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Technology Stocks : Presstek -- Stock of the Decade?? -- Ignore unavailable to you. Want to Upgrade?

To: SG who wrote (9703)	7/17/1998 7:26:00 AM
From: GVTucker	Respond to of 11098

From yesterday's news.... <<La Jolla Capital Faces Fine, License Revocation Order in Texas Austin, Texas, July 16 (Bloomberg) - Texas securities regulators are considering whether to fine La Jolla Capital Corp. and revoke the firm's license to sell securities in the state. The State Securities Board set a hearing for Oct. 19 in Austin, Texas, to determine whether La Jolla made misrepresentations to customers, made unauthorized trades in customer accounts and engaged in other improper sales tactics. The board is seeking fines totaling more than $100,000, according to an order filed last week in Austin, Texas. >>snip>> <<In its order, the Texas securities board claims La Jolla brokers at the firm's Dallas office falsified records and misrepresented their experience, background and the performance of stocks they were selling to potential investors. The brokers also used high-pressure sales tactics to peddle stocks such as Sterling WorldWide Corp., Interactive Technologies Inc. and Presstek Inc. and in some cases bought the stocks for investors' accounts without their knowledge or approval, the order said. La Jolla's attorney, Irving Einhorn, wasn't immediately available for comment. The hearing is intended to give officials of La Jolla a chance to respond to the state's allegations. >> It is certainly unfair to blame Presstek management for the transgressions of an unethical market maker, but it also is fair to ask them for a public statement of dissociation from La Jolla and companies like it, given that the company is trying to clean up its reputation. But the company thinks nothing of allowing a Chairman and President to continue on the job even with SEC accusations of market manipulation, so this is probably too much to ask.