Wave Sync Corp. (WAYS)

[Richy321]

!!!*******MUST read this******!!!


It seems that Michael T. Fearnow scared people and made them sell their shares for his own benefit!!!!! This guy has done it before. Read on.......


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FIRMS AND INDIVIDUALS FINED AND SUSPENDED

Porcari, Fearnow and Associates, Inc., Houston, Texas, Arthur J. Porcari (General Securities Principal, Houston, Texas) and Michael T. Fearnow (General Securities Principal, Houston, Texas), MS-459. On April 28, 1989, the Market Surveillance Committee accepted an Offer of Settlement pursuant to which Porcari, Fearnow and Associates, Inc., Arthur J. Porcari, and Michael T. Fearnow were censured, fined $10,000, jointly and severally, and Porcari and Fearnow were suspended from association with any NASD member in any capacity for three (3) months.

Without admitting or denying the allegations, the Respondents consented to the described sanctions and findings that they violated Article III, Section 1 of the Rules of Fair Practice. In early December 1985, they decided to purchase securities of Petra Resources, Inc., ("PETR") and entered into an arrangement with another member to acquire such securities on their behalf. Subsequently, they came into possession of information which, in the Committee's view, was of a material and nonpublic nature concerning the possible merger of PETR with another company. Nevertheless, they did not cancel the pre-existing arrangement with the member but continued to purchase shares from the member. The firm also consented to findings that it violated Article III, Sections 1 and 27 of the Rules of Fair Practice in that it failed to adopt written procedures that would have required the firm to cancel existing arrangements with another member for the purchase of a security when the firm comes into possession of material, nonpublic, information concerning that security.
In a separate action, the District Business Conduct Committee for District 6 accepted an Offer of Settlement submitted by Porcari, Fearnow and Associates, Inc., Arthur J. Porcari, and Michael T. Fearnow, pursuant to which they were fined $10,000, jointly and severally, and Arthur J. Porcari and Michael T. Feamow were suspended from association with any NASD member in any capacity for three (3) months.

Without admitting or denying the allegations, the Respondents consented to the sanctions imposed and findings that the firm, acting through Arthur J. Porcari and Michael T. Fearnow, effected at least 25 corporate securities transactions as principal with retail customers at prices that were not fair and reasonable. In addition, the firm, acting through Arthur J. Porcari, failed to accurately record the time of entry on order tickets relating to 756 transactions executed by the firm, and failed to execute certain customer orders to sell shares. Also, the firm, acting through Arthur J. Porcari and Michael T. Fearnow, effected transactions in securities while failing to maintain minimum required net capital.

The suspensions of Arthur J. Porcari and Michael T. Fearnow imposed in both actions will run concurrently.
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here is the link to the whole article:
http://nasd.complinet.com/nasd/display/display.html?rbid=1189&element_id=1159004435