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Tuesday, 12/03/2002 6:04:30 PM

Tuesday, December 03, 2002 6:04:30 PM

Post# of 209
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO.17379 / February 25, 2002
SECURITIES AND EXCHANGE COMMISSION v. CHRISTINA SKOUSEN, individually and doing business as CSK SECURITIES RESEARCH, No. C02-894 VRW (USDC N.D. CALIFORNIA).
The Securities and Exchange Commission announced that it filed a settled injunctive action on February 22, 2002 against California resident Christina Skousen, individually and doing business as CSK Securities Research.

The Commission's complaint alleged that between May 1999 and December 2000, Skousen, a self-styled "analyst," wrote fraudulent research reports touting eight microcap companies. Skousen's reports for seven of the companies contained false and misleading revenue, income and earnings. The revenue projections exceeded the companies' most recently reported revenue figures by as much as 260,913%, and exceeded the companies' most recently reported income figures by as much as 30,089%. Skousen's reports additionally failed to disclose that six of the companies required significant additional financing, which was not assured, to implement their business plans or continue in operation. Skousen's reports for the same seven companies also contained arbitrary projected stock prices, which exceeded the companies' current stock prices by as much as 18,650%. In addition, Skousen falsely represented that one company was "well-capitalized" when it had previously disclosed that it required additional working capital in order to continue as a going concern. Moreover, Skousen, who typically was paid in cash for all of the reports, failed to disclose her receipt of compensation in two instances where she personally published the reports.

The Commission's complaint alleges that Skousen violated Section 17(b) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks an injunction against Skousen and disgorgement of $30,000 and prejudgment interest and third-tier civil penalties. Without admitting or denying the Commission's allegations, Skousen has consented to the entry of an order that would enjoin her from future violations of the foregoing provisions and directing her to pay disgorgement and prejudgment interest. Under the proposed order, Skousen would not be required to pay disgorgement or civil penalties based on her demonstrated inability to pay.

http://www.sec.gov/litigation/litreleases/lr17379.htm

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CSK SECURITIES RESEARCH
Registered Investment Adviser
Christina S. Kohlhaas - Neal J. Kohlhaas

25 Woodview Lane Novato, CA 94945
Phone: (415) 899-9437

http://www.prnewswire.com/cnoc/CUSTOMIZE/114624_C1.0

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From a post on SI crediting an article in Offshore Alert. I don't claim that this is true.

"Our research showed that CSK Securities is a business run from the home of Christina and Neal Kohlhaas, . ..
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=17111...

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Winners Internet Network, Inc., Announces Independent Research Report and Buy Recommendation by CSK Securities Research.
ST. AUGUSTINE, Fla.--(BUSINESS WIRE)--March 3, 2000.
http://www.ragingbull.com/mboard/boards.cgi?read=14653&board=WINR
Friday March 3, 12:15 pm Eastern Time

Company Press Release

Winners Internet Network, Inc., Announces Independent Research Report and Buy Recommendation by CSK Securities Research

ST. AUGUSTINE, Fla.--(BUSINESS WIRE)--March 3, 2000--David C. Skinner, Jr., President and CEO of Winners Internet Network, Inc. (OTCBB:WINR - news), www.winr.net, today announced that the Company has been notified that CSK Securities Research has initiated coverage of WINR with a ``Strong Buy'' recommendation and stock price targets of $15 in 12 months and $26 in 24 months, up from its current stock price of approximately $4 per share. CSK Research is an independent equity research firm and Registered Investment Advisor specializing in emerging companies, and serving institutional investors and brokerage firms.

``We were delighted to receive an independent research report recommending WINR,'' said Mr. Skinner. ``The report reflects a great deal of due diligence on the part of CSK Research and accurately details the Company's strategy and opportunities going forward. We appreciate the confidence and conclusions that CSK draws from this information.''

The report contains the following information and is available from CSK Securities Research of Novato, California.

======================

CSK Securities Research:

Winners Internet Network is rapidly positioning itself as one of the premier financial transaction processors and integrators in Europe. Through a series of recent acquisitions and partnerships, WINR has laid the groundwork for an integrated financial processing and e-commerce services company that offers significant advantages over other competitors in this area. The Company is in the process of forming the first online bank to be licensed under the secure, confidential banking laws of the Principality of Liechtenstein. This will enable Internet users to have a confidential Liechtenstein bank account accessible from the convenience of their own homes by allowing them to track all their financial transactions from their own PC. A WINR's ``CyberBank AG'' account will also allow automatic debiting for purchases made over the Internet, and an eSwipe(TM) capability for major credit cards. The account holder is ensured of safety because WINR offers the most secure encryption and security technology available in the world today.

We believe WINR is poised to be a major player in the business-to-business (B2B) European Internet Market and the global e-commerce market. Over the last 18 months, the Company has developed proprietary financial transaction processing software and technology in the Internet gambling arena. Internet gambling is an industry that requires the most secure tracking and detailed financial transaction processing and data gathering ability. The Company developed its state-of-the-art technology in this most technologically challenging Internet business sector.

We believe that WINR's now has software and technology that comprises a complete, functional system applicable not only to Internet gaming, but to all types of financial transactions, including Internet banking, brokerage and e-commerce. In recent months, WINR has pulled together the infrastructure - through acquisitions and partnerships, and now with the formation of a Liechtenstein Internet bank - to become a major force in the European and global Internet financial services industry. We believe WINR offers investors a prime opportunity to get in on the ground floor of an emerging company just beginning its rapid growth stage.

======================

For a copy of the complete report, send an email request to: tinask1@gte.net

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CSK Securities Research Announces Investment Opinion on Winners Internet Network, Inc.
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 29, 2000.
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=13010742
CSK Securities Research AnnouncesInvestment
Opinion on Winners Internet Network, Inc.

February 29, 2000 07:42 PM
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 29, 2000--

CSK Securities Research Initiates Coverage of Winners Internet Network, Inc. WINRS

CSK Securities Research analyst, Christina Skousen, has initiated coverage of Winners
Internet Network, Inc. WINRS with a "STRONG BUY" rating and stock price targets of $15
in 12 months and $26 in 24 months, up from its current stock price of approximately $4
per share.

Winners Internet Network is rapidly positioning itself as one of the premier financial
transaction processors and integrators in Europe. Through a series of recent acquisitions
and partnerships, WINR has laid the groundwork for an integrated financial processing and
e-commerce services company that offers significant advantages over other competitors in
this area. The Company is in the process of forming the first online bank to be licensed
under the secure, confidential banking laws of the Principality of Liechtenstein. This will
enable Internet users to have a confidential Liechtenstein bank account accessible from
the convenience of their own homes by allowing them to track all their financial
transactions from their own PC. A WINR's "CyberBank AG" account will also allow
automatic debiting for purchases made over the Internet, and an eSwipe(TM) capability for
major credit cards. The account holder is ensured of safety because WINR offers the most
secure encryption and security technology available in the world today.

Ms. Skousen commented, "We believe WINR is poised to be a major player in the
business-to-business (B2B) European Internet Market and the global e-commerce market.
Over the last 18 months, the Company has developed proprietary financial transaction
processing software and technology in the Internet gambling arena. Internet gambling is an
industry that requires the most secure tracking and detailed financial transaction
processing and data gathering ability. The Company developed its state-of-the-art
technology in this most technologically challenging Internet business sector.

"We believe that WINR's now has software and technology that comprises a complete,
functional system applicable not only to Internet gaming, but to all types of financial
transactions, including Internet banking, brokerage and e-commerce," Ms. Skousen
continued. "In recent months, WINR has pulled together the infrastructure through
acquisitions and partnerships, and now with the formation of a Liechtenstein Internet bank
- to become a major force in the European and global Internet financial services industry.
We believe WINR offers investors a prime opportunity to get in on the ground floor of an
emerging company just beginning its rapid growth stage."

CSK Securities Research is an independent equity research firm, specializing in emerging
companies, and serving institutional investors and brokerage firms.

; Qualcomm, Inc. (QCOM); Charles Schwab Corp. (SCH); Ebay, Inc. (EBAY); AmeriTrade
Holding Corp. (AMTD).)

The WINR research report issued by CSK Securities Research includes the following
information:

WINNERS INTERNET NETWORK, INC. WINR

Investment Summary

- We are initiating coverage of Winners Internet Network, Inc.

(WINR) with a Strong Buy recommendation for strategic investors

with a two to three year investment horizon. Based on the new

revenue streams anticipated from WINR's new businesses, we are

projecting WINR's stock price to increase to the $15 range in 10

to 12 months and the $26 range in 24 months.

- WINR is implementing its new business strategy to position itself

as a major player in the business-to-business (B2B) European

e-commerce market. Through a series of acquisitions and

partnerships over the last several months, WINR has laid the

groundwork to become one of the premier financial transaction

processors and integrators in Europe. WINR is initiating its

strategic plan to form Europe's first Internet Bank under the

laws of Liechtenstein. WINR will also provide the most secure

financial transaction processing currently available in the world

to e-commerce businesses in all industries.

- WINR has spent the last two years developing and perfecting its

financial transaction processing system and software in the

Internet gaming industry. Internet gaming demands some of the

most technologically challenging software and technology in the

world. It requires the most secure tracking and highly detailed

financial transaction data gathering ability. The Company's

"Secure Online Financing Processing System" is a truly unique,

state-of-the-art, secure financial transaction processing system,

which has been tested and proven in this demanding arena.

- WINR's systems and technology are proprietary and incorporate the

most secure encryption currently available in the world. Together

with WINR's online bank to be formed in Liechtenstein, WINR has

an extreme edge over the competition in providing financial

transaction processing services and banking. WINR will also help

bring the benefits of Liechtenstein's secure, confidential

banking laws to the global market, allowing Internet users to

maintain a Liechtenstein bank account from the convenience of

their own homes.

- We believe that WINR has developed a cutting-edge proprietary

financial transaction processing technology that far exceeds the

competition's services. We also believe that with its

Liechtenstein facilities, its recent acquisitions and

partnerships, and the formation of a Liechtenstein online bank,

WINR has now put in place the necessary infrastructure to become

a major full-service financial transaction processing and

Internet banking company.

Company Profile

Winners Internet Network, Inc. WINR developed and owns proprietary software and
technology for secure processing of financial data on the Internet. The Company now has
the highest encryption technology available in the world today. WINR is rapidly positioning
itself as one of the premier financial transaction processors and integrators in Europe.
European e-commerce is in its early stages and set for explosive growth. Through a series
of recent acquisitions and partnerships, WINR has laid the groundwork for an integrated
financial processing and e-commerce network that will offer compelling benefits and
significant advantages over other competitors in this area. The Company services both
vendors and consumers in the expanding Internet-based, e-commerce industry with its
state-of-the-art secure financial transaction software and technology. WINR is poised to be
a major player in the business-to-business (B2B) European market. The Company is now
initiating its strategic plan to form Europe's first Internet Bank to be licensed under the
laws of Liechtenstein. The Company's "CyberBank" will bring the benefits of
Liechtenstein's secure, confidential banking laws to the global market, allowing all Internet
users to maintain a Liechtenstein bank account from the convenience of their own homes.

The Company is headquartered in St. Augustine, Florida, where it manages its overall
administrative operations. WINR's European Division is located in Ruggell, Liechtenstein,
where it maintains, monitors and manages its technical operations and accounting
records. The European Division handles programming, software development and upgrades
as needed, monitors the Company's banking processing, and handles other front office
and support requirements. It is also worthy of note that WINR recently appointed the
former Prime Minister of Liechtenstein, Markus Buechel, to the Company's board of
directors. This appointment should greatly assist the Company in expanding throughout
the European business market.

... Internet Gaming Provided the Means to an End

The Company is currently utilizing its software and financial transaction processing
system at Internet gaming websites for legally licensed Internet casinos and sports books.
WINR is a profitable Internet company. For the 10-month period ending October 31, 1999,
on revenues of $1.7 million, WINR showed net income of $1.1 million or $0.07 earnings per
share.

In 1998, WINR secured the exclusive license and use of a test prototype software, which
established an initial database for WINR's Internet-based financial transactions. WINR
chose the Internet gaming industry both to generate immediate revenues for the Company
and to serve as a test-bed in which to further develop and perfect its proprietary, secure
Internet financial transaction system, now referred to as Winners Secure Online Financial
Processing System (the "Winners Processing System"). The Company saw that Internet
gaming requires software and technology that provides the most secure financial tracking
possible and highly detailed financial transaction data gathering ability. WINR considered
Internet gambling an ideal environment for the development of a truly state-of-the-art,
secure financial transaction software and technology.

WINR believes that it has now developed its Winners Processing System from the initial
test stage to a complete, functioning system that is applicable, not only to Internet
gaming, but to all types of e-commerce and financial transactions, and Internet banking in
particular. The Winners Processing System now uses only upgraded technology that was
exclusively developed by the Company. The previous test software is no longer a
functioning component of the Company's proprietary technology and processing software.

... Forward Strategies - E-Commerce & Internet Banking

WINR is linked with established banking institutions and has established affiliations with
CyberLink Trust (CLT) and the Cyberlink Monetary System (CMS) to provide banking
trustee management services. Over the last several months, the Company has made
additional acquisitions and formed partnerships and alliances with key companies and
financial institutions to provide WINR with the infrastructure to offer and provide a
complete, comprehensive system for the management of financial accounts, accounting
services and financial transactions for Internet commerce and banking.

The Company's strategy going forward is to offer complete e-commerce financial
transaction solutions for companies doing business on the Internet. WINR also plans to
form an Internet Bank that is truly global and accessible to all persons from the
convenience of their own homes. The Company has strategically chosen the Principality of
Liechtenstein as its Internet banking domicile. Liechtenstein is known world-wide as one of
the safest and most confidential centers in the world for financial management and
banking. The Company has an established office in Liechtenstein and many valuable
relationships in the Principality. Liechtenstein offers a tremendous growth opportunity for
global e-commerce because of its centralized location in Europe and its membership in
the European Union (EU). WINR plans to either acquire a Liechtenstein bank or file an
application for a Liechtenstein Private Banking License.

... Positioning WINR for Explosive Growth

In December, WINR filed its Form 10 with the SEC to become a fully reporting Company.
WINR recently asked to withdraw and re-file its Form 10-SB Registration Statement with
the full permission and cooperation of the SEC. The Company will file its revised
Registration Statement shortly. The revision will allow the Company to more accurately
reflect its new focus and direction toward e-commerce, financial transaction processing,
and Internet banking. The Company has also filed an application for listing of its shares on
the new German High Quality Segment for Small Caps in order to introduce WINR to the
European stock market and investment community.

The Development of WINR's Proprietary Technology

WINR chose to develop its financial transaction processing technology and software in the
Internet gambling industry. Internet gaming is a most challenging marketplace as it
requires a safe, secure and confidential method to link the customer, the vendor, the
worldwide banking community and various governments all under one umbrella. WINR has
recognized the need for the Internet gambler to have confidentiality and the ability to have
access to his account ledger to insure the accuracy of payment. WINR believed that it
needed to create a new standard for the Internet gaming industry. WINR became a pioneer
in establishing the first ever Worldwide Gaming Payout Structure. WINR provides
management and accounting services to guarantee accuracy of payouts and
confidentiality to customers.

The controversy of Internet gambling, including the illegality of it altogether in certain
countries and jurisdictions, the requirement for tracking the origin of the player, and the
need for the Internet gambler to have confidence in the websites and payout accuracy, all
present significant challenges for software and system development. WINR has been able
to achieve its goal of providing the vital link needed to insure that legality is at the forefront
in all transactions. This not only protects the integrity of the Internet gaming industry, but
also the customer, vendor and banking community, as well as the interests of the host
governments.

The Winners Processing System has been acknowledged by host governments to provide
a complete and independent tracking of all play so that a such governments can be
assured that they will collect their proper revenue. In addition, an audit trail is provided of
all the vital financial information needed by the host government for regulation. WINR will
not allow play from an illegal jurisdiction and daily monitors proposed legislation
throughout the world. WINR has fully recognized that play in the U.S. market would either
be forbidden or severally curtailed. For that reason, WINR is a pioneer in establishing a
foothold in Europe. The Company recognized the huge marketplace that exists worldwide
for Internet gambling. It was for that reason that the Company developed its System to be
able to trade in all major world currencies. WINR developed its system with the global
market in mind from its inception. The Winners Processing System allows a user to trade
in all the worldwide currencies at the current exchange rate, and chose any "home"
currency that the user desires.

In addition, at moment's notice, the Winners Processing System can forbid play from any
illegal jurisdiction and works with all governments in this regard. Currently, WINR will not
accept play from the states of Florida, Minnesota, Missouri, Wisconsin and the countries
of Austria and Japan. (This list may not be all-inclusive.) The System can identify those
who attempt to disguise their location and play from an illegal jurisdiction. The user also
has the ability to change security passwords at random. It is registered as a Secure Site
offering the most secure "in Socket Layer Technology" to provide the customer, vendor
and government with secure and confidential transactions. The System also has
safeguards to identify and keep out the play of minors.

One of regulatory officials' most common nightmares about the Internet is the difficulty of
detecting money-laundering attempts. The Winners Processing System was designed
with sophisticated tracking in place and offers safeguards for prevention of money
laundering. Even e-cash and its lack of an audit trail can be thwarted by WINR's system
for registration and tracking of money deposits and play. In addition, with the WINR
system, a player can have confidence that their money is handled through the safe,
secure and confidential CyberLink Asset Management Trust, located in one of the safest
banking governments in the world, the Principality of Liechtenstein. The player can monitor
his account at will, and with the click of a button, can track all of their play, deposits,
withdrawals, transfer and pending items.

The Winners Processing System offers the security, credibility, integrity, and
confidentiality that is the necessary ingredient for all Internet commerce, including the
ability for the user to completely track and monitor his accounts. The Company's
proprietary software and technology is totally cutting-edge and unique in the industry. It
gives WINR an unprecedented competitive advantage over other Business-to-Business
(B2B) Internet companies in this arena. WINR is now moving to capitalize on this
advantage in all e-commerce sectors, including the logical extension of this technology
into global Internet banking. Over the last several months, the Company has been building
the necessary infrastructure to expand its technology into these wider applications and
markets.

Building the WINR Infrastructure

The Company developed the Winners Processing System so that it is not limited to just
Internet gaming, but is applicable to all e-commerce vendors regardless of their product.
The technology includes a database that will quickly adapt to all types of Internet
commerce and banking. WINR's focus has also been directed toward servicing all Internet
transactions and allowing potential customers to deposit their money where it is
confidential, safe and protected. It is expected that approved customers will be able to
enjoy the benefits of the new Winners Internet Debit Card giving access to funds worldwide
in over 115 countries and over 350,000 ATM machines. A natural progression of this
strategy has led the Company to investigate forming an Internet bank domiciled in
Liechtenstein.

WINR has formed strategic relationships or acquired companies over the last several
months to build the necessary infrastructure to implement its strategic plan of creating a
full-service financial transaction processing and Internet banking company.

... CyberLink Trust & CyberLink Monetary System

WINR has been accepted as a member of CyberLink Trust and the CyberLink Monetary
System. CyberLink Trust provides protected asset management with a Trust that has been
licensed and in business since 1954. WINR relies on the CyberLink Monetary System to
complete the processing of Internet transactions using its Winners Processing System.
The CyberLink Monetary System has a data processing center based in Vaduz,
Liechtenstein and is the entity that provides the link between customers, products and
services and licensed banking. The CyberLink Monetary System is managed by
Intertreuhand Aktiengesellschaft, which has DDr. Reinhard Proksch serving as Managing
Director. DDr. Proksch, a Fullbright Scholar, holds dual doctorates in law and information
systems.

In July 1998, CyberLink Monetary Systems agreed to exclusively license WINR as the
sole provider of Internet gaming for its data processing operations. The Winners
Processing System interfaces with the CyberLink Monetary System's data processing,
and the financial transactions processed by the CyberLink Monetary System are then
interfaced with the bank accounts managed by the CyberLink Monetary System.

This membership gave WINR the financial structure and established links with foreign
banks through the CyberLink Monetary System that have been extremely beneficial to
WINR's operations and growth.

... SupraNet AG, Europe

In early February 2000, the Company acquired a 19% interest of privately owned SupraNet
AG. SupraNet is one of the few profitable Internet Service Providers (ISPs) in Europe and
has been since 1995. Since its inception, SupraNet has experienced an average annual
growth rate of over 80% and anticipates the same growth rate into the foreseeable future.
SupraNet AG serves individuals and businesses throughout Europe, providing dial-up
Internet access to both private and business customers, leased lines that currently serve
major banking customers, DSL connections, hosting and venue with either virtual and/or
physical servers, e-mail, and the SSM encryption technology and software.

SupraNet is the developer of Supra Secure Mail (SSM), the most secure and highest
encrypted e-mail service transport technology available in the world today. With the
collaboration of WINR and its cutting-edge financial transaction technology, SupraNet and
WINR can can move toward becoming the most accepted encryption standard for
business-to-business (B2B) communication and secure financial transactions. The
security protocal incorporates a 448-bit key, which exceeds any available encryption in the
world today. It is the first 400-plus bit encryption technology, a milestone in the
development of security and privacy software, especially as compared to the current
standard of 128 to 256 bit keys. The SSM code key encryption is so safe that it is
estimated that the most powerful computers in the world would take 25 years to penetrate
the code. As a further deterrent, the code changes every three minutes making it virtually
impenetrable. SSM is expected to be the new standard for safe, secure and confidential
communication. This should give WINR a profound competitive advantage in the
e-commerce marketplace as SSM offers the highest level of security for e-commerce
financial activities now available.

SupraNet is currently marketing and selling its 900KB proprietary SSM software at its
website www.supra.net. WINR and SupraNet are in the process of developing the
information and sales portal at www.encryption-plus.com. The Company expects this site
to become one of the most popular website for privacy and encryption products,
information and services in the world.

WINR and SupraNet can utilize innovative synergies to create a global presence in
e-commerce. WINR and SupraNet share European headquarters in the Cyber-Villa,
located in Ruggell, Liechtenstein. This location and the collaboration of WINR and
SupraNet will allow e-commerce merchants the opportunity to physically locate their
servers for e-commerce in Liechtenstein to achieve the most expeditious, secure, safe and
confidential processing of financial transactions in the world.

... The "SecureNet- Plus" Network

Also in early February, WINR completed negotiations to acquire 100% of the
SecureNet-Plus Network from CyberLink Monetary Systems. As mentioned above, WINR
has been working with CyberLink Group over the last year and will continue to receive their
full support in the administration of these sites. The SecureNet-Plus Network is a series of
e-commerce websites under the common name, http://www.____-plus.com.
SecureNet-Plus has over 30 "plus" registered domain names, including Cyberbank-plus,
Commodities-plus, Mortgages-plus, Loans-plus, Mutual Funds-plus, Eshop-plus. WINR
recently registered another 30 `-Plus' Network domain names, including
Accountants-plus.com, Attorneys-plus.com, Business-plus.com, Taxes-plus.com and
other names related to services, products and support.

The Company is now building a new e-commerce portal named WINR-plus.com for launch
in the second quarter 2000. The WINR-plus.com portal will serve as the central hub of the
SecureNet-Plus Network. The portal will direct Internet consumers to the best online
provider or ret



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