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Microcap & Penny Stocks : PanAmerican BanCorp (PABN) -- Ignore unavailable to you. Want to Upgrade?

To: Siber who wrote (35965)	5/14/1999 5:29:00 PM
From: jhild	Read Replies (4) \| Respond to of 43774

OK Helene, careful what you wish for, here is more on the resolution of Greenway/Cortlandt situation: Securities Exchange Act of 1934 Release No. 34-39138 / September 26, 1997 Administrative Proceeding No. 3-9444 In the Matter of Cortlandt Capital Corp., Mayer Amsel, and Joseph Michael Guccione The Securities and Exchange Commission announced today that it instituted administrative proceedings against Cortlandt Capital Corp. (a New York City broker-dealer formerly known as Greenway Capital Corp.), Mayer Amsel, and Joseph Michael Guccione. In the Order Instituting Proceedings, the Division of Enforcement alleges that, in late 1993 and early 1994, Amsel and, through him, Cortlandt manipulated the price of the stock of Vertex Industries, Inc. (a New Jersey company) and defrauded customers and other broker-dealers. (Vertex stock is traded over-the-counter on the NASDAQ SmallCap Market.) The Division alleges that Guccione is liable because he aided and abetted Amsel and that Cortlandt and Guccione are liable for failing to supervise Amsel. The Division is alleging that Amsel and Cortlandt took actions to artificially support or increase the price of Vertex stock and to defraud customers and other broker-dealers by, among other things, placing nominee purchase orders for which the nominees could not and would not pay, making unauthorized purchases in the accounts of some customers, and refusing to execute some customers' sell orders. The Division is also alleging that Cortlandt and Guccione participated in and contributed to the scheme by, among other things, refusing to execute customer sell orders, and that they were aware of a number of "red flags" concerning the scheme. The Division is seeking as remedies against the respondents cease-and- desist orders, disgorgement and interest, monetary penalties, and other remedial action. A hearing will be held to determine whether the allegations are true and, if so, to determine what remedial sanctions are appropriate and in the public interest. See related Securities Exchange Act Release No. 8150. http://www.sec.gov/enforce/adminact/3439138.txt