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To: Jim S who wrote (353)8/20/1997 5:44:00 PM
From: PaperProphet
   of 396
 
Yes, I do believe your imagination is working overtime. It really doesn't seem to be too big of a deal and JBOH isn't that big which is probably the main reason for CNBC not airing it. I don't believe the media would not report it because of the possibility that it may cause a bigger impact than anyone wants since a bigger impact would give the media more news which they always welcome. Not to try and sound patronizing, but take a deep breath, take a step back, and look at it again. If I'm wrong, I'm sure Clinton will call a special session to try to deal with the situation and try to stabalize the economy.
I'm not sure of your exact frame of mind, but if you're wondering - Yes, I do own shares; no, I do not have any other vested interest; no, I am not involved in this incident.
Oh, by the way, I stole the news which you posted earlier on this thread and copied it to another. Thanks.

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To: PaperProphet who wrote (354)8/20/1997 8:44:00 PM
From: Jim S
   of 396
 
Kurt:

Yes, I do believe your imagination is working overtime

Whew! That's a relief. I was afraid this was something serious! :-)

I don't believe the media would not report it because of the possibility that it may cause a bigger impact than anyone wants since a bigger impact would give the media more news which they always welcome.

Shucks, you're taking all the fun out of it. So much for international conspiricy theories. Seriously though, I expected to hear something today. I could find nothing, not even JBox's statement, in the regular media. If it was big enough to hit the media yesterday with news of the raid, why not something on page 10 to hear the company's comment?

Oh, by the way, I stole the news which you posted earlier on this thread and copied it to another. Thanks.

De nada. NY Times may be after me for stealing their stuff. I'll implicate you, too. <G>

Good trading,

jim

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To: Jim S who wrote (355)8/20/1997 10:29:00 PM
From: ron forgus
   of 396
 
JB Oxford faces stock manipulation investigation

By Sue Zeidler

LOS ANGELES, Aug 20 (Reuter) - Broker JB Oxford Holdings Inc. is being investigated for alleged stock manipulation and other practices involving Irving Kott, a controversial stock promoter and consultant to the firm, sources said on Wednesday.

Meanwhile, JB Oxford said it was back to business as usual after FBI agents raided its offices in Beverly Hills and Swiss authorities did the same in Basel, Switzerland on Tuesday. ``Our operations were disrupted for a time on Tuesday by the federal searches, but we have now resumed full and normal operations,'' said Oxford's chief executive Stephen Rubenstein.

FBI spokesman John Hoos said agents on Wednesday began the task of reviewing evidence that had been collected.

JB Oxford said it is cooperating with federal authorities. The firm also said the Securities & Exchange Commission served a subpoena on Oxford and some of its employees. The SEC declined comment. Oxford would not disclose names, but sources near the case said the list includes Irving Kott.

``His track record speaks for itself,'' said one source familiar with the case, which is focusing on Kott, a consultant to Oxford, and who was convicted in 1976 in Canada of stock fraud and is associated with several penny stock firms that have left investors with huge losses.

Kott's son, Ian, is Oxford's chief operating officer.

The company said on Wednesday its chairman Felix Oeri arrived in Los Angeles from Switzerland, where authorities searched for records on Tuesday. Oeri, who is chairman of Oeri Finance, JB Oxford's largest shareholder, is based in Basel, Switzerland. He also heads international brokerage operations for Oxford.

The firm, with branches in New York, Dallas, Boston and Miami, has attracted attention from Internet investors and advertises on financial TV outlets. It has also faced various disciplinary actions with the National Association of Securities Dealers in recent years.

Oxford was the subject of a cease and desist order from the Connecticut Department of Banking last year. The state alleged the firm employed unregistered agents and fined Oxford $35,000, according to documents released by NASD.

Kott has been associated with several controversial practices. In the 1980s, he helped run a Netherlands-based company, First Commerce Securities, which was raided by Dutch authorities in 1986 and forced it into bankruptcy the following year, leaving thousands of investors with losses.

Dutch authorities accused Kott of fraud, tax evasion and various other crimes, but the criminal investigation stalled because Kott could not be extradited from Canada. Kott settled the case against him for about $4 million, press reports said.

NASD last year fined a former JB Oxford unit, Reynolds Kendrick Stratton Inc., $415,000 for failing to disclose negative information about a stock the firm pushed.

Meanwhile, Bill Sliney, chief financial officer of Legacy Software, a client of Oxford, had no complaints about Oxford. Legacy recently terminated talks to buy certain assets of a unit of Hariston Corp. (HRSNF). Hariston was formerly touted by Reynolds Kendrick, but has since restructured from its former incarnation as an oil and gas company, beset by criticisms the operation was a scam, press reports said.

Hariston distributes computer games and CD-ROM software. ``We did not do that deal (Hariston) because it wasn't fitting into our mix. Oxford is our investment banking firm and they present transactions to us all the time,'' Sliney said. ``They've done a good job.''

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To: ron forgus who wrote (356)8/20/1997 11:08:00 PM
From: ron forgus
   of 396
 
JBOH huge volume intra day trading large block buys late in
the day. Stock easily hit 52 week low dropping below $1 to
13/16 ask 7/8 . Most likely will move back over $1 tomorrow or
higher.
Sec will probably hand out fines to parties involved . This happens to many large firms also. It is part of the business most firms have to deal with investor complaints-suits more today than ever before.

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To: ron forgus who wrote (356)8/21/1997 12:07:00 AM
From: Jim S
   of 396
 
ron:

Thanks a million! That's the sort of thing I was burning up the search engines for all day. Ya done good.

Good, no, GREAT trading,

jim<eom>

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To: Jim S who wrote (358)8/21/1997 8:44:00 AM
From: ron forgus
   of 396
 
CNBC mentioned briefly the JBOH news they would rather
talk about Columbia Health Care every 15 minutes.
One positive about JB Oxford they have a decent software interface.
Some of the large firms like AG Edwards are having second
thoughts about on-line trading. With the stock trading way below book value it would be quick fix for a firm wanting to enter Internet Trading. Customer base all in place.

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To: ron forgus who wrote (359)8/21/1997 10:08:00 AM
From: Jim S
   of 396
 
ron:

Shhh! That's how rumors get started. Next thing you know, the stock will run up, and AG will change their mind.

Seriously, I think it's pretty clear from the article you posted that there is enough chicanery (sp?) going on with this little broker that more prestigious Wall Street firms might want to hold them at arms' length. At least until A) the stink dies, or B) the perps are in jail.

If you're a JBox stockholder, it is good to think about such things, though. "The hope that springs eternal..." <G>

Good trading,

jim

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To: Jim S who wrote (355)8/21/1997 12:55:00 PM
From: PaperProphet
   of 396
 
Sorry, I wasn't trying to flame you. You sounded distraught. A similar thing happened to Salomon Bros. a few years ago and they dropped from the mid 30's to the mid 20's (I don't remember exactly, but close to those numbers) It didn't last long and the stock came back pretty fast. Usually if a company does something illegal (assuming it was the company that was at fault) it doesn't cause it to go under.

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To: Jim S who wrote (360)8/22/1997 1:06:00 AM
From: ron forgus
   of 396
 
JBOH rebounded up 9/32 to 1 1/8 on large volume.
bid 1 3/32 ask 1 1/8 up 33% stock appears to have bottomed.
358,000 vol

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To: ron forgus who wrote (362)8/26/1997 11:39:00 PM
From: VALUESPEC
   of 396
 
JBOH, my flea-bitten varmite closed the day @ $ 0.94 on the bid. I guess this company wants to take more money from me. I hope this is just a double bottom waiting to explode and not a harbinger of bad things to come. I refuse to sell @ $ 0.94 B. Fleas aren't so bad.

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