Friday, February 17, 2006 9:31:56 PM
"...The former CEO of eConnect pleaded guilty today to federal securities fraud charges for orchestrating a scheme to distribute false information designed to boost the stock price of the publicly traded company...."
"...pleaded guilty this afternoon to three counts of securities fraud for issuing false press releases and making false statements on the company's website..."
including...
"...Hughes oversaw the issuance of false and misleading press releases that claimed:
that eConnect had begun a stock repurchase program
had received a $20 million dollar investment in "AA"-rated, asset-backed bonds
had received a purchase order to sell $964,000 worth
In fact, the so-called "AA" bonds were not rated and had little value and there was no stock repurchase program. The press release regarding the nearly $1 million sale of eCashPads was misleading because it caused the public to believe the purchase orders came from a company that had no knowledge of eConnect..."
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on the lighter side...
Bantec's Howco Short Term Department of Defense Contract Wins Will Exceed $1,100,000 for the current Quarter • BANT • Jun 25, 2024 10:00 AM
ECGI Holdings Targets $9.7 Billion Equestrian Apparel Market with Allon Brand Launch • ECGI • Jun 25, 2024 8:36 AM
Avant Technologies Addresses Progress on AI Supercomputer-Driven Data Centers • AVAI • Jun 25, 2024 8:00 AM
Green Leaf Innovations, Inc. Expands International Presence with New Partnership in Dubai • GRLF • Jun 24, 2024 8:30 AM
Bemax Inc. Positions to Capitalize on Industry Growth with New Improved Quality of Mother's Touch® Disposable Diapers • BMXC • Jun 24, 2024 8:00 AM
Last Shot Hydration Drink Announced as Official Sponsor of Red River Athletic Conference • EQLB • Jun 20, 2024 2:38 PM
