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To: Jeffrey_J who wrote (8938)	6/15/1998 10:25:00 PM
From: PartyTime	Respond to of 18444

Someone else, on the GIFS SI Thread, was questioning Kevin Lichtman. Note a couple of things: a) Lichtman, when challenged, said HE does not promote stocks anymore; b) He says "Yes, we do live and learn," yet he refuses to apply the same standard to Pattison Hayton. Now, this is just the first of a three-part posting. My next post is where it begins to get interesting. To: +Harvey Kirby (7007 ) From: +Ron Reece Thursday, Aug 21 1997 10:49AM ET Reply # of 7712 Harvey, Have I missed something here about GIFS? How does Kevin Lichtman fit into the GIFS saga? Undoubtedly, he is tired of hearing me refer to the BCHP(E) debacle of several years ago in which his company was instrumental in promoting. However, for my dossier I would like to know if he was involved in GIFS promotion as well. Sorry Kevin L., but us investors rely on you promoters to promote quality companies of which you do the bare minimum of due diligence. [NOTE: Remainder of the writer's text was irrelevant to the above.] And Mr. Lichtman responded: To: +Ron Reece (7008 ) From: +Kevin Lichtman Thursday, Aug 21 1997 3:05PM ET Reply # of 7712 Dear Ron: How are you? No apologies necessary. I am longer in the employ of a stock promotor. Instead, I publish "real" financial web sites including The SmallCap Investor (http://www.smallcapinvestor.com) and Stock Detective (http://www.stockdetective.com). For the record I was not involved in GIFS. I am, however, familiar with this debacle through its coverage in the "Waaco Kid". Regarding BCHPE, my former employer Continental Capital did, indeed, promote this company. Suffice to say, I was, as the rest of you, gullible enough to believe what this company was reporting. My web sites are dedicated to investor education and we do not take money from anyone to write about a company. In Stock Detective we draw from mine and my colleagues experiences with stock promotions and schemes and have even written an article recently entitled "Stock Detective Guide to Pseudo-Research and Phony Financial Reports" ( stockdetective.com. We've include a list of 30 or so publishers who get paid to promote stocks. Regarding BCHPE, here's an interesting tidbit... If you visit Continental's web site (www.insidewallstreet.com) you will see that they are currently promoting a company called All American Food Group (AAGF). The president of AAFG's former job was - you guessed it - chairman of BCHPE! Yes, we do live and learn!

To: Jeffrey_J who wrote (8938)	6/15/1998 10:39:00 PM
From: PartyTime	Respond to of 18444

Part Two: This is real interesting reading. A lot of lessons to be learned from reading this informative piece from the Wall Street Journal Interactive Edition. Kevin Lichtman is quoted. I am pasting the applicable quotes and providing the link so that readers may view the whole article. Strongly recommend that readers take the jump link and read the entire work. exchange2000.com Note what Mr. Lichtman he allowed his employees to do with respect to buying and selling or shorting stocks that were written about in his media. "....It's also important to look for any disclosure statement on a stock-discussion Web site. "Most small-stock pages are paid public relations," says Kevin Lichtman, who publishes several small-stock pages out of his Altamonte Springs, Fla., offices under the name FinancialWeb. "Plenty of people are violating the SEC's rules about disclosure." Mr. Lichtman's page currently carries an article about small-stock financial disclosure reports that lists suspect statements on representation, such as "is retained as investor relations counsel." Yet Mr. Lichtman's own disclosure statement says that employees of his company may "from time to time" buy or sell securities mentioned on his pages. While he says he personally doesn't trade in the stocks discussed in FinancialWeb, he plans to change his company policy to state clearly that his employees are prohibited from making stock transactions relating to any company mentioned in FinancialWeb two weeks before and four weeks after the company is mentioned. (Employees of Dow Jones & Co., publisher of The Wall Street Journal Interactive Edition, aren't allowed to engage in short-term trading at all, and must hold securities for a minimum of six months. They are prohibited from investing in speculative instruments, such as futures and options, and aren't permitted to engage in short-selling.) ...."