Five and Under

[bigarow]

Post new msg. Email this msg.
By: dd-first $$$$$
14 Aug 2002, 01:46 PM EDT Msg. 176988 of 176993

mjr ... ETCR President charged in S FL ...
Equity Technologies Says Charged With Stock Fraud In Fla.
14 Aug 2002, 10:36am ET
E-mail or Print this story
- - - - -
LEXINGTON, Ky. -(Dow Jones)- Equity Technologies & Resources Inc. (ETCR) President Frank Dickey was charged with alleged stock fraud in the Southern District of Florida.
In a press release Wednesday, the company said Dickey plans to cooperate fully with the authorities.

According to an Associated Press report Wednesday, Dickey and six others allegedly schemed to sell overpriced shares of stock to an undercover FBI agent in Florida. The indictment involves shares of Equity Technologies and Movie-O- Network Inc. of Delray Beach, Fla., and most of the alleged illegal transactions happened in July and August of 2000.

The conspiracy was designed to enrich Dickey and others by defrauding a mutual fund and artificially inflating the stock's market price, according to an indictment returned by a grand jury in Miami on Friday.

"I have not been a participant in any illegal activity and I am prepared to defend my position to the fullest," Dickey said in the statement. "The company has not benefited, I have not benefited, nor has any other person closely involved with the company benefited in any way from the alleged activities."

Equity Technologies & Resources is a holding company for Verified Prescription Safeguards Inc., which has developed a system to track prescription transactions between the physician and the pharmacy in real time. Shares of the company, which are listed on the over-the-counter Bulletin Board, recently traded at 2 cents, down 28.57%, on volume of 402,700 shares.

Company Web site: http://www.equitytechnologies-resources.com

-Dorothea Degen; Dow Jones Newswires; 201-938-5400

(This story was originally published by Dow Jones Newswires)

Copyright (c) 2002 Dow Jones & Company, Inc.

All Rights Reserved

http://finance.lycos.com/home/news/story.asp?symbols=BB:ETCR&story=28277274




Bigarow