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"What some buyers of the death rides do is to play them like they do Reg S shares. They deposit the convertible shares into a brokerage account and then short sell a like amount of the common stock. The short selling activity helps drive the common share price lower, which means the convertible is worth a higher amount of common shares. The additional common share equivalent is then sold short, driving the share price even lower. This almost never-ending cycle is why these instruments are called "death spirals". Since the short sellers own the convertibles, this is also considered by many to be covered shorting and not naked"
Special report Dirty tricks in us otcbb stocks
Continued…...
Manipulation of Bulletin Board Stocks Through "Shorting"
Whenever a bulletin board stock goes down, investors seem to always blame "shorting". Some of it is undoubtedly true, but much of it is not. Before I begin to discuss the different kinds of shorting, I want to cover 2 other kinds of manipulative market activity which are not uncommon in bulletin board stocks but is often confused with "naked" shorting. These are sales of Reg S shares and convertible instruments, especially so-called "death ride" convertibles.
SEC Regulation S allows US public companies to sell shares of their stock very quickly. The rule was originally intended to help growing companies to raise money without time consuming and costly regulatory interference. Unfortunately, Reg S has instead been used as one of the most common conduits for securities fraud. Reg S shares are typically sold at a significant discount to the current market price because they can only be sold overseas to non-US individuals and investment entities. The other major catch is that they can not be resold into the US market for a specified period, usually 45 days from the date of closing. The idea is that the company can raise money quickly with a minimum of regulatory requirements and the newly issued stock does not flood the market. Unfortunately in practice, this has often not been the case. Some of the buyers of Reg S shares have actually been Americans hiding behind ownership in offshore investment companies. The biggest problem with Reg S shares, however, have been violations of the required hold period. Because the Reg S shares are sold at a discount to the current market price, there is a huge temptation for the buyer to quickly resell the stock into the open market to capture and pocket the difference. This is difficult to do since the certificates are restricted. What is often done instead is the stock certificate is deposited in a foreign brokerage account (often Canadian) and then a like amount of shares are sold short. This immediately "locks in" the full amount of the difference between the discount sale and the current market price, minus commissions and margin interest. When the required hold period is up, the now unrestricted certificate is turned over to the transfer agent and the short position is eliminated. Technically, this is not "naked shorting" but "covered shorting" because the seller owns the same amount of shares it has sold short. It has the same overall effect on the stock, though, especially since the stock is sold so quickly and without the requirement of public filings current shareholders usually know nothing about it. The SEC recognizes that Reg S abuse has been a huge problem. They have begun to take steps to clean up the Reg S market.
The convertible securities that are such a problem for OTCBB companies are often called "death ride" or "death spiral" convertibles. Normal convertibles give the holder the right to convert the first security (either a stock or a bond) into another type of security (usually common stock) at a given price (i.e., since the price is fixed, the total number of shares underlying the convertible instrument is a known quantity. Death Ride's, however, are not convertible at a given price per share but instead at the number of shares required to meet the face value of the convertible instrument. For instance, if the convertible is preferred stock worth $1000 and the common stock is worth $1, then the convertible is worth 1000 common shares. However, if the common stock subsequently declines to 50 cents, then the preferred is now convertible into 2000 shares. What some buyers of the death rides do is to play them like they do Reg S shares. They deposit the convertible shares into a brokerage account and then short sell a like amount of the common stock. The short selling activity helps drive the common share price lower, which means the convertible is worth a higher amount of common shares. The additional common share equivalent is then sold short, driving the share price even lower. This almost never-ending cycle is why these instruments are called "death spirals". Since the short sellers own the convertibles, this is also considered by many to be covered shorting and not naked. If the issuer of the convertibles is on the Federal Reserve list of marginable securities, then the owner can conduct their shorting with a U.S. brokerage. If the issuer is traded on the OTCBB, then they will often use a Canadian brokerage because, in certain situations, they do allow shorting OTCBB securities.
Most individual investors cannot -legally- short bulletin board stocks in the US. There are several reasons why, but for this discussion I think it is enough to say it really is not done. If anyone doesn't know why, ask your broker or drop me a line and I will explain it further. Although individual investors cannot short these stocks, market makers can. Market makers can go short on any stock as long as it is related to ""bona fide market making activity" (Rule 3350). Naturally, the key is the term "bona fide". The NASD manual clearly states that market makers should not go short a security simply for speculative purposes. However, there are several market makers widely known to do almost nothing but short stocks for their own account. NASD rules make it extremely easy for a market maker to begin making a market in any stock very quickly, so these particular MM's often show up suddenly in many hot, high-flying OTC stocks. When they do, it is a pretty good indication that they stock price will soon be under pressure and it is a good time to take a hike. Besides the fact that market makers are professionals and some do a efficient job identifying overpriced stocks, they also have very deep pockets. Considering the average OTCBB stock has a tiny market capitalization, it doesn't take much to help nudge a stock one way or the other.
Finally, we come to the last form of shorting, the so-called "naked" shorting. Yes, it does occur in OTCBB stocks. Yes, Canadian exchanges do allow for shorting of OTCBB shares. However, the actual amount of shorting in these shares by individuals is probably a lot less than most people think. For some reason, every time an OTCBB stock goes down it seems someone starts screaming "naked shorts". The facts are that although Canadian securities regulations do allow OTCBB and other low priced shares to be both marginable and shortable, the amount of collateral required is large. For instance, to short an OTCBB stock selling for under 50 cents per share, Vancouver Stock Exchange rules require the account must have credit equal to the market value of the shorted stock plus 50 cents per share. Can an American short OTC BB shares this way? This is where it gets sticky - US regulations say no. This is almost certainly one of several areas in which the ongoing SEC investigation of Canadian brokerage firms is focusing upon. More on this later.
Just about every stock promoter likes to trot out the "naked shorting" excuse when the stock they are hyping is falling. With 20/20 hindsight (and some help from regulators' legal briefs) we can often see that these same stock were declining not because of "naked shorting" but because insiders, control persons as well as the promoters themselves were dumping huge blocks of stock into the open market. Thus, they were using the "naked shorting" excuse to cover their tracks and perhaps entice gullible investors into buying more of the stock, which is likely the promoter's own shares. Often, this selling and shorting is being done through Canadian brokerages.
A new updated and expanded edition of the "Dirty Tricks" report is coming soon. In the meantime, read an excerpt from the new version regarding "Death Spiral Convertibles" and how some company's management takes advantage of their shareholders HERE.
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Matty, I posted a few articles on the HRCT thread when the chairman posted your post. I am well aware of what is happening with TK
No Matty, this statement:"Could mean a big pop for the OTC BB world, if it's Satan is shut down."
There is not short squeeze because they received stock from the converts so why would they go up?
If anything lack of financing, even if it was"Death Sprial"
will make these companies fall like a rock.
Matt, please back this up. Where is your proof of such a statement? Coming from a penny stock tout I guess you can make such claims?
Posted by: IH Admin (Matt)
In reply to: ggraessle who wrote msg# 14824 Date: 6/19/2002 3:07:02 PM
Post # of 14870
Word on the street is Thomson Kernahagn / Mark Valentine are in big trouble with various regulatory bodies out of Canada.
Could mean a big pop for the OTC BB world, if it's Satan is shut down.
I've followed the guy for years, so it should be quite interesting.
OSC target Valentine attracted to Amer. Nortel, Wasatch
2002-06-21 08:26 PT - Street Wire.
by Brent Mudry
While Canadian regulatory investigations into Mark Edward Valentine, the ousted chairman of Thomson Kernaghan, remain shrouded in mystery, a review of U.S. regulatory filings shows the Bay Street brokerage had a rare talent for picking OTC Bulletin Board promotions featuring controversial American penny stock touts. Among Thomson Kernaghan's notable favoured penny promos are American Nortel Communications and Wasatch Pharmaceuticals
In keeping with his nose for quality, or lack of it to be more correct, Mr. Valentine took a shine to American Nortel, a penny stock dogged by a pervasive stench of scandal. In April, 1997, Canadian Advantage LP, the flagship "hedge fund" run by Mr. Valentine, featuring Thomson Kernaghan as general partner, invested $230,000 in American Nortel through a convertible debenture financing. (All figures are in U.S. dollars.) Canadian Advantage, also known as CALP, began a series of conversions within five weeks, starting off at 42 cents and finishing off in mid-1998 at about 25 cents.
American Nortel was no blue chip special. After a series of evolutions, it began bartering long distance phone time for assorted assets, starting in December, 1995. In 1996, this bizarre business model led to the company trading phone time for eight offshore undeveloped lots on Grand Cayman Island, various condominiums in Missouri and rural lots in Kentucky and Arizona.
On March 15, 1997, three weeks before Mr. Valentine picked American Nortel as a good investment for CALP, the company agreed to trade 12.22 million long distance minutes for 110 pieces of "museum quality art." While it is not known whether the pieces were churned out by Sky Jones, whose atrocious art was bartered for shares in a number of other dubious penny stock promos, the deal later fell through. American Nortel claimed its appraisal did not support the value of the barter art.
Basic due diligence, had Thomson Kernaghan done any, would have shown that American Nortel, bounced off the former Vancouver Stock Exchange, had some unfortunate baggage.
Past promoter Ken Rogers, of Kelowna, B.C., was arrested in Salt Lake City, Utah, in November, 1994, while two fellow former directors, his brother William Rogers, of Vancouver, and Edmonton associate John Pickens, were also arrested. Revenue Canada, now known as the Canada Customs and Revenue Agency, claimed the trio evaded $4.6-million (Canadian) in income taxes, related to another promotion, Auramet International. All three pled guilty and were sentenced to two years less a day in 1996 and 1997. Auramet was fined $9.24-million (Canadian), the largest fine for tax evasion in Canadian history.
American Nortel had the misfortune of having the United States Securities and Exchange Commission air its dirty laundry in two more distressing cases in recent year, including Swiss-German fraudster Guido Bensberg's certificate-leasing scheme and Mark Schultz's Internet penny stock touting scheme.
Mr. Bensberg became an SEC poster boy in May, 2001, when the former Vancouver resident was ordered to pay more than $27-million in disgorgement and penalties for defrauding Bank Leu and Lehman Brothers of $10-million, part of a $200-million-plus share-leasing scheme he allegedly masterminded. The massive award marked one of the largest trial wins in the history of SEC.
"This sends a strong message not to use U.S. markets as a platform for international securities fraud," Eric Miller, Assistant Chief Litigation Counsel of the SEC in Washington, D.C., told Stockwatch. "The Bensbergs of the world will be caught and pay a hefty price," says Mr. Miller. The May 1, 2001, judgment capped a case which spanned five years and followed a one-week trial in California that March.
According to SEC prosecution documents, American Nortel was one of Mr. Bensberg's target companies. The Salt Lake City company rented out 40 million of its restricted shares in July, 1994, in Mr. Bensberg's broad scheme, which involved dealings in at least six offshore secrecy havens, including Switzerland, Aruba, the Isle of Man, the Turks and Caicos Islands, Bermuda, and the British Virgin Islands.
The Bensberg trial featured deposition testimony from Edmonton lawyer Robert Hladun, who allegedly vouched to Bank Leu that Mr. Bensberg was wealthy, reputable and trustworthy. Mr. Hladun is best known as lead Canadian counsel for controversial German-Canadian businessman Karlheinz Schreiber, an associate of former Canadian prime minister Brian Mulroney in the Airbus affair, and a major player in the German campaign finance scandals which led to downfall of former chancellor Helmut Kohl.
In addition to major target Mr. Bensberg, the SEC also nailed a number of co-conspirators in his certificate-leasing scheme, shutting down Alpha Tech Stock Transfer Inc., a small transfer agent in Salt Lake City and banning its principal, James W. Farrell, from the industry.
While the Bensberg fiasco took place well before Thomson Kernaghan came on the scene at American Nortel, the Bay Street brokerage's Canadian Advantage financing was smack dab in the middle of the Schultz case.
In a 23-page civil complaint filed May 5, 2000, in U.S. District Court for the Southern District of New York, the SEC claims Mr. Schultz, an Internet stock promoter, was paid more than $2.5-million for touting 15 OTC Bulletin Board companies, including American Nortel. The SEC claims Mr. Schultz, 49, a former resident of Jupiter, Fla., now believed to be in Spain, broke numerous securities laws and violations in a fraudulent Internet touting scheme between 1995 and 1999.
American Nortel was Mr. Schultz's best account. The SEC notes that in exchange for his promotional services, the company gave Mr. Schultz compensation valued at $594,000, consisting of 350,000 shares transferred in June and July of 1996, which he forgot to disclose to his subscribers.
In an ad in Individual Investor that September, Mr. Schultz claimed American Nortel would have "tremendous growth in the future" and "explosive growth to the end of this century." The well-paid tout predicted the stock would rise to $4 to $5 within two or three months, as part of a "rapid move up." Instead, American Nortel shares fell from the $2 range to below $2.
Mr. Schultz was apparently fond of at least one Canadian brokerage, the Howe Street house Wolverton Securities. On March 23, 2000, six weeks before the SEC launched its case against him, Mr. Schultz filed a Form 144 to sell 400,000 shares of American Nortel, designating his brokerage as Wolverton.
Besides American Nortel, Mr. Schultz's other top tout clients included Wasatch Pharmaceuticals, which paid him $459,400 in shares, compensation he again neglected to tell his readers about. The Internet tout was quite bullish on Wasatch, based in Boynton Beach, Fla., despite its own bleak history.
In a Stocks for Tomorrow tout in April of 1997, Mr. Schultz claimed an expansion planned by Wasatch the next month would push its revenues to $250-million to $300-million, and boost its stock price to $5 to $6 in the short term and $8 to $10 later that year. The SEC notes that Wasatch had discontinued its active operations in 1989 and it received no revenues and earned no profits in fiscal years 1994, 1995 and 1996. In the summer of 1997, Wasatch's stock slumped to below the $1 level.
In the amazing serendipity of the penny stock world, Thomson Kernaghan later took a shine to Wasatch as well.
The Bay Street brokerage made a significant proposed loan to Wasatch, which issued one million shares on July 5, 2000, as collateral. While the loan was never completed and the restricted shares were cancelled, the pair concluded another financing less than a year later. On April 11, 2001, Wasatch entered into a written agreement to grant Thomson Kernaghan up to two million shares.
Aside from Mr. Schultz's Internet touting, some basic due diligence would have revealed further malodorous affairs. Notorious penny stock figure Richard Gladstone and now defunct penny stock brokerage La Jolla Capital filed Form 144 filings to sell modest amounts of Wasatch shares in late 1998.
Mr. Gladstone emerged last year as one of Vancouver brokerage Pacific International Securities' clients. A review of Mr. Gladstone's regulatory record reveals that he has been a Florida-based fixture of the mob-linked boiler-room scene for more than a decade. Mr. Gladstone's latest and greatest claim to fame came on June 14, 2000, when he was indicted in a massive Mafia-related penny-stock sting known as Operation Uptick. American authorities call the overall case, which involved a broad network of bribed penny-stock brokers, the largest stock fraud case in U.S. history. The P.I. client was acquitted last year after a four-week securities fraud trial in the United States District Court for the Southern District of New York.
In both these stocks, American Nortel and Wasatch, there is no suggestion that Mr. Valentine and Thomson Kernaghan had any idea the promotions had ever attracted any unsavoury characters. The Bay Street brokerage's attraction to these, and many other troubled penny stocks, remains quite remarkable, however.
bmudry@stockwatch.com
mholland, have you asked Matt about the fraud BB stocks he has touted? Have you arked him if he ever traded on inside information he may have gotten before a press release was made public?
""it's very EZ to spot a parasite" !!!
see Matt, Its ok for this alias to call people a "parasite and he runs the HRCT thread.
"Thanks, Sugar Biscuit. <smooch> "
Matt, name calling is against terms of service. When are you going to suspend yourself?
Matt, That spammer company was paid by Elephant Talk to spam a fraudulent buy advertisement on the company. I guess you did not read the next two posts I made. Here is one of them. BTW, which stock in the list have you personally touted in the past?
TODAYS QUIZZ?
SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 17036 / June 18, 2001
SECURITIES AND EXCHANGE COMMISSION v. THE GLOBUS GROUP, INC., et. al, No. Civ. 99-CV-1968 (S.D. Fla.)
The Commission announced today that on June 7, 2001 the United States District Court for the Southern District of Florida entered final judgments against Trans-Global Holdings, Inc., located in Des Plaines, Illinois, Jacques Verhaak, who was a director of Trans-Global residing in Memphis Tennessee, China Food and Beverage Company, located in Kew Gardens, New York, and James Tilton, who is the president and a director of China Food residing in Whitestone, New York, finding the defendants had violated the anti-fraud provisions of the federal securities laws by issuing false and misleading press releases during May and June 1999. The Court ordered Verhaak to pay a civil penalty of $15,000 and Tilton to pay a civil penalty of $37,500. The defendants consented to entry of the final judgments without admitting or denying the Court's findings.
The Commission filed a civil injunctive case on July 15, 1999 alleging that Trans-Global and China Food each issued two false and misleading press releases prepared by Anthony DiMarco, also known as Bruce Gorcyca, and his company, The Globus Group. Trans-Global's stock (TGHI) and China Food's stock (CHIF) are quoted on the Bulletin Board, a service of Nasdaq Stock Market Inc. The Commission alleged that on May 10, and June 1, 1999, China Food Trans-Global respectively issued press releases prepared by DiMarco stating that each company's board of directors had voted to pursue a $4 million acquisition of television advertising time, which would provide the necessary assets for each company to obtain Nasdaq small cap status. These press releases were false and misleading because China Food and its president, James Tilton, and Trans-Global and its director, Jacques Verhaak, did not obtained basic information to verify that the television assets existed or that the assets were worth the stated amount prior to issuing the press releases. The Commission also alleged that on May 17, and June 7, 1999, China Food and Trans-Global respectively issued press releases prepared by DiMarco stating that each had received either a $60 million or $5 million financing offer from an east coast investment banking firm. These press releases were false and misleading because the financing offers were from DiMarco's company, The Globus Group, which was not an investment banking firm and did not have the ability either directly or indirectly to provide the financing offered. The Commission alleged that the defendants knew the press releases were false or were reckless in issuing the press releases because they took no action to confirm the accuracy of the statements before issuing them to the public.
The Commission also alleged that Trans-Global and Verhaak issued three additional press releases containing false and misleading statements about the company's acquisition of real estate properties in Florida which it planned to develop as time-share properties. The press releases falsely stated that Trans-Global had acquired Sun Raye River Estates and Murphy's Island near Jacksonville, Florida, when in fact the contract on the first property was null and void because Trans-Global was unable to obtain a guaranteed price for stock it was exchanging for the property, and Trans-Global failed to obtain a written agreement to acquire the second property. The defendants also overstated the acquisition price of the Sun Raye River Estates as $3 million when the contract price was less than $1 million, and overstated the acquisition price of Murphy Island as $6 million when there was no written agreement to purchase the property. The Commission alleged that Trans-Global and Verhaak knew these press releases were false or were reckless in issuing the press releases.
The Court found in the final judgment that the defendants violated the anti-fraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 by issuing the false and misleading press releases, and ordered Verhaak and Tilton to pay civil penalties. In the same case, the Court previously entered a permanent injunction on August 11, 2000 against defendants DiMarco and The Globus Group, and ordered them to disgorge $225,000 of profits from their fraudulent activities and to pay civil penalties of $75,000 each.
On June 18, 2001, the Commission also issued settled cease-and-desist orders against China Food, Tilton, Trans-Global and Verhaak finding the defendants had violated the anti-fraud provisions of Section 10(b) of the Exchange Act and Rule 10b-5 based on the same facts alleged in the civil case. The Commission ordered that China Food, Tilton, Trans-Global and Verhaak cease and desist from committing or causing violations of the Exchange Act provisions cited above.
http://www.sec.gov/litigation/litreleases/lr17036.htm
Home / Previous Page Modified: 06/19/2001
Matt, was I answering someones question in a previous post or was it a factual article about the company which was never posted on the thread before? Why dont you post it here what you deleted and then I can give you my reason for posting it.
BTW Matt, if I want to express myself by posting an article it is a form of free speach.
Matt, why not give mhollen the list of penny stocks you touted on your old web site with the that honest Cayman Frenchmen? LOL
Bet they would even make mhollen run
"Can I ask why you just copy and paste random media pieces with no explanation how they relate to anything that is going on, past or present?"
Frankly if its on topic and about the company you really should keep your nose out of it, but with your past background of touting fraudulent penny stocks I can see why you are biased.
Whats the request, to let the chairman of the Hartcourt Board continue to delete any of my posts that he doesnt happen to like?
Bob, want to see what a j-off Matt is? http://www.investorshub.com/boards/read_msg.asp?message_id=18503
"You cannot delete the TRUTH! It is everywhere"
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=17408207&s=unikay
Ex-Broker Rafi Khan Is Subject of New SEC Fraud Probe (Update2)
By David Evans
Ex-Broker Rafi Khan Is Subject of New SEC Fraud Probe (Update2)
By David Evans
Los Angeles, April 2 (Bloomberg) -- Rafi Khan, an ex- stockbroker banned from the securities industry in May, is under investigation for fraud in promoting shares of four California companies, the Securities and Exchange Commission said.
Khan allegedly issued ``buy'' recommendations on the companies -- GenesisIntermedia Inc., Aura Systems Inc., Euniverse Inc. and Ontro Inc. -- in exchange for stock or warrants issued by the companies to Pakistani firms owned by Khan's brother-in-law, including Aura Private Ltd., according to documents filed by the SEC in federal court in Los Angeles. The payments weren't disclosed, as required by law, according to the SEC.
The Pakistani companies also allegedly traded shares of the four companies and transferred the proceeds to Khan's wife, Rubina Khan, according to the documents.
``Rafi Khan may be using a brokerage account held in the name of Rubina Khan in an attempt to conceal his activities,'' SEC attorney Andrew Petillon said in a sworn statement filed with the court.
The SEC probe, which was elevated to a formal investigation on Nov. 13, became public after the agency asked a federal judge yesterday to require Rubina Khan to provide testimony about her bank and brokerage accounts.
Ontro Allegations
Khan and his wife, who live in La Canada, California, didn't return calls to their home. Officials at GenesisIntermedia, Aura and Euniverse didn't return calls. Kevin Hainley, Ontro's chief financial officer, declined to comment.
Ontro may have illegally concealed Khan's ownership and control of the company, according to the SEC's formal order of investigation, filed with the court.
Ontro's most recent proxy statement lists Aura Private Ltd. as its largest shareholder, with 2.2 million shares, or 27 percent of the Poway, California-based developer of self-heating beverage containers. Khan isn't listed as a shareholder.
Last year, Ontro permitted Aura Private to appoint two directors to Ontro's board. Harry Kurtzman, then chief executive of Los Angeles-based Aura Systems, was one of those named to Ontro's board by Aura Private.
Kurtzman resigned as CEO of Aura Systems on Dec. 31, after the SEC's staff recommended securities fraud charges against him and the money-losing maker of portable electric generators.
EUniverse, a Los Angeles operator of entertainment Web sites, hired Aura Private in January, 2001 to provide investor relations services for three years. Aura was paid warrants valued at $495,232, according to SEC filings by Euniverse.
FBI, SEC Probes
In a four-page report last May titled ``The Genie in Genesis Potentially a Mega Blow for the Shorts,'' Khan suggested a short squeeze would drive up shares of the money-losing company, which operates now-shuttered Internet kiosks in shopping malls.
In a short squeeze, investors who have lent shares to others demand them back. That forces the borrowers to buy shares, driving up the price of the stock and creating losses for the short sellers, who bet the price would fall.
Khan wrote the report after several days of meetings with GenesisIntermedia executives, said Robert Bleckman, then director of investor relations for GenesisIntermedia, in an interview at the time. Bleckman denied his company, controlled by Saudi arms dealer Adnan Khashoggi, paid Khan for the report.
GenesisIntermedia shares soared from $11.48 to $16.25 after Khan's report. Both the Federal Bureau of Investigation and the SEC are investigating allegations of stock manipulation and false accounting.
GenesisIntermedia gained a penny today to $0.011. Euniverse shares fell 95 cents to $4.65, Aura fell 3 cents to 32 cents, and Ontro was unchanged at $1.99.
Rafi Khan pleaded guilty in September 1999 to filing a false tax return and was sentenced to probation.
Banned
Last May, Khan was barred from the securities industry after agreeing to a permanent injunction forbidding him from committing securities fraud in the future. He neither admitted nor denied SEC allegations that he pocketed $552,500 by orchestrating two stock manipulations in 1993 and 1995 through ``wildly exaggerated earnings and price projections.''
Khan has previously said he made clients millions of dollars in the summer of 1993 by recommending companies such as Future Communications and Spectrum Information Technologies Corp. Share prices of both increased four-fold. He also led an unsuccessful battle to oust former Yugoslavian Prime Minister Milan Panic from his post as head of ICN Pharmaceuticals Inc.
OSC investigates former Thomson Kernaghan chair
Research merger abandoned
Sinclair Stewart
National Post
Wednesday, June 19, 2002
ADVERTISEMENT
Thomson Kernaghan & Co. and Research Capital Corp. called off their planned merger yesterday after the Ontario Securities Commission announced an investigation into the activities of former Thomson Kernaghan chairman Mark Valentine.
The OSC said it has suspended Mr. Valentine's registration and barred him from trading for 15 days, while it probes his involvement with a handful of limited partnerships and scrutinizes his trading in certain over-the-counter stocks.
A spokesman for the OSC confirmed the two brokerage firms have withdrawn their application to merge, but declined to comment on whether the decision was related to the regulator's actions against Mr. Valentine.
Executives at Thomson Kernaghan and Research Capital, who had hoped to create one of the largest independent brokerage firms in Canada with an estimated $3-billion in assets and 180 retail advisors, did not return phone calls seeking comment.
Thomson Kernaghan suspended Mr. Valentine last week following an internal investigation, and has prohibited him from visiting the company's premises, according to an OSC release.
The securities watchdog, which is conducting the probe with the Investment Dealers Association of Canada, must schedule a hearing into Mr. Valentine's conduct within the next 15 days, or the temporary trading ban and suspension will expire.
The OSC is looking into Mr. Valentine's role as general partner of certain hedge funds including the Canadian Advantage Limited Partnership and VC Advantage Fund Limited Partnership, as well as his trading in undisclosed securities.
Details of the investigation were vague, but both Thomson Kernaghan and Mr. Valentine have come under attack recently from disgruntled investors.
The former chairman's hedge funds ran into problems last year, after plunging in value and sparking a host of redemption requests from unitholders.
Thomson Kernaghan, meanwhile, has been accused in court by some customers of engaging in "death-spiral financing" in its use of convertible debenture financing.
Indeed, a group of unhappy clients with litigation against Thomson Kernaghan asked the OSC in March to block the proposed marriage with Research Capital unless the two firms set aside sufficient cash to cover several millions of dollars worth of outstanding lawsuits.
A lawyer for one of the plaintiffs had argued the structure of the deal would have forced his client to seek compensation from a hollowed out shell if a ruling was found in her favour.
The merger would have shifted the bulk of the firm's assets into Research Capital, and left Mr. Valentine to run a small Nasdaq trading operation under the Thomson Kernaghan banner.
The OSC eventually approved the deal in May, after the two firms agreed to modify certain terms.
© Copyright 2002 National Post
Let NG stand corrected in his mathmatical error.
Rich, do the math. Div. 830 in to 1,600,000. a tad over 1900 bucks U.S.
$1.6 million RMB div by 836= $1,913.87
100=827.73 lol NG LOL Exchange Rates in RMB Yuan
August 27, 2001
--------------------------------------------------------------------------------
Market Exchange Rates in RMB Yuan
Set By the People's Bank of China
Currency Unit Intermediate
US Dollar 100 827.73
Japanese Yen 100 6.9114
HK Dollar 100 106.14
Bank of China exchange rates in RMB
Currency Unit Buying Selling
British pound 100 1192.31 1197.09
HK dollar 100 105.96 106.28
US dollar 100 826.49 828.97
Swiss franc 100 496.45 497.94
German mark 100 386.51 387.67
French franc 100 115.24 115.59
Singapore dollar 100 472.85 474.75
Japanese yen 100 6.8742 6.9018
Canadian dollar 100 536.55 538.70
Australian dollar 100 441.33 443.10
Macao pataca 100 102.83 103.24
--------------------------------------------------------------------------------
Home/Products & Companies/Investment/Stock Data/Job Listings/Art Gallery/
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Exchange Rates in RMB Yuan
August 27, 2001
--------------------------------------------------------------------------------
Market Exchange Rates in RMB Yuan
Set By the People's Bank of China
Currency Unit Intermediate
US Dollar 100 827.73</B>
Japanese Yen 100 6.9114
HK Dollar 100 106.14
Bank of China exchange rates in RMB
Currency Unit Buying Selling
British pound 100 1192.31 1197.09
HK dollar 100 105.96 106.28
US dollar 100 826.49 828.97
Swiss franc 100 496.45 497.94
German mark 100 386.51 387.67
French franc 100 115.24 115.59
Singapore dollar 100 472.85 474.75
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Australian dollar 100 441.33 443.10
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What is an RMB worth? "$80 Million RMB With $1.6 million RMB"
Tin, isn't this a lovely bunch of 144S. The account they trade at is THOMPSON KERNIGHAN.
Form 144 Search Results
Insider Name Event Date Subject Company
PACIFIC TRADE SERVICES LTD 8/2/1999 CONECTISYS CORP
PACIFIC TRADE SVCS 8/4/1999 HARTCOURT COMPANIES INC
PACIFIC TRADE SVCS 7/26/1999 PHONEXCHANGE INC
PACIFIC TRADE SERVICES LTD Description
Click on the column header links to resort ascending () or descending ().
Company
Select a company below for more information. Relation File Date Shares Broker
CONECTISYS CORP N 8/2/1999 558,850
THOMPSON KERNIGHAN
OT:REMAINING U.S. CEOs MAKE A BREAK FOR IT -- LA Daily Times.
Band of Roving Chief Executives Spotted Miles from Mexican Border
San Antonio, Texas(Rooters) Unwilling to wait for their eventual
indictments, the 10,000
remaining CEOs of public U.S. companies made a break for it yesterday,
heading for the
Mexican border, plundering towns and villages along the way, and writing
the entire rampage off as a marketing expense.
"They came into my home, made me pay for my own TV, then double-booked
the revenues," said Rachel Sanchez of Las Cruces, just north of El Paso.
"Right in front of my daughters."
Calling themselves the CEOnistas, the chief executives were first
spotted last night along
the Rio Grande River near Quemado, where they bought each of the town's
320 residents by borrowing against pension fund gains. By late this
morning, the CEOnistas had abitrarily inflated Quemado's population to
960, and declared a 200 percent profit for the fiscal second quarter.
This morning, the outlaws bought the city of Waco, transferred its
underperforming areas to a private partnership, and sent a bill to
California for $4.5 billion.
Law enforcement officials and disgruntled shareholders riding posse were
noticeably frustrated.
"First of all, they're very hard to find because they always stand
behind their numbers, and the numbers keep shifting," said posse
spokesman Dean Levitt. "And every time we yell 'Stop in the name of the
shareholders!', they refer us to investor relations. I've been on the
phone all damn morning."
"YOU'LL NEVER AUDIT ME ALIVE!"
The pursuers said they have had some success, however, by preying on a
common executive weakness. "Last night we caught about 24 of them by
disguising one of our
female officers as a CNBC anchor," said U.S. Border Patrol spokesperson
Janet Lewis. "It was like moths to a flame."
Also, teams of agents have been using high-powered listening devices to
scan the plains for telltale sounds of the CEOnistas. "Most of the time
we just hear leaves rustling or cattle flicking their tails," said
Lewis, "but occasionally we'll pick up someone saying, 'I was totally
out of the loop on that.'"
Among former and current CEOs apprehended with this method were Computer
Associates' Sanjay Kumar, Adelphia's John Rigas, Enron's Ken Lay, Joseph
Nacchio of Qwest, Joseph Berardino of Arthur Andersen, and every Global
Crossing CEO since
Frank NG who does not lie but has sence of humor
Yes, so low yet no insider buying
Notices of Proposed Sale Reported on Form 144 Description
Click on the column header links to resort ascending () or descending ().
Filer
Select a filer below for more information. Relation File Date Shares Broker
ALADDEN ENTERPRISES UK 4/30/2002 26,129
CHARLES SCHWAB & CO ...
MAYR MARK N 4/24/2002 72,000
CSFBDIRECT INC
ALADDEN ENTERPRISES UK 2/22/2002 66,600
CHARLES SCHWAB & CO ...
PYR MGMT LLC N *2/5/2002 155,960
KNIGHT SECURITIES IN...
PYR MGMT LLC N 12/3/2001 219,000
KNIGHT SECURITIES IN...
PYR MGMT LLC N 11/13/2001 162,000
KNIGHT SECURITIES IN...
PYR MGMT LLC N 11/6/2001 104,316
KNIGHT SECURITIES IN...
PYR MGMT LLC N 9/7/2001 143,522
KNIGHT SECURITIES IN...
PYR MGMT LLC N 8/31/2001 291,000
KNIGHT SECURITIES IN...
PYR MGMT LLC N 8/17/2001 291,000
KNIGHT SECURITIES IN...
COHN FREDERIC UK 8/14/2001 1,857
CHARLES SCHWAB & CO ...
ALADDEN ENTERPRISES UK 8/14/2001 5,673
CHARLES SCHWAB & CO ...
MAZIN JOSPEH & DONNA... SH 7/2/2001 95,000
CROWELL WEEDON & CO
FLAMEMASTER CORP SH 7/2/2001 195,000
CROWELL WEEDON & CO
ALTIUS INVESTMENT CO... SH 7/2/2001 95,000
CROWELL WEEDON & CO
AUTRY STAN N 6/19/2001 10,000
CHARLES SCHWAB & CO ...
DANDYBIZ.COM SH 6/11/2001 15,000
CROWELL WEEDON & CO
AMERICAN FRIENDS ISR... N 5/21/2001 650,000
BEAR STEARNS & CO IN...
TURBAN SCOTT D N 5/11/2001 650,000
BEAR STEARNS & CO IN...
MAYR MARK UK 4/9/2001 100,000
CSFBDIRECT INC
AG BINDER SH 4/2/2001 400,000
SWISS AMERICAN SECUR...
AUTRY STAN N 1/29/2001 10,000
CHARLES SCHWAB & CO ...
SILBERT STEVEN N 12/5/2000 10,000
WEDBUSH MORGAN SECUR...
ALLEN THOMAS G SH 8/14/2000 15,000
CHARLES SCHWAB & CO ...
ALLEN DANIEL A SH 8/8/2000 15,000
CHARLES SCHWAB & CO ...
ANDREWS BEVELEY N 2/1/2000 20,000
DLJ DIRECT INC
FLAMEMASTER CORP SH 1/11/2000 100,000
CROWELL WEEDON & CO
MAZIN JOSPEH & DONNA... SH 1/10/2000 50,000
CROWELL WEEDON & CO
ALTIUS INVESTMENT CO... SH 1/10/2000 50,000
CROWELL WEEDON & CO
MAYO MARK UK 12/30/1999 16,000
DLJ DIRECT INC
GREINER RICHARD SH 9/21/1999 50,000
VANGUARD BROKERAGE S...
PACIFIC TRADE SVCS N 8/4/1999 600
THOMSON KERNAGHAN
NEWMAN GERALD R N 6/12/1998 500
CHARLES SCHWAB & CO ...
XYBR REVENUE FORECASTS IN HOSTORY
11/16/1998
Xybernaut's Mobile Assistant IV is a two-piece wonder: A portable, two-pound computer that can be worn around the waist, with a headset that has a screen so the user can navigate the Web either by mouse or by voice. MA IV, which the company will unveil this week at the COMDEX trade show in Las Vegas, will create a revenue surge, Xybernaut's director of investor relations Mark Bergman said. That's a conservative estimate, too," Bergman told a room of money managers. "Internally, management is expecting something closer to about $90 million, but those are the guidance numbers we're giving to the Street." Not bad, considering Xybernaut made $813,000 in revenue in during '97, down 26% lower from $1.1 million in revenue in '96. The Fairfax, Va.-based company expects 1999 revenues to come in between $30 million and $40 million. http://www.thestreet.com/tech/siliconvalley/414430.html
spam-MW&L has received A) 100,000 shares of ETLK common stock restricted, Rule 144, and B) Cash Payment of $20,000.
OTC/BB Symbol: ETLK
Mrkt. Cap:$12 M
Shares: Outstanding:34,400,000
Float (Est.):1,500,000
ETLK REPORTS 18%
INCREASE IN REVENUE
UNDERVALUED? CLICK BELOW TO LEARN MORE
QUOTE / PRESS RELEASE / SEC FILINGS
REVENUE
Today reported an increase of 18.2% in revenue or $2,947,878, for the first quarter 2002, as compared to $2,493,188 Q1, 2001. The Per-share earnings for Q1 2002 remained inline with Q1 2001 at a loss of one cent per share.
The market in China is the world's fastest growing telecommunication market. With an office in Cerritos, CA. and an affiliate in Boston, MA. ETLK is a leading telecommunications company with corporate owned international gateway digital switching facilities in China, Hong Kong, U.S., Taiwan and Singapore. These facilities have the capability of PRI, C7, SS7 and other signaling commonly used by major international carriers. This allows ETLK to operate international telecommunications services on both sides of the Pacific to over 220 foreign destinations.
RECENT ACQUISITIONS
GridTel.Net has points of presence (POPs) assets in Kathmandu, 2 sites in Bangladesh, Indonesia, Mongolia, Bangkok, Mumbai, Dehli, Manila, and Cambodia. The company has strong relationships with local ISPs and international carriers in the Indo-China and South Asia regions, and provides direct routes to Nepal, India, Bangladesh, Indonesia, Singapore, Cambodia, Laos, Pakistan and the Philippines. GridTel.Net records over 10 million calling minutes per month and is a holder of an External Telecommunications Services (ETS) license in Hong Kong. GridTel's projected annual revenues for 2002 are US$24 million, with approximate annual gross profit of US$1.44 million.
TOTAL TELCOM PRESENCES
They enable telecommunications carriers and other service providers the ability to offer long distance voice, data, fax, and VOIP services to their end-customers, through an advanced and scaleable network. ETLK has points of presence (POP) in locations where most major international carriers are located (New York City, Boston and Los Angeles ), which enables the Company to have easy access to its customers, as well as the most competitive international termination rates in the world. The Company's operations employ advanced systems including call collection and call data storage linking to a proprietary reporting system which permitting management to determine the profitability margins by destination country, by customer, as well as for overall daily operations.
INVESTMENT HIGHLIGHTS
The Gartner Group estimates the global telecommunications market is projected to reach approximately US$1.9 trillion by 2003.
Globally, Voice over IP (VOIP) traffic was responsible for a record-setting 7.7 billion minutes in 2000, and the market is still in its early stages. It is expected to grow dramatically, to 500 billion minutes by 2005.
ETLK also has expanding networks and agreements with AT&T, MCI Worldcom Inc., Global Crossing, New World Telephone, Wharf New T&T, Worldcom Asia Pacific, Great Wall Broadband.
ETLK's 2002 revenue porjections is USD $20 million.
ETLK has agreements with their major carriers and opening new routes, Indonesia, Vietnam and Cuba. This will add to their revenue with less cost.
ETLK’s market cap is currently less than their sales revenue.
CONTACT YOUR BROKER NOW!
ETLK has shown excellent business execution despite the tough economy and has maintained a significant cost advantage over the competition and been achieving its objectives in a consistent and superlative fashion resulting in more than an 18% growth in 1st quarter 2001. Call your Broker Now!
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Disclaimer
Madison, Wall & LaSalle (MW&L) is an independent electronic publisher of information on selected public companies. In consideration of its electronic dissemination of the information contained in this notice. MW&L has received A) 100,000 shares of ETLK common stock restricted, Rule 144, and B) Cash Payment of $20,000. MW&L did not receive any other compensation, of any kind, for its services other than stated herein. MW&L is not a registered investment advisor or a broker dealer. MW&L has been advised that the investments in companies profiled are considered to be high risk and use of the information provided is for reading purposes only if anyone decides to act as an investor they are advised not to invest without the proper advisement from an attorney or a registered financial broker. If any party decides to participate as an investor then it will be at the investor's sole risk. All information provided by the profiled companies may include information provided by outside sources, such as research reports, public filings or computer databases and information provided to MW&L by management of the profiled company. All information is provided by the companies profiled and MW&L makes no representations, warranties or guarantees as to the accuracy or completeness of the disclosure by the profiled companies. Investors should not rely solely on the information presented. Rather, investors should use the information provided by the profiled companies as a starting point for doing additional independent research on the profiled companies in order to allow the investor to form his or her own opinion regarding investing. Factual statements made by the profiled companies are made as of the date 5/10/2002 and are subject to change without notice. The receipt of this information shall not create, under any circumstances, any implication that there has been no change in the affairs of the company profiled since the date of review. Investing in micro-cap securities is highly speculative and carries an extremely high degree of risk. It is possible that an investor's entire investment may be lost or impaired due to the speculative nature of the companies profiled. MW&L makes no recommendation that the securities of the companies profiled should be purchased, sold or held by individuals or entities that learn of the profiled companies through MW&L. Certain of the statements contained in the information may be forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. These statements may be identified by such terms as ``expect,'' ``believe,'' ``may,'' ``will,'' and ``intend'' or similar terms. MW&L or its affiliates may have a position in the securities mentioned herein and may make purchases, transfers or sales thereof.
How long are the elephant talk dividends restricted for?
VideoLan and Seaveiw. They can pick them.
Form 144 Search Results
Insider Name Event Date Subject Company
TUSCANO INVESTMENTS LTD 5/30/2000 SEAVIEW UNDERWATER RESEARCH IN...
TUSCANO INVESTMENTS LTD 4/9/2001 SEAVIEW VIDEO TECHNOLOGY
TUSCANO INVESTMENTS LTD 12/19/2000 VIDEOLAN TECHNOLOGIES INC
Kensington Wells, Inc.
In a separate complaint, NASD Regulation charged 12 former brokers of the now defunct Long Island brokerage firm Kensington Wells, Inc. with a wide range of sales practice abuses. The complaint alleges that the 12 brokers, who were based at Kensington Wells’ Mineola, NY headquarters, participated in or facilitated a boiler room operation through a series of fraudulent sales practices and other misconduct from April 1994 through October 1996.
Named in the complaint are: Joel Grant, Steven Orandello, James McInerney, Steven Stecklow, Victor Difrisco, Steven Jaross, Edwin Lawrence, Kevin Loomis, Edward Stock, Craig Redding, Gary Redding, and Michael Newman.
According to the complaint, the sales practice violations occurred in connection with Kensington Wells’ underwriting of the IPOs of Xechem International, Inc.; Universal Automotive Inc.; and VideoLan Technologies, Inc. The brokers are alleged to have engaged in unauthorized trading; baseless or improper price predictions; making improper comparisons to other stocks; tying the purchase of IPOs to a commitment to buy stock in the aftermarket; guaranteeing customers against loss; promising to make up losses with new trades; and refusing to execute or aggressively discouraging orders to sell stocks, immediately before and after the IPOs.
At least 60 investors were victimized through fraudulent practices, the complaint said.
Both complaints demand that the respondents forfeit the profits that were illegally obtained and make restitution to defrauded investors. The complaint does not allege any wrongdoing on the part of the issuers.
The issuance of a disciplinary complaint represents the initiation of a formal proceeding by the NASD in which findings as to the allegations in the complaint have not been made and does not represent a decision as to any of the allegations contained in the complaint. Because this complaint is unadjudicated, you may wish to contact the respondents before drawing any conclusion regarding the allegations in the complaint.
Under NASD rules, the individuals and the firms named in the complaint can file a response and request a hearing before an NASD Regulation disciplinary panel. Possible sanctions include a fine, suspension, bar, or expulsion from the NASD.
NASD Regulation oversees all U.S. stockbrokers and brokerage firms. NASD Regulation, and The Nasdaq Stock Market, Inc., are subsidiaries of the National Association of Securities Dealers, Inc. (NASD®), the largest securities-industry self-regulatory organization in the United States.
For more information on NASD Regulation, visit its Web Site (www.nasdr.com).
IN THE UNITED STATES DISTRICT COURT
WESTERN DISTRICT OF KENTUCKY
LOUISVILLE DIVISION-------------------------------------------------------
BRENT BERTI and STEVEN SHAW,
individually and on behalf of all others
similarly situated,Plaintiffs,- v. -VIDEOLAN TECHNOLOGIES, INC.,
JOHN HAINES, PETER BECK, STEVEN
ROTHENBERG, VERNON JACKSON and
TED RALSTON,Defendants.
-------------------------------------------------------
Civil Action No. [97-CV-00296]CLASS ACTION COMPLAINTJURY TRIAL DEMANDEDMAY 9, 1997SUMMARY OF ACTION
1. This is a securities class action on behalf of public investors who purchased the common stock or warrants (collectively, the "Securities") of Videolan during the period from November 7, 1995 through May 28, 1996 (the "Class Period"). This case involves false representations made by the Defendants to the investing public that Videolan had entered into an agreement with the Samsung Corporation of Korea ("Samsung") under which Samsung committed to purchase from Videolan between $50,000,000 and $70,000,000 worth of Videolan's VL 2000 product (the "Samsung Agreement"), when, in fact, the Samsung Agreement did not obligate Samsung to purchase anything from Videolan. Defendants' misrepresentations regarding the Samsung Agreement created the illusion that Videolan was on the brink of reaping substantial revenues and earnings from the VL 2000. The misrepresentations caused the price of Videolan's stock to increase dramatically, and the price remained artificially inflated throughout the Class Period, thereby causing damage to those who bought the Securities during the Class Period (the "Class Members").
Min, I posted it but it was deleted
Matt, if the founders of this thread will state that Phan received hid PHD from Pennsylvania State University I will drop the subject. They know he did not so I do not expect them to post about it.
"It makes thirs process so much easier if you'll go ahead and post your basis for such a claim."
Sent by: IH Admin (Matt) Date: 6/16/2002 11:22:53 PM
It makes thirs process so much easier if you'll go ahead and post your basis for such a claim.
------------------------------------------------------
So, let’s see. According to SEC filings from the many companies Alan Phan has been involved with, his doctorate in management came from Penn State, or was that a Ph.D. in Environmental Science from Sussex College of Technology?
Make sure you go to this link . LOL http://www.copenlabs.com/courses.htm
And was that B.S. (what appropriate letters!) from Penn State or Sussex?
And how long has he been leading HRCT? Since 1990? Or 1994?
THE HARTCOURT COMPANIES (HRCT) SEC 10-KSB filing for 1996:
“Dr. Phan received his academic training and degrees at Pennsylvania State University (1967), and Sussex College of Technology, Sussex England (1975).”
AMG VENTURE SERVICES INC (AVSI), SEC 10SB12B filing dated May 6, 1999
“Alan V. Phan received his academic training and degrees at Pennsylvania State University (PhD-Management), his Master of Science degree from Sussex College of Technology and his Bachelor of Science in Environmental Engineering at Pennsylvania State University and has had over 30 years of experience in business management. Dr. Phan is currently Chairman of the Board and Chief Executive Officer of The Hartcourt Companies, Inc. (NASDAQ-OTB-BB) and its predecessor private company functioning in this capacity since 1994.”
AMERICAN VENTURE GROUP INC. (AVGI). SEC 10SB12B filing dated May 27, 1999
“Alan V. Phan received his academic training and degrees at Pennsylvania State University (PhD-Management), his Master of Science degree from Sussex College of Technology, and his Bachelor of Science in Environmental Engineering
at Pennsylvania State University and has had over 30 years of experience in business management. Dr. Phan is currently Chairman of the Board and Chief Executive Officer of The Hartcourt Companies, Inc. (NASDAQ-OTB-BB) and its predecessor private company functioning in this capacity since 1994.”
APOLLO VENTURE GROUP INC (AVGI) SEC 10SB12B filing dated June 1, 1999
“Alan V. Phan received his academic training and degrees at Pennsylvania State University (PhD-Management), his Master of Science degree from Sussex College of Technology, and his Bachelor of Science in Environmental Engineering
at Pennsylvania State University and has had over 30 years of experience in business management. Dr. Phan is currently Chairman of the Board and Chief Executive Officer of The Hartcourt Companies, Inc. (NASDAQ-OTB-BB) and its predecessor private company functioning in this capacity since 1994.”
THE HARTCOURT COMPANIES (HRCT) SEC SB-2 filing dated Aug. 24, 2000:
“Dr. Phan received his B.Sc. in Environmental Engineering from Pennsylvania State University, and his M.S. and Ph.D. from Sussex College of Technology in England.”
ENOVA HOLDINGS INC (EHI), SEC 10SB12B/A filing dated Oct 18, 2000
Dr. Alan V. Phan, Chairman of the Board and Director. Dr. Phan has over 30 years of experience in business management. He obtained his academic training and degrees at Pennsylvania State University and Sussex College of Technology. As Executive Vice President of Em Kay Group and Eisenberg Company, he established 11 industrial projects including real estate developments in Asia and South America. Dr. Phan has been a founder and Chairman of the Board and Chief Executive Officer of Hartcourt since August 1990.
In a shareholder letter dated Aug. 31, 2000, Alan Phan said:
“In 1970, Sussex College of Technology and the University of Saigon started a joint post-graduate program in Management. It took me six years to complete and I am proud of my achievement…In any case, this subject of which University my doctoral degree is from has nothing to do with our company’s achievements or the future of our company.”
Indeed!
====================================================
More on Sussex College of Technology
From huffman Wed Apr 22 09:19:43 1998Subject: Here's my understanding
To: rotbard@ix.netcom.comDate: Wed, 22 Apr 1998 09:19:43 -0700 (PDT)
Dear Mr. Eric Rotbard,
If/When it was clear to both of us that Derek didn't earn a PhD
at a bona fide school, my assumption has been that these negotiations
would likely go into a mode where you would just ignore/stall. It
appears that is now the case. So, there were a couple of loose
ends I'd like to try to clean up. First, list all the diploma mills
in Bear's book. Secondly, a note that may be of personal interest
to you and a preview copy of an update to my web page.
I collected the list of PhD scam diploma mills from Bear's book
that I mentioned to you previously. These are from his chapter 25
that I also mentioned in the same previous post. Here's some
detail Dr. Bear gives for one diploma mill, as an example.
"Sussex College of Technology, Sussex, England. Perhaps the oldest of
Britian's degree mills, Sussex is run by "Dr." Bruce Copen from his
home, south of London. At the same address, but with different
catalogs are the Brantridge Forest School and the University of the
Science of Man. Each offer "earned" degrees for which a few
correspondence are required, and "extension awards" which are the same
degrees and diplomas for no work at all. Honorary Doctorates are
offered free, but there is a $100 engraving charge. "Professor
Emeritas"[sic] status costs another $100. One flyer admits Sussex
is not "accrediated" [sic] but goes on to say that "No student who
has taken our courses and awards have to date had problems." This
statement would not be accepted by, among many others, a former
high-level state official in Colorado who lost his job when the
source of his Doctorate was discovered. Sussex continues to advertise
extensively in newspapers and magazines in the U.S. and worldwide.
In 1988, a new British law came into effect, forbidding such "schools"
to accept students who enrolled after May 1st. Sussex's solution to
this minor annoyance was to offer to back-date all applications to
April 30th, 1988 - a creative response that British law apparantly
hasn't caught up with yet."
The following list is not claimed to be complete. The nature of this
type scam would make that almost impossible. Also, it is apparantly
very common for the con artists to slightly change the name of their
"school" from time to time. They also sometimes like to try to pick
names that are very close to accredited schools. I assume that
Derek's PhD was purchased from one of these "schools", if so then,
his PhD is a fraud and in that case I wouldn't really expect to hear
from you again.List of Chapter 25 Diploma Mills that appear to be in England.
Academy College of Holy StudiesAcademy of the Science of Man
Albany Educational ServicesAvatar Episcopal University
Avatar International UniversityBrantridge Forest School
British College of Soma-TherapyBritish Collegiate InstituteBroadhurst University
California Institute of Higher LearningCentral School of Religion
City Medical Correspondence CollegeCollege of Applied Science London
College of Divine MetaphysicsCollege of Spiritual Sciences
Collegium Technologicum Sussexensis Britannia
Creative University of Southeast LondonCromwell University
Ecclesiastical University of SheffieldEpiscopal University of London
European College of Science and ManFaraday CollegeGordon Arlen College
Harley UniversityInter-State CollegeInternational Protestant Birkbest College
London College of PhysiologyLondon College of TheologyLondon Educational College
London Institute for Applied ResearchLondon School for Social Research
London Tottenham International Christian UniversityLyne College
Metropolitan CollegiateMinisterial Training CollegeMorton-Colwyn University
National Ecclesiastical UniversityNational University of Sheffield
Nebraska College of Physical MedicineNewcastle University
Northwest London UniversityObura UniversityOxford College of Applied Science
Oxford Institute for Applied ResearchSaint John Chrysostom College
School of Applied SciencesSchool of Psychology and PsychotherapyShield College
South Eastern Extension CollegeSouthern Eastern University
Sussex College of TechnologyTrinity Collegiate Institute
United Free University of EnglandUniversal Ecclesiastical University
Universitas IltiensisUniversitates SheffieldensisUniversity of London
University of CoventryUniversity of EnglandUniversity of England at Oxford
University of SheffieldUniversity of Sulgrave
University of the Old Catholic ChurchUniversity of the Science of Man
University of WinchesterWest London College of Technology
Western Orthodox UniversityWhitby Hall CollegeWordsworth Memorial University
..............................................................
I was planning on updating my web page. Here is a preview copy
that you may review. I would, of course, be very interested in any
thing in here that you believe to be false or misleading. If you
let me know I will, of course, correct it. What may be of personal
interest to you is copies of our correspondence that I plan on
making available as "BACKGROUND INFORMATION". Unless I hear
differently from you, my plan is to censore out the phone number
of your law firm, okay? I don't plan on censoring out your email
address, okay? Based on postings to the news groups from you that
I read, I assume that this is the way you want it.
..............................................................
Ph.D. Frauds
(last modified 4/22/98)
Derek Smart, author of a mediocre computer game called Battlecruiser
3000ad (BC3K), is widely known on Usenet as being the focus of the
largest and longest running flame-fest ever seen, this occurs primarily
in the comp.sys.ibm.pc.games.strategic (c.s.i.p.g.s.) news group.
INTRODUCTION
Derek Smart has claimed to have a PhD in almost every post he's made
over the past few years. Prior to the PhD wars (8/8/97 - present),
whenever anyone had asked about details he was strangely silent. The
biggest braggart many have ever seen being silent on such occasions
seemed very "out of character". This coupled with my observation of many
months of Derek lies, lead me to suspect that Derek's PhD was a fake.
After gathering further evidence, it's believed this is now an
inescapable conclusion.
Here's some things Derek has said about his studies. He has said that he
studied only part time. He's said that he studied in the USA and England.
He's said that it was a mail order college. He's more recently said his
school is in England. He's stated it wasn't important whether his school
was accredited or not. He's said it's a renowned accredited college. He's
said it's a small tech institute. He's said he grew up in England and
moved to the USA in 1989.SUMMARY
This presentation argues that Derek's PhD is a fraud. It consists of
four firmly established facts. These facts taken together, show that his
PhD is a probable fraud. Derek has not earned a PhD at any accredited
university.FACT 1: Derek Smart's PhD dissertation is not listed anywhere.
(Almost all PhD dissertations are listed in DAI or somewhere.)
FACT 2: Derek has not provided simple information.
(Derek hasn't named his alma mater, among other things.)
FACT 3: Derek Smart has changed the story about his PhD.
(He said his dissertation was published now, he says it's not.)
FACT 4:
----------------------------------------------------------------------
Date: Wed, 22 Apr 1998 19:35:22 -0400From: Eric Rotbard
To: Bill Huffman
CC: Derek Smart Subject: Re: Here's my understanding
Mr. Huffman,
<snip stuff to protect the privacy of others , basically Mr. Rotbard says
that I made mistakes and that I'm incorrect. This has bothered him and
Derek and made them unhappy with me. He warns that I had better not
make the changes to the web page. He points out some specific examples
of areas that he believes are fallacious.>
(((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((
I am still awaiting a certification from Derek's registrar. Once I
receive it, I will take appropriate action.
I found your proposed amendments offensive and fallacious. I can prove
Derek's Ph. D. any time I wish by revealing this information. I am,
however, awaiting a certification from the registrar which I will
provide to Charles Curran, Esq. and/or Whowhere (and also to annex to a
federal complaint if need be).
To say that "negotiations continued on for over a month and it seemed
that the lawyer's position just kept crumbling more and more." is also
false. We have not been negotiating for over a month. Our negotiations
were limited to the nature of proof that would be acceptable to both
parties which was agreed from close to the outset. The fact that I have
been waiting for a certification has no bearing whatsoever on the
underlying merits, and does not constitute negotiations. If you feel
that you do not want to wait for me to provide this information, that is
your choice.
Your "conclusion" that Derek received his Ph. D. from a "Ph. D. mill" is
false and defamatory.
You are also categorically incorrect by stating that the onus is on
Derek to prove his Ph. D. He doesn't have to prove anything until he
files suit. At that time, you will be held accountable for what youpost.
If your intent was to further antagonize Derek and annoy me, you have
succeeded. Your web page is defamatory as it is. If you amend it
further to include the material in your message to me, I will recommend
to Derek that we go forward and file suit.
My approach to practicing law is that a good lawyer keeps his client out
of court. This approach works when the parties are reasonable.
However, your web page as well as the history of your posts demonstrate
that you are on a personal crusade to villify Derek. I do not believe
that the courts will protect this "speech". If you continue on this
path, I do not see any alternative than litigation. If you amend your
web page, I will take it as a rejection of my attempt to resolve this
matter, and I will take appropriate action.
)))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))Sincerely,
Eric Rotbard
Did anything become of this? Is there anywhere I can find the co-branding?
"June 15: Subsidiary SinoBull Group, signed a profit sharing content license and usage agreement with Yahoo! Holdings Ltd., the Hong Kong subsidiary of Yahoo!, which will host a number of co-branded pages containing proprietary financial content provided by SinoBull, which, in return, licensed to Yahoo! Holdings global non-exclusive rights to deliver proprietary SinoBull content over the Internet or any wireless or electronic format delivering Yahoo!"
http://www.otcnn.com/articles_archive.html?id=962198520" target="_new">http://web.archive.org/web/20001211133000/http://www.otcnn.com/articles_archive.html?id=962198520
NG does not post on ragingbull. Please do not make statements that you can not back up with facts.
Frank NG honorable poster who does not lie
Wasnt that criminal Regis Pinnio involved in ASAT?
Frank NG who is honorable poster and does not lie.
You sould like a real Pro, but why has the streamingasia web site not been updated in over a year?
Frank NG who does not lie and is honorable poster
garhart, are you a PHD or are you mad at the world for being down so much on your investment?
Frank NG who does not lie and is honorable poster