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To: Arcane Lore who wrote (9335)	10/24/1998 11:12:00 PM
From: s martin	Respond to of 26163

It seems to be a fairly common practice among the microcaps, to "purchase" stock without paying for it. If Mann and Sylver had an agreement such as the one described on the SEC enforcement site, then how was Sylver "hoodwinked" ? Maybe the Las Vegas Sun reporter could flesh out that part of the story a bit more. I'm sure the subscribers in Las Vegas would be as enthralled as they were with the first report. zzzzzzzzzz "The Commission alleged in cease and desist proceedings that stocks were purportedly issued in reliance upon Regulation S to evade registration requirements (In the Matter of Candie's, Inc. 20). In three offerings of securities issued by Candie's, Inc., and one offering of securities issued by Response USA, Inc., large blocks of stock were sold to foreign purchasers at a substantial discount to the prevailing market price, in return for short-term, unsecured promissory notes. The securities were transferred to accounts with a U.S. brokerage firm and then resold to U.S. customers shortly after the expiration of the 40-day restricted period of Regulation S. The foreign purchasers bore little economic risk, since the proceeds of the U.S. sales could be used to pay off the promissory notes " . The issuers, the law firm that arranged the sales, and Salvatore Mazzeo, the president and owner of the U.S. brokerage firm, consented to the entry of the cease and desist order. In addition, Mazzeo was suspended from association with regulated entities for a period of five months.

To: Arcane Lore who wrote (9335)	10/24/1998 11:18:00 PM
From: Janice Shell	Read Replies (2) \| Respond to of 26163

... Since the adoption of Regulation S, it has come to the Commission's attention that some market participants are conducting placements of securities purportedly offshore under Regulation S under circumstances that indicate that such securities are in essence being placed offshore temporarily to evade registration requirements with the result that the incidence of ownership of the securities never leaves the U.S. market, or that a substantial portion of the economic risk relating thereto is left in or is returned to the U.S. market during the restricted period, or that the transaction is such that there was no reasonable expectation that the securities could be viewed as actually coming to rest abroad. No sh*t Sherlock. Is there ANYONE who doesn't understand about Reg-S deals by now? Oooops, forgot! Mike Sylver is an absolute INNOCENT. On another note: "American Gladiators"? "Chariot Entertainment"? My GOD. (ANNNDDDD I got 9339!!!)