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Microcap & Penny Stocks : 1st Net Technologies ( FNTT ) -- Ignore unavailable to you. Want to Upgrade?

To: Joseph F. Hubel who wrote (597)	3/22/1999 7:43:00 PM
From: Josef Svejk	Read Replies (1) \| Respond to of 1827

Humbly report, Joseph, not me, don't short. Don't feel good about gaining from the suffering of others, when there are so many great companies out there that I will have no conscience problems selling to the next guy/gal when I'm ready to take profits. Don't have anything against shorting in general, just not my cup of tea, that's all. Different strokes for different folks. Why am I doing this in the first place? Gives me pleasure to see scumbags get what they deserve, and nothing like a real life detective story! Cheers, Svejk proofsheet.com

To: Joseph F. Hubel who wrote (597)	3/22/1999 7:45:00 PM
From: StockDung	Respond to of 1827

Internet stock frauds growing, may tax regulators WASHINGTON, March 22 (Reuters) - The growing number of securities frauds perpetrated through the Internet could severely stretch regulators in their efforts to keep up, the U.S. General Accounting Office said on Monday. The Securities and Exchange Commission and state regulators faced "significant challenges that could limit their effectiveness in the long term," Richard Hillman, GAO associate director of financial institutions and market issues, told a Senate subcommittee hearing. "In particular, the potential exists that the rapid growth in reported Internet securities frauds could ultimately place a significant burden on the regulators' investigative staff resources and thereby limit the agencies' ability to respond effectively to credible fraud accusations," he said. E-mail complaints to the SEC alleging Internet stock frauds had soared from 10 to 15 daily in 1996 to between 200 and 300 a day in 1999, he noted. Frauds ranged from the simple -- "pump and dump" schemes where holders of a stock spread false information to inflate its price and sell at a profit -- to the sophisticated, as in the "counterfeiting" of legitimate brokers' Web sites. "Regulatory officials generally agree that as the Internet continues to expand rapidly, opportunities for securities frauds are growing as well," Hillman told the Senate permanent subcommittee on investigations. At the same time, the GAO found, regulators were understaffed and battling to retain experienced personnel tempted by better-paying jobs in the private sector. "SEC reports that between 1996 and 1998, its New York office lost 54 percent of its 137 enforcement staff and the San Francisco office lost about 40 percent of its 25 enforcement staff," Hillman said. "State regulatory officials ... said they had few staff allocated to investigate Internet fraud cases." The SEC has responded to the growth in online fraud cases by setting up an Office of Internet Enforcement to coordinate its efforts on the issue, and has sought to educate investors about the potential risks of Internet stock trading. It has launched 66 enforcement actions against alleged Internet securities frauds since 1995, with 32 of the cases largely concluded by February this year, the GAO said. But Hillman noted the agency and other regulators were often hamstrung in their enforcement efforts by the global nature of the Internet. "An ongoing challenge is coordinating oversight among international, federal and state securities regulators so fraudulent operators are deterred from taking advantage of the fact that Internet frauds can be initiated from virtually anywhere in the world," he said. 18:42 03-22-99

To: Joseph F. Hubel who wrote (597)	3/22/1999 8:12:00 PM
From: Janice Shell	Read Replies (2) \| Respond to of 1827

An explication? [Double Zero, woo woo!!! 600!!]