Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : ABFG - AMERICAN BENEFITS GROUP, INC. -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey S. Mitchell who wrote (2477)	4/23/1999 12:27:00 PM
From: zonkie	Respond to of 4128

Well here's another one that might not be as off topic either then. ___________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. Litigation Release No. 16117 / April 21, 1999 SECURITIES AND EXCHANGE COMMISSION v. GARY D. HOKE, JR., Civ. No. 99-04262 (LGB) (Ex) The Securities and Exchange Commission (“Commission„) today filed a complaint in federal district court in Los Angeles, California, against Gary D. Hoke, Jr. (“Hoke„) of Raleigh, North Carolina. According to the allegations in the Commission's complaint: * Hoke disseminated to the investing public fraudulent statements concerning PairGain Technologies, Inc. (“PairGain„), a public company whose shares are traded on the National Association of Securities Dealers Automatic Quotation System. Specifically, on the morning of April 7, 1999, Hoke, under an assumed name, posted a message on a World Wide Web page that falsely reported that PairGain was being bought by an Israeli company. * That posting provided a direct internet link to another World Wide Web page, which appeared to be a Bloomberg News Service page containing an announcement of the acquisition. This web page was not an authentic Bloomberg page, but was, in fact, a fake page that Hoke himself created and posted. * The publication of this false Bloomberg report created significant trading activity in PairGain securities and caused the market price of PairGain securities to increase substantially. After the report was exposed as a hoax, the price of PairGain securities declined precipitously. The Commission's complaint charges that Hoke's actions constituted the manipulation of the price of publicly traded securities in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Commission seeks permanent injunctive relief and a civil money penalty from Hoke. The Commission's Division of Enforcement acknowledges the assistance of the Office of the United States Attorney for the Central District of California and the Federal Bureau of Investigation.