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Strategies & Market Trends : RFGI Launches Daytrading Internet Brokerage Service -- Ignore unavailable to you. Want to Upgrade?

To: nokomis who wrote (122)	2/13/1999 1:30:00 PM
From: jjs64	Read Replies (1) \| Respond to of 144

Nokomis; I will happily provide you with detail....Just open your eyes and read the news on RFGI from August of 1998, when it was discovered that their 1997 books were cooked. The company OVERSTATED revenues, and failed to book adequate reserves. that is CHEATING. They represented that the books were accurate to the auditors and the SEC. Then they took the shares public, using some of their own employees to place the stock, KNOWING that the books used to compute the IPO valuation were wrong...that is LYING. Because they overstated their revenues (and their costs) hence their profits were artificially inflated (To be fair, in their case they understated losses). Thus their valuation was overstated, and they got more money than they should have from investors who (again, to be fair, foolishly) purchased shares in the IPO. That is STEALING. Don't cry wolf, don't attack the messenger, if you can refute these facts and give me a solid fundamental reason for changing my opinion, do so, if not, please stop the ad hominem attacks. Prove me wrong with facts, not with childish hyperbole. Buyer beware!