SEXI Dr. Kenneth D. Steiner rounds out Geoff Eiten's current management team otcfn.com nfnonline.com
National Financial Network - Management Team nfnonline.com
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Management Team
google.com.
Dr. Kenneth D. Steiner, MD, RIA - Special Medical Consultant
Having embarked upon his medical career as a clinical fellow at the Harvard Medical School in 1979, Dr. Steiner emerged a specialist in emergency medicine and assistant professor of Ambulatory Care. After establishing a private practice in 1983, he became a registered investment advisor and medical review officer, and has served as medical consultant to numerous Fortune 500 companies.
Today Dr. Steiner maintains a private practice and is a fellow of the American Academy of Emergency Medicine. At NFN, he serves as a consultant for clients in the biotech, medical, healthcare, and biomedical fields. Dr. Steiner utilizes his vast experience and personal contacts within the financial and medical fields to increase awareness of the opportunities offered within the small-cap arena.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 16695 / September 11, 2000
SECURITIES AND EXCHANGE COMMISSION v. KENNETH STEINER AND WOODBRIDGE FAMILY MEDICAL ASSOCIATES, P.C., Civil Action No. 00-02145 (D.D.C.)
NEW JERSEY DOCTOR AND HIS MEDICAL PRACTICE PAY $1.3 MILLION TO SETTLE SEC CHARGES OF SELLING UNREGISTERED SYSTEMS OF EXCELLENCE SECURITIES
The Securities and Exchange Commission today announced that on September 8, 2000 the Honorable Gladys Kessler of the United States District Court for the District of Columbia entered final judgments against Kenneth Steiner ("Steiner"), a New Jersey physician, and his medical practice, Woodbridge Family Medical Associates, P.C. ("Woodbridge"), requiring them to collectively pay over $1.3 million in disgorgement, prejudgment interest and civil penalties.
The Commission's complaint, filed on September 7, 2000, alleges that in two separate transactions in March and June 1996, Steiner acquired -- for himself, his corporate medical practice and in the names of family nominees -- a total of 689,655 shares of newly-issued Systems of Excellence, Inc. ("SOE") stock in a private placement at a total cost of $200,000. The shares that Steiner and Woodbridge acquired were neither registered nor exempt from registration but were nevertheless conveyed to them without the required restrictive legend as part of a scheme orchestrated by Charles Huttoe, former president of SOE, to manipulate the market for SOE securities. According to the complaint, Steiner and Woodbridge soon resold nearly all of these newly-issued and unregistered shares into the manipulated market, realizing net profits of $924,789.
Simultaneously with the filing of the Complaint, Steiner and Woodbridge, without admitting or denying the SEC's allegations, settled the action by consenting to entry of the court's Order that: (i) permanently enjoins them from violating Sections 5(a) and (c) of the Securities Act of 1933; (ii) requires Steiner to disgorge his illegal profits of $602,648, plus prejudgment interest of $220,433; (iii) requires Woodbridge and Steiner to jointly and severally disgorge $322,141, plus prejudgment interest of $111,376; and (iv) requires Steiner to pay a civil penalty of $50,000.
With the filing of this Complaint, and the subsequent payment by Steiner and Woodbridge, the Commission will have collected approximately $12 million in disgorgement, which will later be distributed by the Court-appointed receiver to victims of the SOE fraud.
The Commission previously has made several announcements concerning these matters. See Lit Rel. 16632a (July 21, 2000), Securities Exchange Act Rel. 42616 (April 4, 2000), Lit Rel. 16343 (October 27, 1999), Lit. Rel. 15996 (December 9, 1998); Lit. Rel. 15906 (September 24, 1998); Lit. Rel. 15888 (September 18, 1998); Lit. Rel. 15617 (January 14, 1998); Lit. Rel. 15600 (December 22, 1997); Lit. Rel. 15571 (November 25, 1997); Lit. Rel. 15490 (September 12, 1997); Lit. Rel. 15286 (March 12, 1997); Lit. Rel. 15237 (January 31, 1997); Lit. Rel. 15185 (December 12, 1996); Lit. Rel. 15153 (November 7, 1996); Securities Exchange Act Rel. No. 33791 (October 7, 1996).
The Commission's investigation in this matter is continuing.
This enforcement action is part of the Commission's four-pronged approach to attacking Microcap abuses: enforcement, inspections, investor education and regulation. For information about the SEC's response to Microcap fraud, visit the SEC's Microcap Fraud Information Center at sec.gov.
sec.gov
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Geoffery J. Eiten tied to known stock manipulator MARIO IACOVIELLO who was associated with Notorious Boiler Room La Jolla Securities Corp. I am happy to add important investor information to Mario's resume.
National Financial Network - Management Team
Geoffrey J. Eiten, RIA - President & Founder
John J. McElligott - Chief Operating Officer
Denelle Swaim - Chief Administrative Officer
Mario Iacoviello - Independent Affiliate/Western Region
nfnonline.com
Mr. Iacoviello gained extensive experience in the financial industry through a decade of work in senior management positions with prestigious companies such as Baron Chase Securities, Oppenheimer, and Rodman & Renshaw. Through his work with these firms, Mr. Iacoviello has gained expertise in a variety of areas, including financing and the development of integral marketing strategies resulting in increased profitability. He has seamlessly adapted these skills for utilization in the arena of investor relations. NFN's clients and their investor base benefit from his broad financial background.
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CIVIL ACTION AGAINST MARIO IACOVIELLO
The Commission announced the filing on September 7 of a final
judgment on consent against Mario J. Iacoviello of Vista, California
in the United States District Court for the Southern District of New
York. According to the Commission's complaint, filed on May 14,
1998, Iacoviello violated the antifraud provisions of the federal
securities laws while employed as a registered representative with
the San Diego branch office of La Jolla Securities Corp. by
accepting undisclosed compensation for recommending and selling
stock in RMS Titanic, Inc. to his clients.
Without admitting or denying the allegations in the Commission's
complaint, Iacoviello consented to a permanent injunction against
future violations of Section 17(a) of the Securities Act of 1933 and
Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5
thereunder. Iacoviello also consented to pay disgorgement of
$30,325 plus prejudgment interest thereon of $16,155.30, subject to
a waiver of all but $10,000 based upon Iacoviello's demonstrated
inability to pay. [SEC v. Paul V. Montle, LS Capital Corporation,
Paul V. Culotta, Carol C. Martino, CMA Noel, Ltd., Mario J.
Iacoviello, Ilan Arbel and Europe American Capital Corporation,
USDC, SDNY, 98 Civ. 3446, MP] (LR-16277)
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SEC says former LS Capital officer Montle fined
WASHINGTON, July 13 (Reuters) - Paul Montle, former president and chief executive of LS Capital Corp., was ordered to pay more than $415,000 and barred from serving as an officer or director for five years for alleged fraud involving three other companies in the early 1990s, regulators said on Friday.
Montle, 53, who resides in Massachusetts, was also barred from participating in the sale of securities for five years, according to the Securities and Exchange Commission.
The ruling, which was handed down on Thursday by a U.S. federal judge in New York, fines Montle $50,000, orders him to pay back more than $365,000 in disgorgement and interest, and bars him from holding executive roles in publicly-traded companies, closes an SEC civil case filed back in May 1998.
Montle, while a CEO and director of Viral Testing Systems Corp., which marketed an HIV diagnostic test called "Fluorognost," more than doubled revenues and overstated revenue projections in two trade publications in 1992 and in a 1993 company press release, the SEC alleged.
As chairman and CEO of gambling casino operator Lone Star Casino Corp., he intentionally left out in SEC filings the sale of more than 1 million shares to foreign investors in 1993 and altered minutes from board meetings and the company's financial books to cover it up, the SEC alleged.
He was also accused of profiting more than $187,000 by manipulating in 1993 the stock of RMS Titanic Inc. , which owns the salvage rights to the sunken Titanic.
Montle's "violations involving fraud and deceit were numerous and ongoing," and his "actions were knowing departures from the securities laws," the SEC quoted federal district judge Milton Pollack as saying.
The ruling was made after a four-day trial in May, the SEC said. His attorney did not immediately return a telephone call seeking comment.
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