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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO) -- Ignore unavailable to you. Want to Upgrade?

To: spinynorman1323 who wrote (9831)	9/3/1998 12:02:00 AM
From: Razorbak	Respond to of 13091

Green Oasis Executive Schemed to Manipulate Stock, SEC Charges Green Oasis Executive Schemed to Manipulate Stock, SEC Charges Washington, Sept. 2 (Bloomberg) -- Green Oasis Environmental Inc., its president, its public relations firm, and a newsletter publisher all were charged with manipulating the South Carolina company's share prices by touting its technology on the Internet. The U.S. Securities and Exchange Commission alleged the company and William D. Carraway, Green Oasis' president and chairman, published false and misleading releases about the commercial viability of the company's technology, which the company said turns waste oil products into usable fuel. Raymond C. O'Brien, who owned a public relations firm that Carraway paid to hype Green Oasis in Internet news groups, was charged with failing to disclose he was being paid to publicize the company, the SEC alleged in its complaint filed in federal court in Charleston, South Carolina. The SEC is seeking fines and restitution for illegal profits the men gained through the alleged scheme to increase the price and trading volume of Green Oasis shares beginning in March 1996. Green Oasis shares reached as high as 5 1/2 during that month, and traded for as much as 10 1/4 in February 1997. It last traded yesterday at 1/8. Carraway, the company president, is contesting the SEC charges against him and has filed a malpractice suit against a law firm that was providing Green Oasis with securities advice, said his attorney. Barton Sacher, of the Hornsby, Sacher, Zelman, Stanton, Paul, Beiley & Van Sant law firm in Miami. ''He relied on the advise of professionals and denies intent to defraud anyone and any involvement in any sort of scheme,'' Sacher said. O'Brien could not be reached for comment. Charleston-based Green Oasis settled the SEC's charges against the company by agreeing to be subject to stiffer sanctions if it commits similar violations in the future, said SEC senior trial counsel Edward Sullivan in Atlanta. The company neither admitted nor denied the allegations. Ronald V. Reece, an electronic newsletter writer who published positive information about the company, also was charged by the SEC in a complaint that said he failed to tell readers he received a discount on Green Oasis shares and had his travel expenses paid by the company. The SEC is seeking an undisclosed fine from Reece, who could not be reached for comment. Carraway and O'Brien also were charged with allegedly selling $3 million of the company's stock over Green Oasis' Internet web site without registering the offering with the commission. --------------------------------------------------------------------- (c) Copyright 1998, Bloomberg L.P. All Rights Reserved.