The more ridiculous problem at hand is number of promoters who push their stock via message boards. Shainberg is a regular poster. The SEC had it right when they indicated he may be a repeat offender.
Anyone with and insane amount of knowledge regarding the company and their structure and their intent and the most current knowledge of all of their joint ventures and associates criminal records and case details is not a person of DD its a person operating off illegal and insider information.
You dont end up in situations like this because your a model citizen.
[color=red]
JURY RETURNS VERDICT AGAINST DEFENDANTS MICHAEL LIPKIN AND JOSHUA SHAINBERG
IN STOCK KICKBACK SCHEME
On July 25, a jury in Brooklyn, N.Y., found that defendants Michael V.
Lipkin and Joshua Shainberg, both associated with the broker-dealer
Securities Planners, Inc., violated the antifraud provisions of the
federal securities laws for receiving undisclosed stock kickbacks, and
that Lipkin also violated the antifraud provisions by making material
misrepresentations to brokerage customers. The jury reached its verdict
after a two-week trial in the United States District Court for the
Eastern District of New York before Magistrate Judge Viktor V.
Pohorelsky. The jury found the third defendant, Robert Shatles
(Shatles), not liable on a similar charge of receiving undisclosed
kickback payments. Shatles was associated with another broker-dealer
named S.D. Cohn.
The Commission’s Amended Complaint, dated Nov. 15, 2002, charged that
all three defendants violated Section 17(a) of the Securities Act of
1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-
5, in connection with their receipt of undisclosed kickbacks, and that
Lipkin violated the antifraud provisions by making material false
representations to brokerage customers.
The evidence at trial demonstrated that Shainberg and Lipkin were branch
office principals of Securities Planners, which is now defunct. The
jury found that both Shainberg and Lipkin received undisclosed shares of
stock issued by a company called Alter Sales (subsequently known as ICIS
Management Group) in return for recommending that stock to customers of
Securities Planners. The evidence at trial demonstrated that those
undisclosed kickback shares were sold from accounts for Shainberg’s and
Lipkin’s benefit, and the proceeds from those accounts were sent to a
bank account in the Bahamas. Ultimately, those proceeds were returned
to the United States to persons and entities associated with Shainberg
and Lipkin. The jury also found Lipkin liable for participating in a
scheme to defraud investors who purchased Alter Sales securities. The
jury found that Lipkin (1) knew or recklessly disregarded that Alter
Sales securities were not a sound investment, (2) knew that brokers
under his supervision were making false and misleading statements to
their customers to the effect that Alter Sales securities were a good or
sound investment, and (3) participated in making those false statements
to customers.
The Court will determine at a later date the appropriate relief and
sanctions against Lipkin and Shainberg. The Commission is seeking
orders imposing permanent injunctions, disgorgement plus prejudgment
interest, civil monetary penalties, and such other relief as the Court
deems appropriate against Lipkin and Shainberg. [SEC v. Lipkin, et
al., Civil Action No. 99-7357] (LR-19317)[/color]
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