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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Buoy12 who wrote (433)	5/11/1999 11:18:00 AM
From: tranzz	Read Replies (2) \| Respond to of 7056

Hate to post this but..... reality check is here. I got out 18 11/16. ********************************************************************** Hitsgalore.com Omitted Founder's Link to Fraud in SEC Filing Rancho Cucamonga, California, May 11 (Bloomberg) -- Hitsgalore.com Inc., an Internet company whose market value soared from $53 million to $1 billion in three months, hasn't disclosed its founder was accused of cheating customers last year at a previous job. The founder, Dorian Reed, and two co-defendants were ordered by a federal judge in Baltimore last month to pay $613,110 to 100 customers of Internet Business Broadcasting, an Internet advertising company that failed last year. The Federal Trade Commission accused Reed and IBB of sending junk e-mails, called ''spam,'' touting a 100 percent annual return on investments of $5,000 to $7,500 in its Internet advertising banners. It described Reed as IBB's ''principal telemarketer.'' He and the co-defendants were ordered not to make false and deceptive statements in the future. ''We alleged they were lying to investors about how much money they could make,'' said FTC attorney Mona Sedky Spivack. The judgment against the three was entered after the defendants failed to appear for trial. Hitsgalore.com was founded in July, four months after the FTC sued Reed. It's based a few blocks from IBB's former headquarters in Rancho Cucamonga, California, 60 miles east of Los Angeles. Reed became chief technology officer of Hitsgalore.com and Steve Bradford, a business associate not involved with IBB, became president. Both are directors, too. On Feb. 11, it went public by merging with Systems Communications Inc., a publicly traded shell company. In the merger agreement, Hitsgalore.com said there were no suits or governmental investigations against any of its officers, directors or employees. It didn't disclose the FTC's case against Reed in filings with the Securities and Exchange Commission. Selling Concept Reed refused to be interviewed when asked for comment. Bradford said Reed developed the concept for Hitsgalore.com, which is similar to that of IBB. Hitsgalore.com claims on its web site that for $99, customers can ''make money sponsoring free lifetime banner placements.'' ''We do most all the selling'' and there's ''no limit on your income fo