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 Coffee Shop : Whodunit? Two Stockbrokers Murdered in Jersey; No Clues

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To: Janice Shell who started this subject5/15/2004 11:29:25 AM
From: StockDungRead Replies (2) of 1143
 
STOCK SCAM BUSTED BY SEC

By PAUL THARP

May 15, 2004 -- A penny-stock promoter who once handled a soured stock deal with former HBO chief Michael Fuchs was charged by the Securities and Exchange Commission with running bucket-shop scams.
The SEC yesterday accused David Lee Stetson and three of his boiler-room brokers of executing pump-and-dump frauds on at least two penny stocks at the now defunct Donald & Co. in Garden City.

Accused along with Stetson were: Steven Ingrassia, Slava Volman and Nicholas Antonelli.

Stetson and Antonelli settled the charges by agreeing not to associate with brokers or dealers, and were permanently barred from offering any penny stock in the future.

Charges are still pending against the other two.

The stocks were Classica Group and eLEC Corp. The SEC said the group used "boiler room tactics and inflated price predictions" to bilk investors between 1999 and 2002.

The group opened accounts without authorization, refused customer instructions to sell shares and took excessive commissions for themselves, the SEC charged.



The SEC also issued cease-and-desist proceedings against Stetson, Ingrassia, Volman, and Antonelli.

Stetson made headlines four years ago at Donald & Co. when a stock he promoted - MyTurn.com Inc. - collapsed and wound up leaving Fuchs on the hook, at one point, for as much as $6 million in losses.

MyTurn.com filed for bankruptcy three years ago, and there is virtually no market for its 1.26 million shares, which were trading yesterday at .0001 of a cent on volume of 495 shares.
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