MARKET REFORM MOVEMENT-NSS/FTDS&RELATED ISSUES

[bartermania]

Posted by: Alex Chory
In reply to: bartermania who wrote msg# 1708 Date:2/5/2006 8:45:40 AM
Post #of 1718

this looks interesting, just a clip of it though,

I am not a subscriber to stockwatch but I peruse
the homepage once in awhile...just fwiw

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SEC bans First United's Gremmo


2006-02-03 14:28 ET - Street Wire

by Stockwatch Business Reporter

The U.S. Securities and Exchange Commission has banned John J. Gremmo, former head trader at First United Equities Corp., a defunct mob-connected brokerage. Mr. Gremmo's ban stems from a criminal case that included money apparently laundered through Vancouver's Pacific International Securities Inc.

Criminal charges

The criminal case, filed in New York, identified 20 defendants, including Gambino organized crime associates Hunter Adams and Michael Reiter. Prosecutors say First United had several pump-and-dumps in which the mob would threaten anybody that tried shorting a set of house stocks at First United. Mr. Adams, one of the scheme's masterminds, laundered his profits "by establishing nominee accounts at Pacific International Securities," according to the indictment.

Nobody accused PI of any wrongdoing, and there was no indication it knew it was being used for money laundering.

Prosecutors said the First United brokers had a boiler room between 1995 and 1997 where they sold millions of shares of house stocks to clients. Apparently they verbally abused customers who would not buy the stocks and threatened anybody else that got in the way.


The remainder is available to Stockwatch subscribers.

http://www.sec.gov/litigation/admin/33-8657.pdf

http://www.pinksheets.com/quote/quote.jsp?symbol=NMFS