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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation? -- Ignore unavailable to you. Want to Upgrade?

To: greenspirit who wrote (1870)	10/4/2006 12:35:08 AM
From: rrm_bcnu	Respond to of 5034

Oxbridge Scams Pegasus Liz Moyer, 10.03.06, 6:00 AM ET Oxbridge International portrays itself as a provider of structured financial services and expert advice whose primary aim "is to help our clients become financially independent." That's what it says on its Web site, anyway. But the Financial Services Authority, the British version of the U.S. Securities and Exchange Commission, has been warning consumers about Oxbridge since last fall. The Nevis-based advisory company is not authorized to do business in the U.K., the FSA said, and it was believed to be targeting individuals in the U.K. with various financial schemes. One such scheme appears to have been a phony private placement in Fremont, Calif.-based Pegasus Wireless. (For a broader look at the attacks on Pegasus shares, see: "Attack On Pegasus.") In March, Pegasus Chief Executive Jasper Knabb began getting e-mails from individuals in the U.K. who were inquiring about their shares from a private placement organized by Oxbridge. One participant was instructed to wire her payment to an account in the name of Delaware Escrow Co., which turns out to be run by L. Van Stillman, a disbarred Florida attorney who had been one of the targets of a 2000-2001 pump and dump scheme that resulted in SEC sanctions. A telephone number listed for Stillman in Florida has been disconnected, and other efforts to locate him for comment were not successful. The street address given for Delaware Escrow turns out to be a private residence with a backyard pool in Las Vegas. The would-be investor, describing herself as a pensioner, laments her decision to participate, telling Knabb, "All along I have had the feeling that something was not right with these shares." Oxbridge International solicited an individual in Scotland by telling him that Pegasus was the likely subject of a takeover by a much bigger tech firm, Cisco Systems. No such takeover happened. A spokeswoman for the FSA said that such schemes had been popping up with increasing frequency. Messages left with a receptionist at Oxbridge's offices in Nevis went unreturned by any of the executives at the firm. Knabb says the unauthorized placement of stock in his company was reported to the SEC and to Nasdaq, as part of the process of moving Pegasus from the over-the-counter bulletin boards to the Nasdaq in April.