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mbobok

01/10/04 2:05 AM

#391 RE: thepennyking #387

pennyking, your Securities and Exchange Commission Surveillance (SECS) post made some excellent points. I really do not know much about how fair and accurate stockpatrol.com really is. And would not be surprised to find out eventually that they have particular agendas. In regards to IFTA, however, their articles were not the primary problem with the company. The B.O.D. was corrupt and Mark Valentine continued to finance their operations despite now apparent evidence of embezzlement by directors. Shareholders were set up.

That said, I really do like two points you made in that post:

"According to current SEC rules its against the law to tout stocks, so why hasn't the SEC slammed down on the hundreds of thousands of analysts who work on Wall Street? One simply can look not far to find that every analyst report ever published by any Wall Street firm is not only a tout and form of promotion, it wreaks of falsity."

"Maybe we should be asking whether there really is a Securities and Exchange Commission devoted to protecting investors or is it just a political cabal of past, present and future lawyers who have taken public character assasination to new levels of political science??"

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janice shell

01/10/04 7:20 PM

#397 RE: thepennyking #387

You're more than a little hard on Hartley Bernstein, aren't you? Ever heard the one about people in glass houses?

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 18307 / August 25, 2003

SECURITIES AND EXCHANGE COMMISSION v. GABOR S. ACS and PENNY KING HOLDINGS CORP. SEC v. Gabor S. Acs et al., Civ. No. CV-N-03-0463-ECR-VPC D. (Nevada)

On August 21, 2003, the Securities and Exchange Commission filed a complaint in U.S. District Court for the District of Nevada against Gabor S. Acs ("Acs") and his alter ego company, Penny King Holdings Corp. ("Penny King"). The Commission's complaint alleges that between January and May 2002, Acs wrote, edited and approved six false and misleading press releases concerning Quintek Technologies, Inc. ("Quintek") and Eknowledge Group, Inc. ("Eknowledge") and that between at least March and August 2002 he created and maintained two Internet websites containing false statements. The complaint further alleges that the releases and websites contained false and misleading statements concerning, among other things, the financial prospects of Quintek and Eknowledge, a business combination between these two companies, Penny King's assets and Acs' financial experience. According to the complaint, Acs and Penny King also failed to disclose payments made by Quintek and Eknowledge in exchange for touting services.

The Commission's complaint alleges that Acs and Penny King violated Section 17(b) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The complaint seeks permanent injunctions, disgorgement of ill-gotten gains and third tier civil penalties against both defendants, and as to Acs, a penny stock bar.

SEC Complaint in this matter

http://www.sec.gov/litigation/litreleases/lr18307.htm