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   PastimesDiscuss ATEL - ACCESSTEL INC


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To: StockDung who wrote (121)2/3/2003 7:02:02 PM
From: SEC-ond-chance
   of 130
 
Milling was the attorney involved with Accesstel. Accesstel was a huge FRAUD on investors which still has not been prosecuted .

ragingbull.lycos.com

ragingbull.lycos.com

Message 15671996

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To: SEC-ond-chance who wrote (116)2/6/2003 10:33:21 PM
From: StockDung
   of 130
 
any news on the Shopps.comLifters?

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To: StockDung who started this subject4/14/2003 5:29:10 PM
From: mmmary
1 Recommendation   of 130
 
fRANCOIS GOELO SUED BY SEC FOR SECURITIES FRAUD. FURTHER VINDICATION FOR THETRUTHSEEKER AND THE "ZSUN 8"!!!

SEC SUES EIGHT INDIVIDUALS AND FOUR ENTITIES IN STOCK MANIPULATION

The Commission announced today that it filed a civil action against
eight individuals and four entities for their conduct between April 1999
and July 2000 relating to the price manipulation, unregistered sales,
unreported stock ownership, and touting of securities issued by
BluePoint Linux Software Corporation (BluePoint), a publicly traded
company located in Evansville, Indiana.

The Commission's complaint, filed in the United States District Court
for the Southern District of Ohio, alleges that Aaron Tsai (Tsai) formed
a shell company called MAS Acquisition XI Corporation in 1996 and made
false filings with the Commission to conceal his true ownership and
control of MAS shares and to make it appear that the shares could be
later sold without a registration statement in effect. According to the
Complaint, on February 17, 2000, MAS acquired a Chinese Linux company
and changed its name to BluePoint. On the same day, Michael Markow
(Markow) and his company Global Guarantee Corporation, Francois Goelo
(Goelo), Yongzhi Yang and his company, K&J Consulting, Ltd., and Ke Luo
and his company, M&M Management, Ltd. (collectively, the Promoter
Defendants) bought 3.75 million shares from Tsai for $250,000, or a
little more than $0.06 per share. The Commission alleges that the
Promoter Defendants acquired over 90% of BluePoint publicly traded
shares without reporting their ownership in any Commission filing.

The Commission further alleges that the Promoter Defendants along with
the participation of Sierra Brokerage Services, Inc. (Sierra) and its
two employees, Richard Geiger and Jeffrey Richardson, (collectively, the
Broker-dealer Defendants) worked in concert to create artificial trading
activity and to manipulate the share price of BluePoint from $6 to a
high price of $21 on the first day that BluePoint shares were traded on
March 6, 2001. The Promoter Defendants and Broker-dealer Defendants
dominated and control the BluePoint market that day. At all relevant
times, Tsai, the Promoter Defendants, Sierra and Richardson sold or
offered to sell shares in BluePoint without a registration statement in
effect, and Tsai and the Promoter Defendants never reported their sales
of BluePoint securities and the change in their ownership.

The Commission also alleges that Jerome Armstrong engaged in illegal
touting of BluePoint on March 6 and after because he promoted BluePoint
on the Raging Bull internet site, which carried hundreds of posts about
BluePoint without disclosing the compensation he received from Markow
and Goelo in return for his posts.

The Commission has charged: (1) Tsai, the Promoter Defendants, Sierra,
and Richardson with violating Sections 5(a) and 5(c) of the Securities
Act of 1933 (Securities Act); (2) the Promoter Defendants and Broker-
dealer Defendants with violating Section 17(a) of the Securities Act and
Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and
Rule 10b-5 thereunder; or in the alternative, Markow and Global
Guarantee Corporation with aiding and abetting the other Promoter
Defendants' violations of these provisions; (3) Sierra with violating
Section 15(c)(1) of the Exchange Act and Richard Geiger and Jeffrey
Richardson with aiding and abetting that violation; (4) Armstrong with
violating Section 17(b) of the Securities Act; (5) the Promoter
Defendants with violating Sections 13(d)(1), 13(d)(2), and 16(a) of the
Exchange Act and Rules 13d-1(a), 13d-2(a), and 16a-3 thereunder, and
Tsai with violating Sections 13(d)(1) and 16(a) of the Exchange Act and
Rules 13d-1(a) and 16a-3 thereunder. The Commission is seeking
permanent injunctions, disgorgement of ill-gotten gains with prejudgment
interest, and civil penalties from all defendants.

[SEC V. Sierra Brokerage Services, Inc., Richard Geiger, Jeffrey A.
Richardson, Aaron Tsai, Michael E. Markow, Global Guarantee Corporation,
Francois Goelo, Yongzhi Yang, K&J Consulting, Ltd., Ke Luo, M&M
Management, Ltd., Jerome B. Armstrong, USDC, Southern District of Ohio,
Civil Action No. CV03-326] (LR-18088)...

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To: StockDung who wrote (122)6/21/2003 11:52:36 PM
From: SEC-ond-chance
   of 130
 
LinkNet Files for Bankruptcy to Help Fight SEC Charges
BY STEVEN OBERBECK
THE SALT LAKE TRIBUNE

03-08-2002

LinkNet Inc., a Salt Lake City-based company accused in a U.S. Securities and Exchange Commission lawsuit in California of defrauding investors of $17 million, has filed for Chapter 11 bankruptcy.
The long-distance telephone service company's managing director, Allen Johnson of Farmington, said the U.S. Bankruptcy Court for Utah filing in part was related to the expense of defending the company against the SEC's allegations.
"We've spent a lot of money -- $200,000 -- on legal fees, and then we have some other litigation we are pursuing," Johnson said.
The SEC in January accused LinkNet Inc. and LinkNet de America Latina Ltd., along with principals Johnson, Dale Carone of Tarzana, Calif., and Joseph Isaac of Stephenson Ranch, Calif., of defrauding more than 1,900 investors.
The SEC contends the defendants from August 1999 until October 2000 sold unregistered securities in the two companies through a boiler-room operation. It maintains the defendants lied to investors, telling them a public offering of LinkNet stock was imminent and that the two companies had contracts that would generate millions in revenue.
They failed to disclose that at least 30 percent of the money investors put up was paid as commissions to those working in the boiler room, the SEC alleged.
Ken Israel of the SEC's Salt Lake City office said he does not expect the Chapter 11 filing to affect the federal court action in California.
In its Chapter 11 filing, LinkNet claims it owes approximately $4 million to its 20 largest unsecured creditors, including $1.1 million owed to LinkNet de America Latina Ltd. Under a Chapter 11, a company is given an opportunity to remain in business while it reorganizes its finances.

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To: SEC-ond-chance who wrote (123)7/26/2003 9:56:03 AM
From: SEC-ond-chance
   of 130
 
More on John L Milling

U.S. Securities and Exchange Commission
Litigation Release No. 18251 / July 25, 2003
Securities and Exchange Commission v. Tecumseh Holdings Corporation, Tecumseh Tradevest LLC, S.B. Cantor & Co., Inc., John L. Milling, Gerard A. McCallion, Anthony M. Palovchik and Dale Carone, Defendants, and Tecumseh Alpha Fund LP, Tecumseh Alpha LLC, and Stracq, Inc., Relief Defendants, Civil Action No. 03 Civ. 5490 (SAS) (S.D. N.Y., filed July 24, 2003)
SEC Obtains Emergency Relief To Halt Ongoing Offering Fraud By Tecumseh Holdings Corporation And Others
On July 24, 2003, the Securities and Exchange Commission filed a civil injunctive action in the United States District Court for the Southern District of New York and on July 25, 2003 obtained emergency relief to halt an ongoing fraud centered around Defendant Tecumseh Holdings Corporation ("Tecumseh"), a purported financial services company with offices in New Jersey and California. The Commission's complaint alleges that the fraud has taken place since June 2000 and involves the unregistered offer and sale of securities of Tecumseh and Tecumseh's subsidiary, Defendant Tecumseh Tradevest LLC ("Tradevest"). Tecumseh and Tradevest have conducted the fraud largely through the efforts of Defendant John L. Milling, a securities lawyer and Tecumseh's senior official. Tecumseh, Tradevest and Milling have acted with the assistance of Defendants S.B. Cantor & Co., Inc. ("Cantor"), a registered broker-dealer, Gerard A. McCallion, Cantor's President; Anthony M. Palovchik, Tecumseh's Vice President, and Dale Carone, manager of Tecumseh's California office; and others working with them. Through the unregistered fraudulent offerings, the Defendants together have raised approximately $10 million from about 500 investors nationwide. The Complaint also names as Relief Defendants three Tecumseh affiliates, Tecumseh Alpha Fund LP ("Alpha Fund"), Tecumseh Alpha LLC ("Alpha LLC"), and Stracq, Inc. ("Stracq").

The Complaint alleges that Defendants Tecumseh, Tradevest and Milling have induced investors to acquire securities of Tecumseh and Tradevest by means of a host of material misrepresentations. Through offering memoranda and other materials, these Defendants have (a) touted false and misleading profit projections; (b) promised some investors "returns on investment" ("ROI") or "dividends" without disclosing that Tecumseh and Cantor have no earnings to distribute and that any such payments necessarily come from capital, including funds raised from other investors; and (c) made materially misleading statements concerning NASD approval for Tecumseh's acquisition of Cantor. Defendants Tecumseh, Tradevest and Milling knew or acted in reckless disregard of the fact that their representations to investors concerning these matters were materially false and misleading.

The Complaint alleges violations by Tecumseh, Tradevest and Milling of the antifraud provisions of the securities laws, Section 17(a) of the Securities Act of 1933 ("Securities Act"), and Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder, and charges McCallion and Palovchik with aiding and abetting Tecumseh's and Milling's violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, pursuant to Section 20(e) of the Exchange Act. It also alleges violations of the registration provisions, Sections 5(a) and 5(c) of the Securities Act, by Tecumseh, Tradevest, Milling, Cantor and Carone; violations by Cantor of the broker-dealer books and records provisions, Section 17(a) of the Exchange Act and Rules 17a-3 and 17a-4 thereunder; and violations by Carone of the broker registration provisions, Section 15(a) of the Exchange Act. The Complaint also alleges, pursuant to Section 20(a) of the Exchange Act. that Milling is liable as a control person of Tecumseh and Tradevest and that McCallion is liable as a control person of Cantor for their respective violations of the Exchange Act. It also charges Milling with aiding and abetting Cantor's violations of broker-dealer books and records provisions, pursuant to Section 20(e) of the Exchange Act.

The Complaint seeks disgorgement of ill-gotten gains, and prejudgment interest from all Defendants and the Relief Defendants; permanent injunctive relief against all Defendants prohibiting future violations of the provisions of the securities laws they are alleged to have violated, permanent penny stock bars, and civil money penalties. It also seeks temporary and preliminary injunctions and temporary and preliminary penny stock bars against Defendants Tecumseh, Tradevest Cantor and Milling; an asset freeze against the Relief Defendants and Defendants Tecumseh, Tradevest and Milling; appointment of a receiver for Defendants Tecumseh, Tradevest and Cantor; an accounting by the Relief Defendants and Defendants Tecumseh, Tradevest, Cantor and Milling; expedited discovery; and a order prohibiting the Defendants and Relief Defendants from destroying or altering documents.

On July 25, 2003, the Court granted the Commission's application for a temporary restraining order against Defendants Tecumseh, Tradevest, Cantor and Milling, temporarily enjoining them from further violations of the securities laws and temporarily prohibiting them from participating in any penny stock offering. The Court's order also freezes the assets of the Relief Defendants and Defendants Tecumseh, Tradevest and Milling; requires an accounting by the Relief Defendants and Defendants Tecumseh, Tradevest, Cantor and Milling; appoints Loretta Lynch, Esq., as temporary receiver for Tecumseh, Tradevest and Cantor; grants expedited discovery, and prohibits the Defendants and Relief Defendants from destroying or altering documents. The Court's order also directs the Relief Defendants and Defendants Tecumseh, Tradevest, Cantor and Milling to show cause at a hearing set for August 15, 2003 at 10:00 a.m. in Room 12C of the United States Courthouse, 500 Pearl Street, New York, NY, why a preliminary injunction granting the relief requested by the Commission should not be entered by the Court.

The Commission acknowledges the assistance of the Federal Bureau of Investigation, the U.S. Department of Justice and NASD, Inc., in connection with this matter.

SEC Complaint in this matter

sec.gov

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To: StockDung who wrote (46)2/20/2010 11:10:58 PM
From: SEC-ond-chance
   of 130
 
What goes around comes around

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To: SEC-ond-chance who wrote (128)7/2/2018 3:04:06 PM
From: StockDung
   of 130
 
SEC Charges California Company and Three Executives with Accounting FraudLitigation Release No. 24181 / July 2, 2018Accounting and Auditing Enforcement Release No. 3945 / July 2, 2018Securities and Exchange Commission v. Axesstel, Inc., et al.(S.D. Cal., filed June 28, 2018)
On June 28, 2018, the Securities and Exchange Commission charged a California-based telecommunications equipment manufacturer, its Chief Financial Officer, Former Chief Executive Officer, and Director of Contract Fulfillment and Sales Operations for inflating reported revenues in the company's Middle East, Africa, and Europe region in the fourth quarter of 2012 and first quarter of 2013.

According to the SEC's complaint, Axesstel, Inc., Chief Financial Officer Patrick J. Gray, and former Chief Executive Officer Harold Clark Hickock III, aided and abetted by Director of Contract Fulfillment and Sales Operations Steven R. Sabin, inflated the company's revenues by prematurely recognizing revenue on sales and by improperly recognizing revenue despite entering into undisclosed side agreements that relieved customers of payment obligations. Additionally according to the complaint, the Defendants inflated unit prices of products to hit revenue targets with the agreement that Axesstel would subsequently repay the inflated amounts to the customer as marketing development fees. The SEC alleges that Axesstel's revenue was overstated by 66% in the fourth quarter of 2012 and 38% in the first quarter of 2013.

The SEC's complaint alleges that Axesstel, Gray and Hickock violated Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder, and that Sabin aided and abetted these violations. The complaint also alleges that Gray and Sabin circumvented internal accounting controls and falsified Axesstel's books and records in violation of Section 13(b)(5) of the Exchange Act and Rule 13b2-1 thereunder; that Axesstel violated the reporting provisions of Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder, and that Gray, Hickock and Sabin aided and abetted Axesstel's violations of 13(a) of the Exchange Act and Rules 12b-20, 13a-1, and 13a-13 while Gray aided and abetted Axesstel's violations of Rule 13a-11; that Axesstel violated the books and records and internal accounting controls provisions of Sections 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and that Gray and Hickock aided and abetted these violations; and that by signing false Sarbanes-Oxley certifications and lying to Axesstel's auditor, Gray and Hickock violated Exchange Act Rules 13a-14 and 13b2-2.

Axesstel, Gray, Hickock and Sabin agreed to settle the charges without admitting or denying the allegations of the Complaint and consented to entry of a final judgment that permanently enjoins them from future violations of the securities laws, and orders Gray, Hickock and Sabin to pay penalties of $40,000, $25,000 and $10,000, respectively. Gray and Hickock also consented to entry of a judgment which permanently bars Hickock from serving as an officer or director of a public company, and bars Gray from serving as an officer or director of a public company for five years. The settlements are subject to court approval.

Gray also consented to the issuance of a Commission Order suspending him from appearing or practicing before the Commission as an accountant, with the right to apply for reinstatement after five years.

The SEC's investigation was conducted by Adam B. Gottlieb and supervised by Amy L. Friedman, with the assistance of trial counsel Suzanne J. Romajas and Christian D. H. Schultz, supervised by Jan M. Folena.

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To: StockDung who wrote (129)7/2/2018 7:59:27 PM
From: SEC-ond-chance
   of 130
 
Second Chance commission strikes again.
Maybe the State board that oversees the accounting
profession might not be as lenient.......catch and release has a whole new meaning.

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