Too Funny, Michael Wachs who defrauded Chase Manhattan Bank of $20.8 million in 1996. He is. WACHS was a high-ranking officer at Chase before pleading guilty to bank fraud in 1997. Now going by the name "Michael Wax" lol
-------------------------------------------------------
February 02, 2005 04:03 PM US Eastern Timezone
Union Dental Holdings Featured on CEOcast
CORAL SPRINGS, Fla.--(BUSINESS WIRE)--Feb. 2, 2005--Union Dental Holdings, Inc. (OTCBB:UDHI) announced today they were featured on an exclusive interview late today conducted by Michael Wax of CEOcast. Company President and CEO Dr. George Green was invited to discuss the history, as well as the future, of Union Dental Holdings, Inc. Investors are invited to listen to the interview at ceocast.com or visit the UDHI website uniondental.com and listen to the same interview on the Home Page.
CEOcast is the premier source of original and syndicated streaming broadcast interviews of Chief Executive Officers at public and private news-making companies. Organized by industry, its analysts average over 15 years experience covering and evaluating Wall Street's leading companies. CEOcast's programming is distributed to millions of on-line investors at over 700 financial web sites as well as to more than 20,000 portfolio managers, buy-side analysts and traders at more than 3,300 North American institutions. Content is also disseminated to over 7,000 investment research professionals representing over 425 institutions. All content is copyrighted to protect our licensing partners.
Dr. Green stated after the interview: "This is a very exciting time for us to be able to tell our story to a host of stock market analysts who cover emerging growth companies. Getting our company profile out to potential investors is paramount to us at this infancy stage of building the company."
About Union Dental Holdings, Inc., Direct Dental Services, Inc. and Union Dental Corp. - Direct Dental Services and Union Dental Corp. provide dentists with "areas of exclusivity" to participate with various unions including the Communications Workers of America ("CWA") Dental Networks. DDS/UDC has contracts with CWA Local Unions to provide a dental network utilizing the members existing insurance policy. The dentists in the Dental Network provide services in the areas for union members, as well as existing patients in exchange for an annual management fee. The network of dentists accepts payment from union insurance plans for services rendered as payment in full, with certain procedures requiring a small out-of-pocket co-payment from the union member patient. In addition, Union Dental Corp. acquired the assets of an existing dental practice (excluding the patient list) and manages the 17 year profitable dental practice. UDC and DDS are wholly owned subsidiaries of Union Dental Holdings, Inc.
Website: uniondental.com
For Investor Relations information, please call: 1-800-288-7499 or e-mail: info@dpmartin.com.
"Safe-Harbor" Statement: Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
Contacts
Union Dental Holdings, Inc., Coral Springs
Media Contact:
Susan Englert, 561-651-4146
======================================================
MICHAEL S. WACHS (Registered Principal, New York, New York) submitted a
Letter of Acceptance, Waiver and Consent pursuant to which he was censured,
fined $250,000, barred from association with any NASD member in any capacity
and required to make full restitution to his member firm. Without admitting or
denying the allegations, WACHS consented to the described sanctions and to the
entry of findings that he misappropriated $20,800,000 in proceeds by means of
false and fraudulent pretenses, representations, and promises for the sale of certain
of his member firm’s assets and then diverted the proceeds to himself and others.
=================================================
Monday, July 28, 2003 TECHNOLOGY TRADER
By BILL ALPERT
On the Internet, a Second ActMICHAEL S. WACHS HAS BECOME a bit of a celebrity in the online investing world. Since he started the investor relations firm CEOcast three years ago, he's supplied over 700 financial Websites with his audio interviews of chief executives, whose firms pay cash or stock to CEOcast. As smaller tech stocks have rallied, shares of some CEOcast clients have more than doubled -- including eResearchTechnology, a consultant to drug developers, and LendingTree, an online mortgage firm.WACHS greets each CEO with a peppy "G'Day!," serves up a few flattering questions, then closes like a newscaster: "This has been MICHAEL WACHS for CEOcast...where Wall Street listens." As some on Wall Street listen, however, they've begun wondering if the 40-year-old CEOcast personality is the same MICHAEL WACHS who defrauded Chase Manhattan Bank of $20.8 million in 1996.He is.WACHS was a high-ranking officer at Chase before pleading guilty to bank fraud in 1997, for a scheme in which he sold off the bank's assets to his own front company and then flipped them to real buyers at an instant profit. At his sentencing in Manhattan's federal court, WACHS said that gambling made him do it. In four years, WACHS had bet $30 million at six casinos. He made full restitution, served 11 months in federal prison in Allenwood, Pa., and agreed to be barred from the banking and brokerage industries."The government never claimed I was greedy," WACHS told me. "I gambled away every penny I had." Gamblers Anonymous helped him conquer his gambling addiction and teach him responsibility for his actions.One CEOcast client sounded shocked after learning the background of WACHS, last week. Barry Schechter, chairman of the computer consulting firm Island Pacific, said that WACHS had been pleasant, intelligent and effective at introducing the firm to investment funds. "It blows my mind completely," said Schechter. However, he added, "I would give him the benefit of the doubt and wouldn't hold it against him." He expects his firm to continue using CEOcast.WACHS says he's doing nothing that violates the terms of his consent decrees. Nonetheless, knowledge of his past could add to investor questions about the credibility of online stock promotion. Such efforts flourished during the boom of the late '90s and appear to be regaining clout.Tech Upgrade: Signs of higher chip prices led a couple of analysts to upgrade stocks like Texas Instruments and Micron. The Nasdaq Composite Index ended Friday at 1731, for a gain of 1.3% on the week.WACHS insists that his responsibilities at CEOcast don't amount to much. To persuade me that WACHS plays only a bit part at CEOcast, the Manhattan-based company faxed pages from its 2002 federal tax returns. They showed 70% of CEOcast as owned by one Joseph Trachtman, with the remaining 30% owned by Kenneth D. Sgro -- a gentleman who called me three times one day to assert that he was the boss, not WACHS. "I'm the president of the company and I decide what goes on here," Sgro said. "I have MICHAEL doing routine stuff. He answers investors' questions. He does interviews."Other documents suggest that WACHS has played a larger role at CEOcast. A December 2000 consulting agreement, filed with the Securities & Exchange Commission by CEOcast client Kaire Holdings identifies WACHS as CEOcast's president. In May 2000, when WACHS incorporated CEOcast in the state of New York, he listed himself as "chairman or chief executive."Most impressive, however, is a sworn affidavit from February 2001 in which WACHS said he was CEOcast president. WACHS filed the affidavit in New York state court in Manhattan, where he was suing a rival online stock promoter for telling CEOcast clients about his criminal record.That rival firm had previously employed WACHS while he'd awaited sentencing for bank fraud, according to his affidavit, and welcomed him back after he got out of jail. WACHS alleged that his former employers started threatening him, however, after he told them that "I intended to, and subsequently did, leave their employ to form my own company." That company was CEOcast, said the WACHS affidavit. WACHS withdrew his suit in April 2001, after the rivals agreed in a settlement never to mention his criminal case.WACHS and Sgro told me that all those documents were true at the time they were filed.For its part, eResearchTechnology also tells me that it hadn't known of WACHS's criminal record. The Philadelphia-based firm provides heart monitoring of patients enrolled in medical studies, and just reported a 137% jump in June quarter earnings to $2.8 million, or 12 cents a share, on sales of $15 million.eResearchTechnology dropped WACHS as its investor contact back in May, after a Raymond James analyst criticized CEOcast for hyping eResearchTechnology while CEOcast was holding a hefty 366,000 shares in the company. CEOcast says there is no conflict and continued to boost eResearchTechnology in an investor email last Sunday, while disclosing in a footnote that eResearchTechnology continued to pay CEOcast $17,500 a month, to fulfill an earlier contract. Said CEOcast: "All growth-oriented investors should own this stock."After I began working on this story, a number of newly-created screen names appeared on the Yahoo message board that's devoted to eResearchTechnology. Whoever's behind these screen names claimed I was writing a negative story on eResearchTechnology, in exchange for bribes. One writer went so far as to threaten me -- vowing to knock me down for good, without warning.I hope some of you readers will remember me fondly, when I'm gone.WACHS, meanwhile, says investors can trust CEOcast. His fraud, he points out, was restricted to banking. "There were no securities involved," he told me. "We don't give investment advice," he added, before correcting himself. "I mean, I don't give investment advice."Biovail ReconsidersThe drugmaker Biovail plans to halt a program that paid doctors $1,000 for writing prescriptions for a new Biovail blood pressure drug if they reported back some information about patients.Biovail said it decided to stop adding doctors or patients to the program after receiving responses from more doctors than the 6,000 to 6,500 targeted, according to a published report.Not all doctors approved of Biovail's program. Some questioned the program's research component and called it a subterfuge to dodge U.S. laws against paying doctors kickbacks for prescribing a drug, as Barron's reported last week ("Pill Pusher1," July 21).--------------------------------------------------------------------------------E-mail: william.alpert@barrons.com
|
