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Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: ISOMAN who wrote (16329)	10/23/1998 10:07:00 PM
From: jhild	Read Replies (3) \| Respond to of 43774

Isoman, I don't know if you caught this enforcement proceeding by the SEC, but here is a company that was apparently advertising on CNBC outlets that looks like they may not have been all that they said. Building the trust of the consumer it seems may require more than just advertising and opening an office. I wonder what PRWT is going to do to insure customers that they have the capital base to be a solid dependable service. TEMPORARY RESTRAINING ORDER OBTAINED AGAINST FOUR DEFENDANTS IN FOREIGN CURRENCY TRADING SCHEME On October 22, the Commission filed a complaint and obtained emergency relief against Unique Financial Concepts, Inc. (Unique), located in Boca Raton, Florida, and three associated individuals, Frederick N. Hollander, Ernest J. Patti, and Nicholas D. DeAngelis, all Florida residents, for fraudulently offering unregistered securities, namely interests in a purported trading program involving options on foreign currency through a foreign currency market known as Forex, and misappropriating investor funds. The U.S. District Court for the Southern District of Florida entered a temporary restraining order, an order freezing defendants' assets, and granted other emergency relief. A preliminary injunction hearing is scheduled for October 30, 1998. The Commission's complaint alleges that, from October 1997 through the present, through high-pressure sales tactics and aggressive nationwide advertising in major newspapers and on cable television outlets such as CNBC, the defendants have raised at least $6,575,714 from hundreds of investors nationwide. The complaint further alleges that Unique has failed to produce evidence of any actual trading, and that the defendants have misappropriated at least 60 percent of funds invested. In addition, defendants used at least $644,704 of new investor funds to pay its obligations to existing investors, the hallmark of a Ponzi scheme. The complaint charges Unique, Hollander, Patti and DeAngelis with violating Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Commission is seeking preliminary and permanent injunctions, disgorgement, prejudgment interest and civil penalties. [SEC v. Unique Financial Concepts, Inc., et al., Civil Action No. 98-7147, S.D. Fla.] (LR-15944) sec.gov