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Microcap & Penny Stocks : HGRM--Any Followers? -- Ignore unavailable to you. Want to Upgrade?

To: Jim Burnham who wrote (1674)	1/22/1999 9:04:00 AM
From: george eberting	Read Replies (1) \| Respond to of 3576

I know of one case where the CEO went to jail a couple of years ago. The president of Centennial Tecnologies was literally manufacturing sales invoices out of thin air. He created millions of dollars of bogus sales, and the auditors didn't catch it!!! Needless to say, the auditors got sued, too. Very messy, and very costly to investors who got caught up in the hype. And you are right, only the lawyers won. I think the investors collected something like $.50 per share after having lost many, many times that. The payoff came largely from the E&O insurance the CPA's had in place. If it hadn't been for that, investors probably wouldn't have gotten anything.