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Microcap & Penny Stocks : Scambusters -- Ignore unavailable to you. Want to Upgrade?

To: paulmcg0 who wrote (130)	5/19/1998 4:04:00 AM
From: Larry Holmes	Respond to of 178

From what I've read, company officers and the firm's accountants (auditors) can be sued, and face civil or criminal penalties for filing false financial reports. I guess I've seen some unusual cases, or perhaps, the companies were too "small" to go after. I know of a number of cases where the officers filed false financials and bragged about it openly (I reported them since one company was founded by me and had my name on it; it eventually failed...). Nothing was done to my knowledge. Or perhaps, the companies failed before the slow-moving SEC could get around to them.... Thanks for the link to the example; I was beginning to become cynical about the SEC's ability/desire to punish the guilty; nice to see something actually being done! "it's nice to see you back online." I've been lurking from time to time but you and others do such a good job of explaining the issues, etc., that there isn't much I can add! Keep up the good work.... Larry