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Microcap & Penny Stocks : Amazon Natural (AZNT) -- Ignore unavailable to you. Want to Upgrade?

To: antibash who wrote (20084)	2/25/1999 7:39:00 PM
From: BORIS BADENUFF	Respond to of 26163

Good idea! I think he'll be around for awhile tonight. I believe they had a pretty big snow storm up there. If he's not posting here all night long, he probally will be somewhere in cyberspace antagonizing shareholders.(nothing else better to do)LOL!

To: antibash who wrote (20084)	2/25/1999 7:52:00 PM
From: Jeffrey S. Mitchell	Respond to of 26163

Uh oh, looks like you'd better rethink your assumptions. Bummer. - Jeff STATE OF CALIFORNIA BUSINESS, TRANSPORTATION AND HOUSING AGENCY DEPARTMENT OF CORPORATIONS NEWS RELEASE 98-22 Pete Wilson, Governor Dale E. Bonner, Commissioner -------------------------------------------------------------------------------- For information contact: Bill McDonald Assistant Commissioner, Enforement (213) 736-3704 Fax (213) 736-2117 -------------------------------------------------------------------------------- MEDIA ADVISORY Corporations Commissioner Seeks Receiver Over San Diego Broker Abusive Sales Practices in Sales of Microcap Securities Alleged The Department of Corporations has filed a lawsuit in San Diego Superior Court seeking an injunction and receiver, or monitor, over La Jolla Capital Financial Corporation, a San Diego Broker dealer incorporated in Nevada as Pacific Cortez Securities, Inc., Dale E. Bonner, Commissioner of Corporations announced today. In the lawsuit, the Department alleges that the company engaged in a consistent pattern of sales practice abuses in connection with the offering of microcap securities over a period of years including unauthorized trading, unfair trade practices, sale of unsuitable securities, failure to disclose its disciplinary history, conflicts of interest and fraud. "Investor confidence is critical to the continued recovery and growth of the California economy and to providing the capital that the many emerging companies in California desperately need to develop and prosper," said Commissioner Bonner. "That confidence can only exist when the brokerage community treats its customers fairly and honestly. The sales practices that La Jolla Capital has engaged in have shown a consistent disregard for the best interests of their customers and will not be tolerated." In its complaint against La Jolla Capital, the Department of Corporations includes numerous examples of unfair and manipulative sales practices against California customers, many of whom found themselves investing in highly speculative securities that they had received no information about and had never authorized to be purchased. Others complained that claims of inside information and promises of "triple digit increases" in investments that were a "sure thing," and would soon be "going through the roof" had misled them. The Department seeks an injunction against future violations of the state securities law and civil penalties and asks that a receiver or monitor be appointed to protect investors against further abusive sales practices and make assets available for restitution to investors. La Jolla Capital has been the subject of several complaints by the National Association of Securities Dealers-Regulation and has had orders issued against it and its principals by the states of Ohio, Massachusetts, Texas, South Carolina, Iowa, Indiana, New Hampshire, Colorado and Illinois. The actions allege high pressure sales tactics, sale of unregistered securities, cold calling, unauthorized trading, failure to supervise, excessive markups, fraud and sale of unsuitable securities. The actions have resulted in suspension or revocation of its broker dealer license, fines, restrictions on its business and bars of its principals and sales personnel. The California action is intended to bring the company into compliance with state law. "There are many new investors in the marketplace trying to save for their retirement and their children's education, and it is imperative that securities brokers be held to a high standard of professionalism and fair dealing. This company has consistently failed to meet that standard," Bonner said. "This action is intended to send a strong message to other broker dealers that sales practice abuses and other fraudulent activities are unacceptable in California." The Department of Corporations is a licensing and regulatory agency reporting to the Business, Transportation and Housing Agency and to Governor Pete Wilson. Department releases can be viewed at the Department website at www.corp.ca.gov/pressrel/news.htm. # # # # corp.ca.gov