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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (13094)	9/23/2004 9:16:17 AM
From: scaram(o)uche	Respond to of 52153

What the hell is WRONG with Alpert? >> A small outfit, it had tried to make a name for itself as a research boutique that was honest enough to issue Sell recommendations when they were warranted. << I'm gonna barf. >> The McNamaras' little girls knew something was amiss. "Why are the police coming here? Are you in trouble?" << "Could be, honey. I work for the biggest piece of crap company known to mankind. We make money the old fashioned way. We cheat and steal." The story of one Sterling analyst...... Message 17850655 Thanks, Erik, for posting that pointer. IMO these guys don't hire people with expertise in biology, chemistry or molecular biology. I know the analysts who are respected in this sector, and IMO Sterling hired hacks (9/11 whores), pure and simple. Shame on you, Alpert. IMO, biotech analysis that originates from Boca Raton has only one purpose..... to distort and cause fear.

To: Icebrg who wrote (13094)	9/26/2004 12:42:13 AM
From: Icebrg	Read Replies (1) \| Respond to of 52153

Elderly investors duped by bogus biotech SEC says San Ysidro boiler room forged letters By Penni Crabtree UNION-TRIBUNE STAFF WRITER September 25, 2004 Elderly investors hoping to cash in on a purported blockbuster cancer drug were duped by a San Ysidro boiler-room scam into buying stock in a bogus biotechnology company, regulators say. Federal securities regulators received a temporary restraining order this month against the supposed biotech company, Global Health, and affiliates Global Clearing, Goldman Quintero & Associates, individuals Vince Dory and Joshua Adams, and other entities that allegedly peddled the fraudulent stock to investors in at least four states. "It appears it was rather a substantial boiler room operating in San Ysidro," said Michael Piazza, regional trial counsel for the Securities and Exchange Commission. "We are trying to track down as much as possible about the true nature and scope, but as of right now we don't know." The scheme involved unlicensed brokers who made cold calls last year and this year to elderly investors, many of them in their 70s and 80s. The brokers claimed in letters they sent potential investors that Global Health had developed a cancer vaccine dubbed alternately "Genetic Immunotherapy Bviogeneresen" or "Genetic Immunotherapy Evio-geineresen." The letters said the drug was nearing approval by the Food and Drug Administration and, later, that the drug was approved and ready to market. Global Health and its affiliates could not be reached for comment. A toll-free telephone number for one of the alleged fraudulent entities was no longer in service. Piazza said the stock scheme is particularly egregious because of who it targeted, and how. "Cancer treatments are something that the elderly may be particularly interested in, and particularly lulled by," Piazza said. To convince investors to buy Global Health stock, or add to their investment, the brokers provided various letters on what appeared to be FDA stationery that described the successful progress of the drug through the regulatory process and its eventual approval. But the FDA letters were forgeries, and the regulatory agency has no record of Global Health or any product manufactured by it, according to U.S. District Court documents. One of the letters announcing the drug's approval by the FDA said that "experts" believed the product would generate over $1 billion in revenue within a year. The letter was posted on FDA letterhead but addressed to "Dear Shareholder" and purportedly signed by the chairman of Global Health's board. Investors sent checks to Global's affiliated entities at one of two San Diego addresses. But the addresses turned out to be commercial mail drops within a few miles of the Mexican border. Investor checks totaling about $500,000 were taken across the border and cashed or deposited with a Mexican bank in Tijuana, according to SEC officials. Joseph Paydon, a 90-year-old retired mathematics professor from Maryland, invested about $70,000 over an eight-month period in Global Health, according to court records. He stopped payment in July on a check for $5,000 that was earmarked for more stock, after being contacted by the SEC. Paydon said one of the alleged brokers, Joshua Adams, telephoned him Aug.13 to ask why a stop payment had been placed on the July check. Paydon told Adams that he'd received information that Global Health was a fraud. "Mr. Adams said that there were people that were fabricating information about Global Health," Paydon said in court documents. "Mr. Adams told me that the people at his office would be upset if I did not send another check for $5,000 to cover the stop payment . . . (he) told me that he would do whatever else he needed to do to get the payment." But Paydon never heard from Adams or Global Health affiliates again, nor has any of his investment been recovered. Investors in California, Texas, Arkansas and Maryland were taken in by the scheme, according to the SEC, and investors in other states may also have bought stock in the fraudulent company. "We don't know how much money is involved, and obviously the investigation is ongoing," Piazza said. signonsandiego.com