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

To: happa who wrote (916)	5/13/1999 1:40:00 PM
From: Janice Shell	Read Replies (2) \| Respond to of 7056

Hitsgalore.com Inc. (NASDAQ:HITT - news) dropped $3.25, or 25%, to $8.75 after its founder, Dorian Reed, resigned as director of the Internet company following accusations he cheated customers in a previous job. Hitgalore.com told the SEC there were no suits or government inquiries involving any of its officers or employees before the Internet company's shares were listed in February. But a federal fraud investigation into Reed's alleged activities had been launched a year earlier. A federal judge ordered Reed and two co-defendants to pay $613,110 to 100 customers last month for false claims made by Internet Business Broadcasting, a failed online ad company they worked for. The FTC accused Reed and his co-defendants of sending junk e-mails, or 'spam.' fnews.yahoo.com