is a new addition to the Wall Street scandal line-up: company pension plans. The Securities and Exchange Commission said yesterday it will begin closely monitoring company's pension information, because too many of them are obscuring pension losses in filings to the agency. Newly elected SEC Commissioner Harvey Goldschmid, who has told reporters that he wants to be more pro-active than his controversial predecessor, Harvey Pitt, said that "pension disclosures must reflect financial reality and be as transparent as possible." Companies in the S&P 500 index lost more than $200 billion in the past three years in pension investments, yet many of them continue to report pension investments in filings that make it appear as if the markets were still rising. A dozen companies, including IBM and General Motors, have already 'fessed up to losing billions in shareholder equity. And countless others have announced that they will lower their expected pension rate of return going forward. But the SEC fears there's still more bad news ahead for other companies who've yet to come clean. While accounting rules let companies to use estimated pension investment gains vs. real-time losses, the federal watchdog is concerned about the time when these fund returns show up on company balance sheets.

To: afrayem onigwecher who wrote (11198) 3/7/2003 1:53:56 PM From: StockDung   Respond to of 19428   SINS OF THE FATHER By PAUL THARP Jack Grubman March 7, 2003 -- N ew York's posh private schools have rejected all the entrance applications of two young children of disgraced Wall Street star Jack Grubman. Insiders said the rarefied prep school set didn't want to be associated with either Grubman's scandal or his millions, which he attempted to use to influence admissions. Grubman, 49, was ousted from Salomon Smith Barney last year for inflating ratings on stocks he covered - including praising telecom dud WorldCom right up to days before its bankruptcy. After being snared in state and federal probes of Wall Street's widespread scams, Grubman was barred for life from the securities industry and fined $16 million for his hyped stock reports and cover-ups. While riding high as an all-star analyst earning $20 million a year, Grubman finessed his young twins into the prestigious preschool at the 92nd Street Y - a slot that virtually guarantees admission to one of the city's top 14 prep schools. To win the coveted preschool seats for his twins - a boy and a girl - Grubman bragged that he got help from Citigroup chief Sandy Weill: Citigroup donated $1 million to the 92nd Street Y. In exchange, Grubman wrote to a friend in an e-mail, that Grubman officially boosted his ratings on AT&T's ailing stock so that AT&T chief Mike Armstrong - a Citigroup director - would back Weill in a boardroom power struggle to oust a rival. Private schools are always under pressure from the rich and famous to accept their kids, observers say. "Jack Grubman took it to a new level of indiscretion and then bragged about it in an e-mail that was exposed by the authorities," said Victoria Goldman, who wrote the authoritative "Manhattan Family Guide to Private Schools." "What did him in was his smug, in-your-face attitude that he could get anything he wanted and not be touched," she said. "Well, the schools wouldn't touch him. They knew, of course, he could afford to donate a new library or new gym, but they have just as many other top candidates with more money and much better ethics," she said. "The schools don't need someone with a black mark or of questionable character," Goldman explainied. Also hurting Grubman's attempts is the skyrocketing birth rate among Manhattan's well-to-do, causing a shortage of seats in better schools, Goldman said. About 2,000 preschoolers compete annually for just 650 seats in the top private schools. Grubman and his wife applied to at least eight exclusive prep schools for their 5-year-olds. The list is said to have included Trinity, Dalton, Riverdale, Columbia Grammar and Pound. All of the eight schools rejected the applications, said family sources. "It's odd," said a Grubman family friend. "Just being at the 'Y' assures you a place in at least one of the good schools. They're being totally rejected." Grubman was seen recently touring P.S. 6, a public school on Madison Avenue in the East 80s - a short stroll from the brownstone mansion he owns off Fifth Avenue. "We hear that he'll be enrolling the children in public school," said Goldman. "It's an excellent public school, probably the highest-regarded in the city." Grubman could not be reached for comment. The U.S. Attorney is expected to inform Grubman in about two weeks whether he'll also face a round of criminal charges. Legal sources said that Grubman may be liquidating some of his assets to cover his legal costs. He faces more than 1,000 civil court actions alleging stock fraud.

To: afrayem onigwecher who wrote (11198) 3/8/2003 9:24:56 AM From: StockDung   Respond to of 19428   FBI Closes Fraudulent Investment Schemes By CURT ANDERSON .c The Associated Press WASHINGTON (AP) - FBI agents cracked down Friday on get-rich-quick schemes that defrauded hundreds of people nationwide out of some $500 million. Agents from 41 FBI offices executed search and arrest warrants targeting 100 people allegedly involved in fake or nonexistent investments sometimes called ``prime bank'' schemes. People are lured by promises of access to a secret market that offers extraordinarily high returns with little or no risk. In reality, the con artists usually keep the money for themselves. FBI Director Robert Mueller said in a statement that while preventing terrorism has become the bureau's main focus, ``We are not going to let individuals empty the pockets of unsuspecting investors.'' ``Putting an end to high-dollar frauds and other white-collar crimes continues to be one of our top priorities,'' Mueller said. A major part of the investigation, known as ``Sweet Tea Masquerade,'' resulted in arrest warrants against 51 people in 22 states and the District of Columbia. In this case, FBI undercover agents posed as investors in a scheme traced to Columbia and Greenville, S.C. In Los Angeles, FBI officials said the operator of Premier Marketing and Investments Inc., Nicholas Roblee, was arrested on wire fraud and money-laundering charges in connection with an alleged scheme to defraud investors who had paid him $4.5 million. Roblee allegedly promised returns of up to 200 percent from a variety of investments but was paying old investors with money from new investors in a Ponzi-type scheme, the FBI says. The investigation also targeted investment schemes in Jacksonville, Fla.; Denver; Dallas; Boston; Houston; Kansas City, Mo.; Las Vegas; Memphis, Tenn.; New Orleans; New York; Oklahoma City; Phoenix; Portland, Ore.; Salt Lake City; and Sacramento, Calif. Some people being sought by the FBI live in Canada, Mexico and overseas in Britain, Germany, Greece and South Africa. The FBI said these investment schemes often have similar characteristics: Promises of ``secret'' and risk-free trading. Guaranteed or extremely high rates of return. Operators are not licensed by the government, and their arrangements are not offered by legitimate brokerage firms. Requirements for a confidentiality agreement. On the Net: FBI: fbi.gov 03/08/03 08:36 EST

To: afrayem onigwecher who wrote (11198) 3/8/2003 10:33:04 AM From: StockDung   Respond to of 19428   Boycott Cowardly France Campaign Scroll Down to Contribute or Click Here An Urgent Letter to Americans From: Christopher Ruddy, Editor, NewsMax.com and Carl Limbacher Jr James Hirsen Diane Alden Wes Vernon Wilson. C. Lucom Tammy Bruce Charles Smith Barry Farber John L. Perry Gary Aldrich Ray Briem Support America! Boycott Cowardly France! NewsMax is again taking the lead in standing up for America with our new “Boycott Cowardly France Campaign.” As you know, NewsMax is one of the leading online news services that stands for American values. Now you can help us support America and President Bush. You may also know about NewsMax Magazine, edited by Christopher Ruddy, with great columns from Bill O'Reilly, David Limbaugh, Thomas Sowell, Michelle Malkin, Mike Reagan and many others. With your help we can reach millions of Americans, send a wake-up call to cowardly France, and show strong support for our soldiers in the field who are risking their lives for all of us. Now, NewsMax's "Boycott France" wants to reach millions of Americans, send a wakeup call to cowardly France, and show strong support for our soldiers in the field who are risking their lives for all of us – but we need your help to do this! Our national "Boycott Cowardly France Campaign" will expose France, support our President, and tell the truth to America and the world. Ultimately what's at stake is nothing less than the lives of thousands of soldiers and millions of Americans This campaign can also rally all those people now sitting on the fence and provide our men and women in uniform with the support they need to win. Here is some of the urgent information we will reveal to the world. The real reason why France is trying to block AmericaThe French claim they are fighting for peace and taking the moral high ground by attempting to block support for America’s campaign to eliminate Saddam Hussein. That’s a pack of self-serving lies. The reality is that France has been in bed with the genocidal Iraqi dictator Saddam Hussein for decades. As the New York Post reports: France has massive investments in Iraq (and has made a fortune out of the U.N. oil-for-food program). Everyone knows that it is worried that a successor regime might not honor contracts made by Saddam. For decades France has been taking blood money from one of the worst dictators on earth, and now they’re guardians of morality? I don’t think so. Paris is in fact a charter member of the “Axis of Weasel” and the French don’t care that their efforts not only may cause American men and women to die needlessly but also put millions in the U.S. and throughout the world at risk of a new wave of terrorist attacks, as long as they can protect their blood money.France’s long “hate America” campaign Whether it’s supporting terrorist-abetting Cuban dictator Fidel Castro or nosily denouncing U.S. capital punishment, France seldom passes up an opportunity to oppose America in the United Nations and elsewhere. The sad reality is that current French leaders envy and hate America for our power and wealth. While America has been prospering, France (along with much of Western Europe) remains deeply mired in economic stagnation created by a failed socialist economy and myopic leaders. France’s new “hate America” campaign is particularly despicable when considering the history of American aid to France. When Germany threatened France during World War I, American doughboys came to the rescue. Thirty years later, when France was conquered by Nazi Germany and her people enslaved, tens of thousands of Americans gave their lives to defeat their German conquerors and free France. After World War II, France was one of the largest beneficiaries of the U.S. Marshall Plan which saved the French from destitution and rebuilt their economy. Then, when the Soviet Union threatened Europe during the Cold War, for over 40 years the American nuclear shield again protected France from Soviet conquest. Again and again America has saved France from political annihilation and slavery. But instead of appreciation, again and again we have received sneering derision. When America went toe to toe with Castro during the Cuban Missile Crisis, the French said they would not stand with us. When President Reagan bombed Khadafy’s Libya after it sponsored terrorism that killed American soldiers, the French refused to allow US bombers to cross its airspace. Today, as Chairman of the Pentagon’s Policy Advisory Board Richard Perle observes: "France is no longer the ally it once was. I have long thought that there were forces in France intent on reducing the American role in the world."‘Beneath Contempt’ And it gets even worse. Even Left Coast Democrat Rep. Tom Lantos of California said he was "particularly disgusted by the blind intransigence and utter ingratitude" of the Axis of Weasel after it gave Saddam the green light to attack Turkey. "If it were not for the heroic efforts of America's military, France, Germany and Belgium today would be Soviet socialist republics," Lantos noted. "The failure of these three states to honor their commitments is beneath contempt." So fanatical is French President Jacques Chirac's jealousy and hatred of America that even his fellow Europeans are now expressing outrage at his implication that France would block now independent former Soviet satellites from joining the European Union because they are too "pro-American." "They missed a good opportunity to keep quiet," Chirac huffed, and went on to claim that those who support America were "childish and irresponsible." But what can you expect from politicians from a country that virtually surrendered to the Wehrmacht without a fight, and then eagerly collaborated with Nazi Germany? It’s no wonder that more and more Americans and others throughout the world are sick of France’s arrogance and cowardice, and there is a growing global movement to boycott French goods. The time has come to hit ungrateful, cowardly France where it counts: in the wallet. As the war on terrorism heats up, now is the time for all patriotic Americans to show their support for our President and our country. That is why NewsMax is launching our national "Boycott Cowardly France Campaign". With your help, we can reach millions. If Paris wants to keep profiting from Saddam Hussein, Americans should just say no to French goods. Boycott all things French: their gooey cheeses, their overpriced wines, their rip-off Perrier and Evian water, their crummy automobiles... And most of all we will be boycotting their white flags. As President Bush said, we shall not surrender to evil and terrorists. Please take a moment now and stand up for our country, our boys in uniform, and all who oppose terrorism by supporting our "Boycott Cowardly France Campaign". NewsMax plans a nationwide ad campaign to encourage Americans to boycott France. You can help us. Please send what you can afford $50, $20, even $10. It will send France a message they will never forget. Join NewsMax’s "Boycott Cowardly France Campaign" Yes, I want to join the boycott lead by NewsMax.com, one of America’s leading online news services. I also want to help NewsMax’s effort to alert millions of Americans to the "Boycott Cowardly France Campaign". NewsMax plans to take out newspaper ads, internet ads, and if funds allow, radio and TV commercials to encourage Americans to boycott French goods, products, travel and services. This will send a wake up call to the Paris elitists – betray America and the Western alliance at your own cost! NewsMax has an ambitious program to reach millions of Americans – if contributions allow – for ads in the New York Times, Wall Street Journal, and major papers across the country. This will not only inform millions of Americans, but send a wake up call to France, and make them reluctant to obstruct America, Britain and other allies. We believe France, by not making a united front against terrorism, has put America at risk to terrorism. They have also weakened Western resolve as American troops are on the line in the sands of the mid East. Your contributions can make a difference. NewsMax has done these informational campaign to great effect during the Elian Controversy and Election Crisis of 2000. We reached millions in those campaign with full pages ads in the NY Times and TV commercials on Fox News and elsewhere. Now you can send your message to France: We will not economically support countries that support terrorism and will not stand with us. Contribute to “Boycott Cowardly France Campaign.” Yes, I want to contribute to NewsMax’s “Boycott Cowardly France Campaign.” Please find enclosed my contribution to help take out ads to inform millions of Americans of France’s betrayal and not to buy French goods and services. I understand my contribution is not tax-deductible. Contribute Online: Simply fill out the credit card info below and press the "Submit Contribution" button. Contribute By Mail: Simply print this form out, fill in all information and enclose a check payable to NewsMax.com and mail to: NewsMax.com PO Box 20989 West Palm Beach, FL 33416 $25 $50 $75 $100 $250 $500 $1,000 other $ (example: 75.00) Special Offer: Contribute and receive a $20 value - Make a contribution to NewsMax’s “Boycott Cowardly France Campaign” and if you are not already subscribed to NewsMax Magazine, we’ll send a you a FREE four month trial subscription. NewsMax Magazine Contribute $50 or more and receive a FREE  “Home of the Brave Land of the Free” t-shirt  - a value of $25 Please Select a Size: Medium  –  Large  –  X-Large  –  XX-Large Contribute $100 or more get a FREE copy of the coffee table book  “The Great Greatest Speeches of Ronald Reagan” - a $40 value with shipping  Contribute $250 or more and get a FREE edition of “Resolve” -  the official portrait of President George Bush framed with his  most resolute quotation. 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To: afrayem onigwecher who wrote (11198) 3/8/2003 11:54:23 AM From: StockDung   Respond to of 19428   'Gold Card' issuer to pay $26 million for fraud Court says Aliso Viejo company misled consumers by marketing product as a bank card. By CHRIS KNAP The Orange County Register First National Credit of Aliso Viejo defrauded more than 500,000 consumers nationwide with a misleading credit-card offer and must pay more than $26 million in refunds and penalties, a Superior Court judge ruled this week. The judge found that FNC Investments Inc., the parent company, violated false advertising and unfair practices laws by marketing the card as if it were a consumer bank card. The First National Gold Card could be used only to buy items from an FNC catalog, and then only if the consumer paid a portion of the price in cash. The cards could not be used to obtain credit at stores or banks. The judge ordered FNC to refund the $37 to $43 paid by every consumer who ordered one of the cards. The California Attorney General estimated that would total $22 million. The two principles in the company, Mahmoud Karkehabadi and Steve Golgolab, were ordered to pay $5 million in civil penalties and the costs of the attorney general's investigation. Karkehabadi is also known as Mike Kay. "First National Credit reaped millions in unjust profits through chicanery," Attorney General Bill Lockyer said Friday. "They misled consumers into buying a bogus "gold card." Busting bogus offers Before you send in money in response to a credit-card offer, you may want to take a few minutes to check out these Internet sites, which watch for fraud: •Eye on Credit lists legitimate credit-card offers and names companies accused of fraudulent offers: www.eyeoncredit.com/ warnings/index.html •RipoffReport.com is an independent advocate for consumers. You can search for a specific company or scroll lists of complaints from other consumers: ripoffreport.com/search.asp •Better Business Bureau of the Southland allows you to check on a specific company and make a complaint if you feel you have been cheated: www.bbbsouthland.org/ howtoreport.html •California Attorney General posts general warnings and alerts on fraud and hoaxes at caag.state. ca.us/newsalerts/ alert.htm Regulators say the scam is typical of those used by con artists who prey on people desperate to establish credit. Consumer advocates say people who have had such problems need to be particularly careful to avoid being victimized. Golgolab and Karkehabadi said First National Credit was a legitimate company intended to help people with poor credit. Their lawyers told regulators in several states that the company had corrected its mailings so consumers wouldn't be misled. Los Angeles Superior Court Judge John P. Shook rejected those arguments Monday, finding the company had violated state law more than 40 million times – twice for each card offer mailed. Shook found that the company misled its own lawyers and continued to mail hundreds of thousands of deceptive solicitations, even after being sued by regulators. Robert C. Moest, who represented Karkehabadi and Golgolab at the trial, said he will recommend an appeal. "They got lumped in with other businesses that were bad businesses. That was unfair and I think the decision was wrong," Moest said. The company says it already has refunded about $1 million to consumers. But FNC Investments filed for bankruptcy protection in January, listing its assets as less than $500,000. Moest said he doubted the company would be able to repay many more consumers. The judge's order will allow the attorney general to go after Golgolab and Karkehabadi personally for the $5 million in penalties. But Moest said, "That's a huge amount of money. I don't have any expectation that they would be able to pay that." The Federal Trade Commission and the state Attorney General's Office warn consumers to be skeptical when offered a pre-approved credit card that requires an up-front payment. Most legitimate banks do not charge annual fees until after the account is established. Despite that, the deputy attorney general who tried the case said the mailings appeared legitimate. "This isn't a case where consumers were taken in because they were careless, or dumb. This company lied to them," said Deputy Attorney General Ian K. Sweedler. The Orange County Register wrote about Karkehabadi and Golgolab last year in a story that profiled three "Gold Card" operations based in south Orange County. Golgolab previously had been involved in a Santa Ana Heights gold-card company called Capital Credit. That company collected $10 million in 1999 and 2000, according to a U.S. Postal Inspector court affidavit. Golgolab and Karkehabadi attended the January trial but refused to testify, citing their right against self-incrimination, Sweedler said. "They've said that they have no money, but they don't look broke," Sweedler said. Karkehabadi had previously run into trouble at South Bay Toyota, a Gardena car dealership that the state accused of defrauding hundreds of consumers on overpriced car leases. In a court filing last year, the Department of Motor Vehicles alleged that Karkehabadi "committed, participated in and/or was responsible" for 181 incidents of fraud, theft, false statements, false advertising, and bait and switch. Moest said Karkehabadi was not responsible for the fraud committed at the dealership. An attorney for The Department of Motor Vehicles said a trial conference is set in that case for later this month. However, as in the Gold Card case, the state is only pursuing civil remedies. In Santa Ana, Assistant U.S. Attorney John D. Early confirmed he was aware of both the Capital Credit and the First National Credit cases but declined to comment on any criminal prosecution. -------------------------------------------------------------------------------- CONTACT US: cknap@ocregister.com or 714-796-2240

To: afrayem onigwecher who wrote (11198) 3/12/2003 5:30:48 PM From: StockDung   Respond to of 19428   Pa. polka band leader indicted for fraud, racketeering March 12, 2003, 4:21 PM EST WILMINGTON, Del. -- The leader of a popular Pennsylvania polka band is facing charges he defrauded investors of more than $2 million during a 13-year period. Jan Lewandowski, 61, of Hazleton, Pa., was indicted Monday on 57 charges, including racketeering, theft and securities fraud. According to prosecutors, Lewandowski, the leader of the Jan Lewan Orchestra, sold unregistered securities for J.R.D. Productions Inc., which promotes musical performances; and Jan Lewan Show Gifts Inc., which is involved in a gift-shop operation selling merchandise from Europe. Lewandowski, 61, allegedly sold unregistered securities from 1988 to 2001 to 89 investors in 21 states, including Pennsylvania, New Jersey and Delaware, according to the indictment handed down by a New Castle County grand jury. Victims were promised returns of 12 or 20 percent on their investments, but prosecutors said Lewandowski, who filed for bankruptcy protection last year, falsely represented the profitability of the two companies. The alleged victims include two Delaware families who purchased $87,000 in unsecured securities between 1995 and 2001, officials said. In 1995, Lewan was nominated for a Grammy award for his album "Jan Lewan and His Orchestra." Copyright © 2003, The Associated Press

To: afrayem onigwecher who wrote (11198) 3/12/2003 5:34:21 PM From: StockDung   Read Replies (1) | Respond to of 19428   SEC charges company with fraud in stock sales Colonie -- Medical products firm, accused of running a "boiler room," OKs settlement By JEREMY BOYER, Business writer First published: Wednesday, March 12, 2003 A small company that makes safety products for medical needles at a plant off Central Avenue has settled federal charges that it fraudulently sold $3.75 million in unregistered private stock between 1997 and 2001. The U.S. Securities and Exchange Commission filed a complaint Tuesday against North American Medical Products Inc., which operates at 3 Walker Way in the village of Colonie, as well as its president. Also named in the complaint were a former director who lives in California and three unregistered brokers in California who sold the company's stock. SEC investigators allege North American Medical Products significantly overstated its growth prospects to potential investors in sales materials and by telephone. Investigators claim one broker falsely told potential investors that the company received a $1 million order from New York City officials the day after Sept. 11, 2001, for products to use in treating injured people at the World Trade Center site. "That was a complete fabrication," said Richard Sauer, assistant director of enforcement at the SEC. "It was whatever would sell the stock." According to the claim, brokers also told potential investors that the company would generate $540 million in sales over the next five years, including $50 million to $100 million in sales in 2001. In reality, the company's highest annual revenue has been about $200,000. Individuals named in the SEC complaint include company president Arthur Gianakos, 54, of Albany. On Tuesday, he referred questions on the case to his attorney, Leslie Apple of the Albany law firm Whiteman Osterman & Hanna, who was unavailable for comment. SEC officials said North American Medical Products continues to operate and Gianakos remains with the company. "We take no position as to what its future is," Sauer said. The stock-selling operation was conducted in Orange County, Calif., using "boiler rooms," a term that describes a small group of high-pressure sales professionals who make cold calls to potential investors. As part of a deal to settle the charges against them, North American Medical Products and Gianakos admitted no guilt but agreed to cooperate with SEC investigators. Gianakos also agreed to forgive a $355,000 loan he made to the company as an attempt to boost its financial health and improve the value of the stock held by investors. The other defendants in the case all reside in California, which is where the SEC complaint was filed in U.S. District Court. Those charged were Niko G. Efstathiou; Paul Mason, who also uses the name Louis Ronnie Sarpy; Laurence Mark Anderson, also known as Ron Laurence; and Kristin Luck Emery. Efstathiou, a former director at North American Medical Products, also settled the SEC charges and agreed to give back the 1.05 million shares he received in connection with the stock sales. The company agreed to surrender the remaining $120,000 in proceeds from the stock sales and to cancel the shares returned by Efstathiou. The SEC identified Mason, Anderson and Emery as boiler room operators.

To: afrayem onigwecher who wrote (11198) 3/12/2003 5:38:36 PM From: StockDung   Respond to of 19428   David Duke's Mail-Fraud Sentencing Set for Today March 12, 2003 By: Melissa Campanelli Senior Editor melissa@dmnews.com David Duke's sentencing on federal mail-fraud and tax charges has been moved up a week to today, at Duke's request, according to reports. U.S. District Judge Eldon Fallon was originally scheduled to sentence Duke on March 19. Duke -- a one-time Ku Klux Klan leader, Republican state legislator and gubernatorial candidate in Louisiana -- pleaded guilty in December to mail-fraud and tax charges. Under a plea agreement with prosecutors, he faces up to 15 months in prison and $10,000 in fines. Reportedly, Duke wishes to get his sentence under way. "David wants to just go ahead and get it over with," said Duke's attorney, James McPherson. "I advised him that it's a good idea. ... It's like all the fears you have in life -- the reality is never as bad as our fears." The mail fraud involved letters Duke sent to supporters from 1993 to 1999 urging them to give him money because he had financial problems and was in danger of losing his home. Prosecutors, however, said he sold his home for a profit during that period, held numerous investment accounts and gambled away much of his take at casinos in Mississippi, Las Vegas and the Bahamas. Reportedly, the amount collected through the scheme was "in the six-figure area." The agreement does not call for restitution, reports said, because contributions were as small as $5, and there were so many that returning the money would be difficult. Duke also pleaded guilty to filing a false 1998 tax return in which he claimed to make only $18,831 when he really made more than $65,000. Duke won a seat in the Louisiana House of Representatives in 1988 and finished second in a 1990 race for the U.S. Senate and a 1991 race for Louisiana governor. An investigation into Duke's finances became public in 1999, soon after he finished third in a nine-candidate primary for Louisiana's 1st Congressional District seat. Duke is now disqualified from running for public office. E-mail this article to a friend Read more articles on Legal/Privacy

To: afrayem onigwecher who wrote (11198) 3/12/2003 5:40:42 PM From: StockDung   Respond to of 19428   Kallmann pleads guilty to securities fraud SIGNONSANDIEGO NEWS SERVICES 1:24 p.m., March 11, 2003 SAN DIEGO – A man who issued false news releases to bolster his San Diego company's sagging stock prices during the anthrax scare in 2001 pleaded guilty today to two counts of securities fraud. Charles W. Kallmann, former chief executive officer of 37Point9 Inc., faces up to 10 years in prison for each count when he is sentenced June 9, authorities said. "The defendant in this case brazenly manipulated the company's stock price," said Assistant Attorney General Michael Chertoff. "Worse still, he did it by exploiting public fears about the anthrax scare." According to the criminal information, Kallmann drafted two releases in October 2001 that made false and misleading claims about the development, testing and effectiveness of "SurfaceShield," which purportedly was designed to have a long-term killing effect against anthrax. One of the releases stated that a wholly owned unit of 37Point9 had a deal with a laboratory "to develop an addition to its SurfaceShield product that will enable the enhanced SurfaceShield to kill bacillus anthracis (anthrax) while it is in its vegetative state and prior to release and sporulation of vegetative cells." There was no such deal, authorities said. Around the time of the issuance of the false releases, the volume of trading in 37Point9 shares rose about 1,500 percent to more than 32 million shares, and the price of each issue roughly tripled, authorities said.

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