SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

   Technology StocksAremisSoft Corporation (AREM)


Previous 10 Next 10 
To: JohnD who wrote (666)12/13/2001 12:11:38 AM
From: ACAN
   of 683
 
Hi John; Me, too. Good luck to you. I certainly hope it's new direction pans out for you.

Allan

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: ACAN who wrote (667)12/13/2001 12:33:19 AM
From: JohnD
   of 683
 
It has a lot of "panning" to do. This stock is (was) the bulk of my IRA. I see no viable option but to hang in there.<g>
Best of luck,
JohnD

Share RecommendKeepReplyMark as Last Read


To: benchpress550 who wrote (615)1/29/2002 8:08:49 PM
From: Sir Auric Goldfinger
   of 683
 
I know that you like to keep up on your largest holding, so I thought I'd pass this on. You do own a 100 lot of AhRheemYaSoft doncha?!?:

"AremisSoft Fires Auditor PKF After Reports Disavowed (Update2)
2002-01-29 18:22 (New York)

AremisSoft Fires Auditor PKF After Reports Disavowed (Update2)

(Adds AremisSoft seeking new auditor in fifth paragraph.)

Washington, Jan. 29 (Bloomberg) -- AremisSoft Corp. fired its
outside auditor, PKF, a month after the firm disavowed its audit
reports on the business-management software maker's financial
statements because of accounting questions.
Minneapolis-based AremisSoft has said it expects to restate
past results because it can't confirm $90 million of revenue
reported last year by its Emerging Markets Group. PKF, formerly
known as Pannell Kerr Forster, said last month its reports
affirming AremisSoft's 1999 and 2000 financial statements
shouldn't be relied upon by investors.
The auditor's disavowal was one of a series of blows against
the company, beset by investor lawsuits and government
investigations. AremisSoft also announced 150 job cuts last month,
and its shares have fallen to 83 cents, down 3 cents today.
AremisSoft's board, on the recommendation of its audit
committee, ``determined to dismiss'' PKF Jan. 23, the company said
in a filing with the Securities and Exchange Commission.
No replacement was named in the filing. A spokeswoman said
the company is still conducting a search. She declined to comment
further about PKF's dismissal.
Aside from the disavowal, ``to the knowledge of current
management of AremisSoft, there were no disagreements'' with PKF
that would have resulted in an adverse audit report the past two
years, the filing said. The company is requesting PKF to furnish a
letter affirming that statement.
AremisSoft has dismissed PKF at least once before. While
preparing to go public, the company replaced the firm with Ernst &
Young in May 1998. Then AremisSoft hired back PKF in December the
same year, before completing its initial public offering in April
1999, according to SEC filings.
While AremisSoft didn't name a new auditor in today's filing,
the company hired Deloitte & Touche LLP forensic accountants to
assist in its internal investigation of the overseas operations
beginning last August, according to the filing.
The subjects of the probe include operations in Cyprus and a
contract with the Bulgarian national health system, for which PKF
was able to confirm only $1.7 million of $7.1 million in revenue
recognized by AremisSoft.
Officials at London-based PKF couldn't be reached for
comment.

--John Rega in Washington (202) 624-1907 or jrega@bloomberg.net
Editor: Arthur

Story Illustration: To chart the performance of AremisSoft shares
against broader markets: {AREM US <Equity> COMP <GO>}.

Company News:
AREM US <Equity> CN
5091Z US <Equity> CN
5092Z US <Equity> CN

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Sir Auric Goldfinger who wrote (669)1/29/2002 9:42:38 PM
From: benchpress550
   of 683
 
try options big boy....2. better look for another reason why your on my sh!T list. I give you a hint..... I HATE TWO FACED LIARS

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: benchpress550 who wrote (670)3/25/2002 8:25:36 PM
From: Sir Auric Goldfinger
   of 683
 
AremisSoft Ex-Chairman Poyiadjis Indicted for Fraud. New York,
March 25 (Bloomberg) -- AremisSoft Corp.'s former
chairman and
co-chief executive, Roys Poyiadjis, has been indicted for fraud in a scheme
that cost investors at least $300 million,authorities said.
Federal prosecutors unsealed an indictment last month against
Poyiadjis, a British citizen now living in Cyprus, though they
didn't publicly announce it. The charge came to light in a case
filed Friday in which prosecutors say they are seeking to seize
$175 million in illicit profits diverted to two overseas banks by
Poyiadjis and co-CEO Lycourgos Kyprianou.
AremisSoft filed for bankruptcy on March 15. The maker of
business-management software has said it can't substantiate $90
million in revenue booked by its Emerging Markets Group. In
October, the Securities and Exchange Commission charged Poyiadjis
and Kyprianou with making more than $300 million in secret stock
sales while AremisSoft was reporting inflated revenue.
``While the public was being misled about the true nature of
AremisSoft and its revenues, Poyiadjis and Kyprianou capitalized
on that fraud by secretly selling millions of AremisSoft shares
through nominee corporations and offshore accounts,'' prosecutors
said in a civil forfeiture complaint.
U.S. prosecutors are seeking to seize funds held at Fleming
Bank and Standard Bank, both in the Isle of Man.

Inflated Revenue

A spokeswoman for Minneapolis-based AremisSoft didn't have an
immediate comment. Shares in the company, which in early 2001 was
worth more than $1 billion, rose one cent to 51 cents in afternoon
trading. The company's stock is now worth $20 million, though
under a proposed reorganization, all shares will be cancelled,
according to a filing with the SEC.
The SEC says Poyiadjis made about $175 million in illegal
profits from trading company stock in 2000, and Kyprianou made at
least $125 million. The two sold AremisSoft stock through offshore
entities after the company inflated its revenue, which drove up
the stock price, prosecutors said.
Prosecutors say AremisSoft inflated revenue by ``grossly''
overstating the value of its contracts, or even making them up,
and by exaggerating the size of several acquisitions.
In 1999, for instance, the company, then based in Westmont,
New Jersey, announced that it obtained a $37.5 million health
computer contract with the National Health Insurance Fund of
Bulgaria, authorities said. The Bulgarian government said last
year that the contract's value was actually $3.9 million.
Poyiadjis, who once lived in New York, hasn't responded to
the indictment, according to court records. There's no indication
in records that Kyprianou has been similarly charged. A spokesman
for U.S. Attorney James Comey didn't have an immediate comment.
In the forfeiture case, prosecutors say they've traced $175
million of the ``hundreds of millions'' that Poyiadjis and
Kyprianou ``stole'' to four accounts at the two banks. Prosecutors
want U.S. District Judge Thomas Griesa to authorize seizure of the
money.

--David Glovin in U.S. District Court in New York at (212) 732-
9245, or at dglovin@bloomberg.net, through the New York newsroom
(212) 893-3665. Editor: Pinsley

Story illustration: For graph of AremisSoft stock, type
{AREM US <Equity> GPO <GO>}

AREM US <Equity> CN

NI Codes
NI IBS
NI FRAUD
NI UK
NI CRIME
NI JUS
NI INDIA
NI SEC
NI SCR
NI LAW
NI MN
NI US
NI CYPRUS
NI NYC
NI NJ

Share RecommendKeepReplyMark as Last ReadRead Replies (2)


To: Sir Auric Goldfinger who wrote (671)3/26/2002 12:03:55 PM
From: benchpress550
   of 683
 
Good and I hope they go after your sorry ass next so you can a three way with bubba in jail.

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: Arcane Lore who wrote (663)6/25/2002 10:48:07 AM
From: Arcane Lore
   of 683
 
From today's online NY Times:

3 From Software Maker Are Indicted

By THE ASSOCIATED PRESS

Three former executives with the software maker AremisSoft Corporation were charged yesterday with insider trading, money laundering and accounting fraud.

A securities fraud indictment filed in federal court in Manhattan accused the company's former co-chief executives, Lycourgos Kyprianou and Roys Poyiadjis, and its former president, M. C. Mathews, of conspiring to bilk shareholders out of hundreds of millions of dollars.

Mr. Kyprianou, 47, and Mr. Poyiadjis, 36, who would each face up to 20 years in prison if convicted, remain free in Cyprus, prosecutors said. Mr. Mathews, who would face up to 10 years, is free in India.

From 1999 through 2001, the three men reportedly inflated the company's stock by fabricating $90 million in fictitious earnings and announcing multimillion-dollar acquisitions of sham software companies. The plan resulted in $250 million in insider-trading profits, which were laundered through offshore bank accounts, court papers said.

Authorities said they had seized about $175 million of the illicit proceeds in bank accounts in the Isle of Man.

AremisSoft, a maker of software and Internet solutions for the manufacturing, hospitality, health care and construction industries, filed earlier this year for bankruptcy protection amid a Securities and Exchange Commission investigation and moved its headquarters from New Jersey to Minnesota.

Copyright 2002 The New York Times Company

nytimes.com

Share RecommendKeepReplyMark as Last Read


To: benchpress550 who wrote (672)6/25/2002 1:26:50 PM
From: mmmary
   of 683
 
"3 Face 20 Yrs. in Trading Scam
By HELEN PETERSON

Daily News Business Writerhree top executives of a bankrupt software company were charged with ripping off shareholders of hundreds of millions of dollars.AremisSoft's former chairmen, Lycourgos Kyprianou and Roys Poyiadjis, as well as a former president, M.C. Mathews, were indicted in Manhattan Federal Court on charges of securities fraud, accounting fraud, insider trading and money laundering.The trio is charged with announcing a series of purported multimillion dollar acquisitions of what were actually worthless shell companies and fabricating $90 million in bogus revenues from customers supposedly located in emerging markets.They are also charged with artificially inflating the company's stock, which rose from $5 to $50 a share — then dumping millions of shares and pocketing $250 million in illegal profits. Kyprianou and Poyiadjis also are accused of laundering their funds through off-shore accounts.The scheme to misrepresent AremisSoft's business and financial condition took place between 1999 and 2001, according to the indictment.Prosecutors said the company once traded on the Nasdaq and had a market capitalization of $1 billion. It is currently in bankruptcy.AremisSoft was a Delaware corporation with offices throughout the world, including Britain, India, Cyprus and New York.Manhattan U.S. Attorney James Comey said the feds located more than $175 million in proceeds in bank accounts in the Isle of Man and are seeking to have it forfeited.He said prosecutors are seeking extradition of Kyprianou, 47, and Poyiandjis, 36, from Cyprus, and of Mathews, 38, from India.They face more than 20 years in prison if convicted."

Share RecommendKeepReplyMark as Last ReadRead Replies (1)


To: mmmary who wrote (674)6/25/2002 3:14:45 PM
From: benchpress550
   of 683
 
Maybe your jail cell buddy tony will teach the new guys on the proper way to drop the soap.

Share RecommendKeepReplyMark as Last Read


To: get shorty who wrote (660)11/25/2002 1:53:57 PM
From: Kevin Podsiadlik
   of 683
 
Message 18271813

Share RecommendKeepReplyMark as Last Read
Previous 10 Next 10