HERE ARE ALL MY RESEASRCH STATEMENTS ON ACRT!
BUS KEY WEST SECURITIES INC. INITIATES ACTRADE WITH A 'SELL'
Mar 23 1998 13:03
Recommendation
Business Editors
HURST, Texas--(BUSINESS WIRE)--March 23, 1998--Key West
Securities Inc. initiates Actrade (Nasdaq:ACRT) with an immediate
"SELL" recommendation. Key West Securities Inc. is a market maker and
has a position consistent with the above recommendation. For
information on how to subscribe to Key West Research, please contact
Key West via fax.
--30--DJ/da*
CONTACT: Key West Securities Inc.
Anthony Elgindy, 817/428-5020
Fax: 817/428-5019
KEYWORD: TEXAS
INDUSTRY KEYWORD:
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BUS KEY WEST ISSUES UPDATE & RE-ITERATES ITS SELL OF ACRT
Apr 16 1998 12:58
Business Editors
HURST, Texas--(BUSINESS WIRE)--April 16, 1998--Key West reports
on Feb. 18, 1998, David Shimron, trustee for the bankruptcy case in
Israel against CEO and founder of ACTRADE, Amos Aharoni, filed suit
in U.S. Federal Court in the Southern District of New York, Case No.
98B41127.
Most recently on April 14, 1998, Shimron submitted his affidavit
stating that Aharoni left Israel in the midst of allegations that
there were "missing and or misappropriated assets from various
enterprises in which he was involved." This statement directly
contradicts Aharoni's account in the Wall Street Journal on March
23, 1998 in which Aharoni states "simply got caught when the
Israeli Government stopped allowing loans linked to the U.S. Dollar."
Further in the same article, Aharoni says "he came to the U.S.
to seek financing." However, a reading of Actrade's public filings
with the SEC discloses ACRT was incorporated in New York on July 18,
1985, almost five months prior to Aharoni's fleeing the country of
Israel, according to Trustee Shimron. In addition, Aharoni formed
and incorporated ALLSTATE travel in August of 1985, three months Story 14 / 20: 99 <GO> for list of story options. Equity C N
Page 2 of 3
before he fled the country.
Key West Analyst Anthony Elgindy states, "It appears to us after
much research that not only did Aharoni flee Israel with the
knowledge that he was being pursued but that any subsequent ventures
and/or his departure from Israel may have been financed with
'Misappropriated' funds. In addition, and this is very important,
Aharoni did not become bankrupt and then leave the country; he
became bankrupt because he left the country. In addition, Aharoni
controls 30% of ACTRADE through an obscure offshore company called
NTS. These facts, along with the Trustees pursuit in seizing
Aharoni's assets here in the U.S. and other principals facing fraud
charges, re-affirm Key West's position."
Key West is a Market Maker and maintains a position consistent
with the above recommendation.
--30--BB/da* DJ/da
CONTACT: Key West Securities, Inc., Hurst
Anthony Elgindy, 817/428-5020
KEYWORD: TEXAS
INDUSTRY KEYWORD:
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Page 1 of 3
BUS KEY WEST ISSUES UPDATE & RE-ITERATES ITS SELL OF ACRT
Apr 16 1998 12:58
Business Editors
HURST, Texas--(BUSINESS WIRE)--April 16, 1998--Key West reports
on Feb. 18, 1998, David Shimron, trustee for the bankruptcy case in
Israel against CEO and founder of ACTRADE, Amos Aharoni, filed suit
in U.S. Federal Court in the Southern District of New York, Case No.
98B41127.
Most recently on April 14, 1998, Shimron submitted his affidavit
stating that Aharoni left Israel in the midst of allegations that
there were "missing and or misappropriated assets from various
enterprises in which he was involved." This statement directly
contradicts Aharoni's account in the Wall Street Journal on March
23, 1998 in which Aharoni states "simply got caught when the
Israeli Government stopped allowing loans linked to the U.S. Dollar."
Further in the same article, Aharoni says "he came to the U.S.
to seek financing." However, a reading of Actrade's public filings
with the SEC discloses ACRT was incorporated in New York on July 18,
1985, almost five months prior to Aharoni's fleeing the country of
Israel, according to Trustee Shimron. In addition, Aharoni formed
and incorporated ALLSTATE travel in August of 1985, three months Story 13 / 20: 99 <GO> for list of story options. Equity C N
Page 2 of 3
before he fled the country.
Key West Analyst Anthony Elgindy states, "It appears to us after
much research that not only did Aharoni flee Israel with the
knowledge that he was being pursued but that any subsequent ventures
and/or his departure from Israel may have been financed with
'Misappropriated' funds. In addition, and this is very important,
Aharoni did not become bankrupt and then leave the country; he
became bankrupt because he left the country. In addition, Aharoni
controls 30% of ACTRADE through an obscure offshore company called
NTS. These facts, along with the Trustees pursuit in seizing
Aharoni's assets here in the U.S. and other principals facing fraud
charges, re-affirm Key West's position."
Key West is a Market Maker and maintains a position consistent
with the above recommendation.
--30--BB/da* DJ/da
CONTACT: Key West Securities, Inc., Hurst
Anthony Elgindy, 817/428-5020
KEYWORD: TEXAS
INDUSTRY KEYWORD:
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NEXT RELEASE
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Story 12 / 20: 99 <GO> for list of story options. Equity C N
Page 1 of 2
BUS KEY WEST ISSUES UPDATE
Apr 17 1998 7:29
Business Editors
HURST, Texas--(BUSINESS WIRE)--April 17, 1998--Key West reports
additional findings on Actrade's management. Harry Freedman, a
director of Actrade, claims in SEC filings that he is a "member of
the Board of Advisors of AXXES Capital Inc., a publicly traded NASD
firm."
According to Theresa Smith of the NASD Disclosure Section, there
is no such company. Additionally, Elliot Eisenberg, executive vice
president of Actrade, claims in the latest 8-K filing that he has an
MBA in Finance from NYU. A check with Maria Hernandez at the
Registrars office at NYU reveals that Eisenberg has no such degree.
Alex Stonkus, the COO and CFO of Actrade, is being sued by his
former employer for fraud.
--30--LP/da*
CONTACT: Key West Securities, Hurst
Anthony Elgindy, 817/428-5020
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Page 1 of 3
BUS --APRIL 17, 1998--THE FOLLOWING IS A STATEMENT FROM ANTHONY
Apr 17 1998 11:47
Elgindy for Key West Securities:
"Key West would like to correct its earlier release and add the
following: We reported earlier that Harry Freedman, a director of
ACTRADE, claims that he is a 'member of the Board of Advisors of
AXXES Capital Inc., a publicly traded investment firm which is a
member of the NASD.' In the SEC filings, this claim is made on
ACTRADE's web page, not the SEC filings. This company, as we
reported earlier, does not exist according to Theresa Smith of the
NASD Disclosure Section. In the SEC filings, Freedman does claim
that he is a 'director of Princeton Capital, a publicly held
investment firm which is a member of the NASD,' but this claim is
also not true and no such company exists according to the NASD
Disclosure Section.
According to a lawsuit filed in US Federal Court in the Eastern
District of New York, case 96CIV0949, the CFO and COO of ACTRADE,
Alex Stonkus, is listed as the sole defendant and the fraud
allegations against him included the following: 'Mr. Stonkus inflated
the performance of Elco Freight prior to its acquisition by holding
payment of executive salaries and then after the acquisition was
consummated, paying them retroactively. He inflated account Page 2 of 3
receivable over 400% by including receivable that had already been
written off, and he ran an outside business from Elco offices
without disclosing these facts to the buyer.'
Key West also reports that Mr. Elliot Eisenberg, who was hired
on Sept. 24, 1997, as executive vice president and who was
'responsible for penetrating the market with the TAD program,
initially through the addition of 20 new branch offices throughout
the United States and Canada,' as was reported in the company release
dated Sept. 24, 1997, has resigned from Actrade, and this
information was never made public by Actrade. This is the very first
report of his exodus from the company.
Key West is the source of this report and believes in its
accuracy and its material significance on the company.
Key West is a market maker and currently holds a position
consistent with the above information."
--30--LP/da*
CONTACT: Key West Securities, Hurst
Anthony Elgindy, 817/428-5020
KEYWORD: TEXAS
INDUSTRY KEYWORD:
The above represents my exact opinion on ACRT currently..it is a criminally manipultaed stock..
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