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Non-Tech : GENI: GenesisIntermedia.com Inc
GENI 2.5100.0%Nov 5 3:00 PM EDT

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To: trueblood986 who wrote (503)2/8/2005 6:19:12 AM
From: Glenn Petersen  Read Replies (1) of 574
 
Financial Commentator Arrested for Fraud

nytimes.com

By BLOOMBERG NEWS

Published: February 8, 2005

A financial commentator who appeared on CNBC, CNN and Bloomberg Television was arrested yesterday on charges of failing to disclose that he received more than $1 million in cash and stock from a marketing company whose shares he promoted.

Courtney Smith, 53, was arrested at his Manhattan apartment after a nine-count indictment from a federal grand jury, according to the United States attorney's office in Los Angeles. Mr. Smith owns Courtney Smith & Company, a money management firm in New York.

Mr. Smith promoted the stock of GenesisIntermedia, which is now defunct, as a "very hot speculative pick" and "very cheap from my perspective" in television appearances from late 1999 to mid-2001, according to the indictment. Unknown to viewers, Mr. Smith had received $100,000 cash and company shares valued at $1.2 million, the indictment said.

The Securities and Exchange Commission also sued Mr. Smith yesterday for fraud in United States District Court in Los Angeles. The suit seeks unspecified monetary penalties.
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