re:Our-Street- http://www.investorshub.com/boards/read_msg.asp?message_id=2765325 Posted by: lancebps
In reply to: None Date:4/4/2004 8:48:40 AM
Post #of 16212
OUR-STREET A VERY DIRTY BOY AS I SAID ALL ALONG
Our-Street’s ‘Nick Tracy,’ Hero Securities Cop On the Block or Fraudster Sued by the SEC? / ATTACHED REPORT Information
Our-Street.com has made a lot of noise as a self-appointed securities cop, even recently winning accolades from no less than the Dow Jones (NYSE: DJ) Newswire. The site’s purported proprietor, “Nick Tracy,” screams for more “transparency,” but like most would-be anonymous vigilantes, there is a dark side. A very, very dark side.
And not a lot of “transparency” for Our-Street and Tracy.
The site’s current target is Skyway Communications Holdings, Inc. (OTCBB: SWYC), and its recent targets have included H-Quotient (OTCBB: HQNT) and Circle Group Holdings (AMEX: CXN) when it was on the over-the-counter bulletin board. Short sellers love the site, and until recently Tracy had disclosed that he was among the short sellers trading the companies he posted.
Targeting H-Quotient turns out to have been Our-Street’s Achilles heel. H-Quotient has sued Our-Street and Nick Tracy, who claims to live and operate out of the countryside near London, Chancery Number 86916, Fairfax Circuit Court, Virginia.
Except the company didn’t sue Tracy, and it certainly didn’t sue him “just outside London,” where he has claimed residence. It sued Timothy J. Miles, of 918 Pacific Terrace, Klamath Falls, Oregon 97601, phone 541-273-0225, fax 541-273-0206, a character whose background is definitely interesting and eclectic. Miles, purportedly a.k.a. Nick Tracy sent his attorneys, Charles Hildebrandt and Michael York of the law firm of Wehner & York (http://www.lawyers.com/w&ylaw/) to answer the suit. The next hearing is scheduled May 27.
The website operator’s claim to be “outside London” appears to be true. Klamath Falls, Oregon, is definitely outside London.
Other companies that Our-Street has gone after include Silverado Gold Mines, Ltd. (OTCBB: SLGLF), Epixtar Corp. (OTCBB: EPXR), Aqua Vie Beverage Corporation (OTC: AQVB), ChampionLyte Holdings, Inc (OTCBB: CPLY), BEVsystems Interenational, Inc. (OTC: BEVI), DataMeg, Inc. (OTCBB: DTMG), Kingdom Ventures, Inc. (OTCBB: KDMV), Imaging Diagnostics, Inc. (OTCBB: IMDS), SHEP Technologies, Inc. (OTCBB: STLOF), EdgeTech Services, Inc (OTCBB: EDGH), Nutra Pharma Corp. (OTCBB: NPHC), Verdisys Inc. (OTC: VDYS), Calypte Biomedical Corporation (OTCBB: CYPT), Galaxy Energy Corp. (OTCBB: GAXI), PowerChannel, Inc. (OTCBB: PWRC), US Global Nanospace (OTCBB: USGA), and Universal Guardian Holdings (OTCBB: UGHO).
A handful have indeed become targets of the SEC, not always though for the “crimes” that Our-Street has accused them of. Many others, however, have actually prospered, and some, such as H-Quotient, reported strong earnings and revenues hard on the heels of Our-Street’s representations that its finances were a sham.
At first it was hard not to admire Our-Street’s premise, and even FinancialWire reported the site’s activities and Investrend Information even listed the site as a partner, for about a week, until certain representations became suspicious and requests for documentation as to Tracy’s existence and true whereabouts were brick-walled. The circumstances were outlined in a comment letter posted on the SEC web site at http://www.sec.gov/rules/proposed/s72303/investrend010404.htm, which claimed among other things that “Tracy’s” own comment letter supporting short selling may have been a violation if, as suspected, Tracy had not truly identified himself in an official letter to a government agency.
In response, “Nick Tracy” wrote to FinancialWire and claimed that the SEC “knows who I am.”
For Timothy J. Miles, nothing could be closer to the absolute truth.
“Securities and Exchange Commission v. C. Jones & Company, Carter Allen Jones, Timothy J. Miles, Gaylen P. Johnson, and Jonathan Curshen, Civil Action No. 03-WM-0636(PAC) (District of Colorado, filed April 11, 2003)” is proof of that. On March 1, 2004, the SEC was awarded a summary judgment against Miles in their case against him after Miles’ dismissal motion was denied.
The SEC charged Miles and his co-defendants, most of whom are believed to have dropped out of sight or left the country, with securities fraud for their participation in an alleged "pump and dump" scheme involving Freedom Golf Corporation’s common stock, where Miles was a “principal shareholder.”
The complaint alleges that in the fall of 1999, Miles provided a broker-dealer with false information to be filed with the National Association of Securities Dealers in order to initiate public trading of securities issued by Freedom Golf's predecessor company. The complaint also alleges that from late January through early March 2000, Miles paid two stock promoters, Jones and Curshen, to hype Freedom Golf via the Internet, telephone, and mail. Specifically, the complaint alleges that Jones arranged for the dissemination of between 25 and 35 million unsolicited "spam" e-mails touting Freedom Golf in February 2000. During the same period, the complaint continues, Johnson created baseless profit, revenue, and expense projections for Freedom Golf that Jones published on his company's Internet website, and that Curshen publicized on an Internet message board. In addition, the complaint alleges that Jones and Curshen failed to disclose the full amount that Miles was paying them to tout Freedom Golf, in violation of the federal securities laws.
The complaint further alleges that Freedom Golf's stock price and trading volume was pumped up to artificially inflated levels as a result of the false and misleading e-mails and baseless price projections.
According to the complaint, during the course of this manipulation, Jones, Miles, and Curshen all sold shares of Freedom Golf stock and reaped profits of more than $500,000.
And yes, indeed, the SEC does know Miles. The case is used as "class materials" in presentations on stock fraud by John Reed Stark, Chief of the Office of Internet Enforcement in the Division of Enforcement of the U.S. Securities and Exchange Commission, at http://www.johnreedstark.com/ClassMaterials/LitigationReleas....
As it turns out, the SEC’s recognition of Miles' activities were nothing new for him. From 1997 to 2001, operating from Hilton Head, SC, an EDGAR search reveals that Timothy Miles would indeed make a Nick Tracy a very knowledgeable resource for pumps, dumps and sham public companies.
Miles is listed in registration statements during that period for a wide range of public companies that were soon pumped and dumped out of business, including Ballyhoo Capital Ventures, Casinovations, Inc., Global Foods Online, Inc., ICV, Inc., Pratt Wylce & Lords Ltd., Sea Shell Galleries, and Wahoo Capital Ventures. Only one company in which he was involved, Bionet Technologies, Inc. (OTC: BNTK), survived as a public entity, and it is nothing more than a shell, with no trades at $0.0001.
Before leaving Hilton Head for Klamath Falls, however, Miles appears to have had an epiphany. As “Reverend” Timothy Miles, our self-described fighter against “corporate evil-doers” apparently discovered “the meaning of life,” and began sharing his revelations with the world at http://www.themeaningoflife.net. Recently, FinancialWire wrote to the email address on the website, addressing “Nick Tracy.” Miles/Tracy did not respond but the website was promptly taken down, perhaps to save the author from embarrassment. However, the website was downloaded and stored, and portions of it may be accessed at http://www.investrendinformation.com at http://www.investrend.com/Admin/Topics/Articles/Resources/92....
“In February 1991, a unique and mysterious crystal was discovered near what some authorities believe to be the site of the Garden of Eden. This crystal possessed remarkable powers. Anyone who held this magical crystal was healed emotionally, restored spiritually and enlightened. Everyone who held the crystal was changed in a positive and profound way,” stated Rev. Timothy Miles as part of a pitch to have individuals register at his website.
“In 1999 the crystal was discovered to also contain data. This data turned out to be a text file that revealed new insight into the meaning of life. Religious leaders and scientists gathered together and examined the crystal and the newly found text. What followed was a scientific evaluation of the crystal and the gathering of all available empirical evidence. The result; the only possible explanation for the powers of the crystal and the unusual and unexplainable characteristics of the file containing the message was that this was indeed a message from God.
“For reasons too numerous and complex to detail here, these religious leaders decided that the best thing to do with this message was to put it on the internet, accompanied by a complete story about the crystal's discovery and the events leading up to its being placed on the net to let God’s will determine if and how it would be disseminated.
Rev. Miles goes on to say that “the insight I have gained from the story and the message has changed my life in many ways, all for the better. I am a 54-year old ordained minister (30 years) and I can say without reservation, this story has strengthened my faith,” noting that “there is something remarkable about the actual file containing the message, something beyond scientific explanation that has convinced me beyond a shadow of a doubt that this is indeed a message from God. It blew me away.”
Blown away to Klamath Falls to become London’s “Hellboy” saving the world from corporate evildoers?
One would think that one public website besides Our-Street.com would have been enough for the versatile Rev. Miles, but drum roll, please, straight from Klamath Falls, Oregon, ladies and gentlemen, we bring you, wonder of wonders, OTCart.com, at http://www.otcart.com.
Here, he is a little bit more upfront about his interests, although “fine art” would not be among those most observers would have guessed. Mighty fine art, perhaps, but fine art?
Here is how the Reverend Stock Corruption Expert Pumper Dumper Corruption Fighter Art Connoisseur describes yet another enterprise: “OTCart.com was conceived and developed by Timothy J. Miles. Over 2 years in development, OTCart.com represents the logical and essential meeting of two of Mr. Miles’ great passions, the stock market and the world of fine art.
“Mr. Miles has been an avid collector of original and limited edition fine art for over 20 years. As a collector, Mr. Miles recognized the lack of a cohesive secondary market for limited edition art. He also recognized that this lack of a structured market, kept limited edition art from reaching its potential as an investment medium. After all, cars, commodities and even companies, through the public stock markets, had an organized and cohesive trading platform for their products.
“Having spent the past 14 years working as a stockbroker, consultant to and president of publicly traded companies, Mr. Miles has an intimate knowledge of the workings of the Over the Counter Stock Market and recognized the similarities between stock and limited edition art. He also realized that what the art world needed was a market similar to the Over the Counter Market as a venue to establish not only the value of a particular work of limited edition art, but the strength and depth of that market as well. In that way, the collector could make a more informed decision regarding a particular artist or work of limited edition art and a gallery owner could expand his market by participating in a global trading platform both as both a buyer and as a seller.
“OTCart.com is the perfect marriage between the stock market and the art world. Establishing a simple, effective and relevant real-time market for registered works of art, this platform creates the essential distinction between decorative and investment-grade limited edition art and facilitates the execution of that market,” concludes the quirky site.
Miles’ OTCart, Inc., in Klamath Falls, lists a phone and fax which executives at one public company say are the same where messages were left and documents were faxed from and to Nick Tracy. Our-Street publicly acknowledged receiving phone messages that were left exclusively at the phone number, 541-273-0225, and discussed documents faxed to 541-273-0206.
The site states that “effective May 1, 2003, employees and/or owners of Our-Street.com do not trade any stocks featured on this site. In fact employees and/or owners don't even short stocks period!” That policy was adopted as part of the set of principles that FinancialWire required after its initial article about Our-Street on March 17, 2003, and just prior to parent Investrend Information’s demand for more documentation as to the site’s agenda and ownership in May, 2003, when FinancialWire ceased coverage of the site’s complaints.
In late April, Our-Street, squeezed out of press release distribution by the major press wire services, frantically asked FinancialWire to publish findings that Aqua Vie Beverage (OTC: AQVB) had apparently produced its own “tout sheet,” without disclosing it was the publisher. Our-Street had filed the complaint on April 25, but it wasn’t getting the notice that “Nick Tracy” wanted.
As part of its requirements for publishing the story, FinancialWire asked Tracy to fax copies of the offense for purposes of documentation, and to assert that neither he nor others associated with Our-Street was trading in stocks of companies covered. Thus, Our-Street set its policy, but in doing so, inadvertently revealed that up until May 1, the site’s proprietors were in fact trading the stocks.
Satisfied going forward, in the wee hours of May 2, FinancialWire broke the story, and the SEC halted trading in Aqua Vie’s stock before the market opened.
The site then turned to other means to try to make money from its venture. It began accepting gratuities and selling “alerts” and “pre-alerts” about stocks it was about to publish, in essence, offering a paid front-runner service.
FinancialWire has received an email collected by Asiavest Investigative Services (www.agents911.com) that indicates Our-Street “does release information privately and before posting to their web site.”
The agent goes on to state “we believe that the person that sent this to us was one of the principals of Our-Street or closely related to the principals. The person that sent it to us is a known shorter, he is tied to organized crime people, and he was involved with a shorting criminal enterprise.”
The July 14, 2003 email message about Imaging Diagnotic Systems, Inc. (OTCBB: IMDS) sent to the individual from Tracy/Miles stated “that isn't due to hit till wedns so keep a lid on it .. thanks.”
One observer notes that many of the “scams” targeted by Our-Street had “significant price moves” prior to his “coverage.” It isn’t a leap to recognize that if there were short sellers in those companies, a scathing attack on the company wouldn’t do a short seller looking to bail out of a losing position any harm if the result, a short-term stock price deflation, occurs.
The observer notes that just because the messenger is tainted doesn’t mean that all of those targeted by short sellers are on the “up and up.” But for those that were, the executives are left after the experience wondering “who was that masked man, and what was that all about?”
That masked man, it turns out, is no relation to Dick Tracy, and he doesn’t have Sam Ketchum as a sidekick. Unmasked, is he Timothy Miles the SEC-charged fraud, the Reverend who found the meaning of life, the art connoisseur, the former stock broker and public company executive, the pumper and dumper, former Hilton Head resident now in Klamath Falls, or is he a true, abused, well-meaning, honest-to-goodness fraud-fighter just outside London? You decide.
Meanwhile, if you happen to be someone who agrees with Tracy/Miles that “Wall Street has been taken over by gangsters and terrorists in three piece suits and the cops (the SEC with its staff of 3,100) can’t handle it themselves,” you can do your part.
At http://www.voy.com/22812/, another dubious website apparently frequented by “Tracy,” mostly devoted to get-rich pyramid schemes and European lassies looking for a good time in London, you can answer this ad: “Looking for a research assistant -- Nick Tracy, 18:06:47 11/04/03 Tue [1] Nick Tracy Enterprises, Ltd is looking to hire another research assistant. We are a public company watchdog and we investigate all kinds of stock fraud and manipulation. If you like research, you will absolutely love this job. London area. Contact Nick Tracy at 207-900-2080.”
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