March 20, 1989
Giancarlo Parretti is working overtime to become a bona fide Hollywood movie mogul. But the Italian's buying binge so far has been limited to independent producers such as Cannon Group and New World Entertainment. What happened to his intention, proclaimed a few months ago, to buy a major--MGM/UA Communications? Smiling at the question in a recent interview, Parretti said MGM/UA controlling stockholder Kirk Kerkorian is "a good friend and I respect him."
September 8, 2008 |
The government's groundbreaking move Sunday to take control of Fannie Mae and Freddie Mac could give a much-needed boost to the housing market and the stock market as well. But the development is bad news for anyone who owns stock -- common or preferred -- in the mortgage finance giants. On the positive side, the federal intervention is likely to bolster confidence in the financial system in general and in the debt of Fannie and Freddie in particular. That would help to lower mortgage interest rates, reducing costs for home buyers and making it easier to qualify for a home loan.
September 7, 2000 |
Two Southern California residents were among 33 companies and individuals accused by the Securities and Exchange Commission on Wednesday of fraudulently using the Internet to make more than $10 million in illegal profits by driving up the prices of more than 70 small stocks. SEC officials said this latest round of 11 civil fraud lawsuits seeks to curb increasing use of Internet chat rooms, Web sites, and e-mail messages to try to hype small, thinly traded stocks for a profit.
September 21, 2000 |
A New Jersey teenager has agreed to repay $285,000 that stock regulators said he made when he was 14 by manipulating stocks via the Internet. The Securities and Exchange Commission said Wednesday that Jonathan G. Lebed bought large blocks of penny stocks, hyped them on financial message boards and then dumped his shares after the price rose.
April 20, 2012 |
It sounded far-fetched — a "stock-picking robot" that could identify penny stocks poised to double in price. Turns out, it was. Federal regulators filed a civil complaint Friday against 20-year-old twin brothers in Britain, claiming that they duped 75,000 people — mostly Americans — into paying $47 each to get stock tips from a robot dubbed Marl. They told investors that Marl ran on a computer code written partly by a onetime Goldman Sachs programmer who didn't exist, the Securities and Exchange Commission said.
August 9, 1999 |
Three weeks of devastating losses have demoralized even some of the hardiest players in the Internet stock arena--from share-option-laden Silicon Valley workers to Middle American day traders to veteran Wall Street money managers. With that backdrop, this week may bring the biggest test yet for the Net stocks mania that has kept investors transfixed for much of the last year.
November 23, 1989
An Orange County Superior Court judge has temporarily frozen the California assets of Blinder, Robinson & Co., a penny stock brokerage that has been under investigation by the Securities and Exchange Commission and the Internal Revenue Service. The temporary restraining order was requested by Newport Beach attorney Jeff Ferentz on behalf of Arthur Eastman of Tustin, who filed suit against Blinder in November.
March 25, 1999 |
An appeals board of NASD Regulation, the self-regulatory agency governing the brokerage industry, on Wednesday upheld penalties imposed on the former La Jolla Capital--once a major Southland penny-stock dealer. The decision was issued by NASD Regulation's National Adjudicatory Council after an appeal of an earlier decision by its Los Angeles-area conduct committee. NASD Regulation said La Jolla's successor, San Diego-based Pacific Cortez Securities, is barred from selling penny stocks.
January 20, 1992 |
A rabbi accused of using a religious organization as a front for illegal penny stock manipulation has been convicted of 10 felony counts that include perjury, obstruction of justice and conspiracy to commit securities fraud and tax evasion. Benjamin G. Sprecher, 53, a New York rabbi who is also a lawyer, had been accused of using Kahila Kadeshia Parkofski, a tax-exempt religious organization he established, to evade taxes and siphon profits from penny stock fraud to himself and associates.
February 3, 2014 |
NEW YORK - The nation's top securities regulator halted the buying and selling of 255 stocks in what the agency called a "massive trading suspension" to curtail a persistent investor fraud. The U.S. Securities and Exchange Commission said Monday the suspensions - part of its "Operation Shell-Expel" - affects stocks of dormant companies based in 26 states and two foreign countries. The action is part of a broader crackdown on fraud involving shares of small, or "micro-cap," companies.