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To: afrayem onigwecher who started this subject7/29/2004 6:56:49 PM
From: StockDung
   of 978
 
Shareholder Q&A June 2004

Q: There has been a great deal written about naked shorting activities on the Berlin exchange. It may not affect Hartcourt at this time, but wouldn't it be wise just to remove Hartcourt from this exchange before they begin?

A: We have reviewed Hartcourt's share trading activities on the Berlin stock exchange for the last two months and did not find any irregularity. We will continue to monitor the trading activity of Hartcourt shares on the Berlin stock exchange.

Q: Is there a possibility that Hartcourt will implement a centralized method of conducting "online sales and distribution" of products offered by its subs?

A: Online sales and distribution is a very different selling methodology from the conventional ones. When China's legal, business and banking environment is ready for such online sales/distribution, we will do so.

Q: Can you expand upon Hartcourt's relationship and % of sales represented by Samsung monitors (which were 60% of 4th quarter sales)? How much has that percentage changed due to the Challenger acquisition?

A: Hartcourt's subsidiaries have forged a close working relationship with Samsung. We recorded significant revenue increases on the Samsung products in the first 6 month of this year. The overall share of Samsung revenue within the Hartcourt group decreased due to the Challenger acquisition, which is favorable in terms of diversification.

Q: Hartcourt in the past always indicated that a r/s was not being considered. It was amply stated many times. Recently the answer to this inquiry seemed to tell a different story, namely that there could indeed be a r/s in that an advising entity might well suggest that… Without going into the pros and cons of the r/s as a strategy, I would ask you for one straight answer, YES or NO. Would you consider a r/s under any circumstance?

A: We don't think there is a need for nor are we consider a reverse split at this time.

Q: What is the status of Sinobull spin-off?

A: Sinobull, a wholly owned subsidiary of Hopeful Internet Technologies Ltd, was sold to First Shanghai's subsidiary, First Information Technology Ltd. When completed, Hartcourt will own 10.5% of First Information Technology. The agreement for sale and purchase of shares has been signed between Hartcourt and First Information Technology Ltd.

Q: Have all the sub owners been cooperative in the streamlining/accounting software installation process so far? Has the implementation progress been easier or more difficult than you planned up to this point?

A: All the sub owners have been supportive of the realignment of the finance function as well as the ERP implementation. Management has taken this opportunity to significantly upgrade the accounting accuracy, reporting and analysis capability as well as the expertise of the staff. The ERP implementation schedule is on target.

Q: What is the date and place of the shareholders meeting?

A: The annual shareholder meeting will be held at Luxor Hotel & Casino in Las Vegas on September 17, 2004.

Q: Any change in the status of the SEC lawsuit? What is the next date for hearing/trial?

A: The next date for trial is March 29, 2005.

Q: What kind of effect will the NEC/Digital China deal have on Hartcourt and its subs? From their press release it seems they will be aggressively expanding throughout the China market.

A: NEC/Digital's China expansion will not have much impact on Hartcourt's business due to different core products and market segmentations.

Forward-looking statements
The statements made in this Q&A, which are not historical facts, contain certain forward-looking statements concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this document pertains. The actual results of the specific items described in this document, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this document, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement.

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To: peter michaelson who wrote (894)7/31/2004 7:01:26 PM
From: StockDung
   of 978
 
Notice Financialwire doesnt even refer to their Stockgate story on naked shortselling where Cybercare was the unmentioned stock in question. "StockGate: DTCC Sued Again, $49M Suit Related To Elgindy; NASD Expels, Censures"
investors.com

These people are unbelievable and full of sheet.
=========================================

SEC Charges 'Outside Research Analyst' With Failing 17(b) Disclosures

Jul 30, 2004 (financialwire.net via COMTEX) -- (FinancialWire) The U.S. Securities and Exchange Commission has charged an "independent" research analyst with failing to disclose conflicting relationships and compensation as required by SEC Regulation 17(b).

The charges relate to a "Strong Buy recommendation on CyberCare's (CYBR) stock and a 12-month price target of $52 per share" in a report written in 2000. Dozens of companies on all exchanges and trading platforms in the past year have been associated with questionable research practices and disclosures, including Ecolab (ECL), Flight Safety (OTCBB: FSFY), and Medifast, Inc. (MED).

Cybercare is currently trading at $0.017, and has fallen from NASDAQ (NDAQ) to the pink sheets.

The SEC had previously told FinancialWire that it intends to enforce Regulation 17(b) provisions so that investors may have a fully transparent understanding of any potential agenda or lack thereof, but until these charges, enforcement had been almost non-existent.

The U.S. Securities and Exchange Commission Regulation 17(b) states:

"It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof."

The SEC has told FinancialWire that this regulation means full and complete compensation for research and any other services provided, including amounts and sources, must be disclosed in "every press release" as well as other published documents. The SEC states that third party compensations must include the relationship of the payer to the issuer.

In an email to FinancialWire as recently as January 5, 2004, John J. Nester, a spokesperson for the U.S. Securities and Exchange Commission confirmed that regulators interpret 17(b) to mean that specific compensation information must be contained in press releases, and that a link to a disclosure somewhere else, for example, is a violation of the regulation. He further stated that the compensation disclosure required by the SEC includes "amounts and sources in any press release mentioning the company under research coverage."

The SEC charged two former officers of Cybercare, former CEO Michael Morrell and former Senior VP John Haines, as well as Paul Bornstein, an outside analyst, with fraud.

In his January 2000 research report, Bornstein "failed to disclose that at least part of Bornstein's optimism about CyberCare resulted from his simultaneous employment by CyberCare's public relation's firm. CyberCare had hired the public relations firm in October 1999, and paid the public relations firm a monthly fee of $4,000, plus 24,000 shares of CyberCare stock. The public relations firm, in turn, paid Bornstein a monthly salary of approximately $7,500."

The complaint seeks permanent injunctions, civil money penalties, and disgorgement plus prejudgment interest against all defendants, and officer and director bars against Morrell and Haines.

At the same time, the SEC has been offered a settlement by Connecticut Capital Markets, LLC, which employed Bornstein, and Richard L. Klass, the firm's principal who was described in the documents as "responsible for adopting Connecticut Capital's compliance and supervisory procedures and directly supervising the firm's Managing Director of Research."

The settlement notes that "although the research report appeared to be created by an independent research analyst for general circulation, it failed to disclose that the Research Analyst was simultaneously employed and paid by a public relations firm engaged by CyberCare to promote the company. As part of his duties at this public relations firm, the Research Analyst assisted CyberCare with, among other things, the creation of press releases and investor presentations. In fact, the Research Analyst maintained an office at the public relations firm, and spent all of his time working from that office from at least December 1999 to May 2000.

It added: "the Research Analyst's simultaneous employment at Connecticut Capital and CyberCare's public relations firm created a conflict of interest that was not disclosed to investors."

Further, it said, "the product orders highlighted in the Research Analyst's research report were fictitious or grossly exaggerated, and the research report's price target was ultimately based on these fictitious and exaggerated orders.

"After the January 25, 2000 research report was published, Connecticut Capital sent it to its clients and potential clients. In addition, CyberCare included the research report in marketing materials and on its website."

Other companies in the FinancialWire series about questionable research practices and disclosures have included Horizon Medical (HMP), Nymox (NYMX), Genesis Technology Group (GTEC), Martek Biosciences (MATK), Ecolab (ECL), Clorox (CLX), Dial Corp. (DL), AdZone (ADZR), American Water Star (OTCBB: AMWS), Markland Technologies (MRKL), Transnational Financial Network (TFN) and Telkonet (OTCBB: TLKO), Cytomedix (CYME), LocatePlus (LPLHA), Rockport Healthcare (RPHL), Universal Express Co. (USXP), Lifestream Technologies (LFTC), Home Solutions of America, Inc. (HOM), AirRover Wi-Fi Corporation (AVWF), Raike Financial Group (RKFG), CareDecision Corp. (CDED), Life Energy and Technology Holdings, Inc. (LETH), TeraForce Technology Corporation (TERA), and Flight Safety (OTCBB: FSFY);

Also, Playtex Products (PYX), Ericware Technologies (ECWR), NuTech Digital, Inc. (NTDL), Terra Nostra Technology Ltd. (TNRL), and NanoSignal Corp. (NNOS)., DNAPrintGenomics (DNAP), Syndication Net.com (SYCI), Quintek Technologies (QTEK), GeneLink (OTCBB: GLNK), Quality of Life Health Corp. (QLHC), Environmental Remediation Holding Corp. (ERHC), Cornerstone Entertainment (OTC: CNRH), Medifast, Inc. (MED), Workstream, Inc. (WSTM), SIGA Technologies (SIGA), Sub Surface Waste Management of Delaware (SSWM), Xfone, Inc. (XFNE), CyberCare's (CYBR), Offshore Systems International (OFSYF)(OSI), American Ammunition, Inc. (AAMI), Electric City Corporation (ELC), Digital Recorders Inc (TBUS), Sonoran Energy, Inc. (SNRN), AeroCentury (ACY), CTI Industries Corp. (CTIB), MFIC Corporation (MFIC), Vermont Pure Holdings Inc (VPS), CytRx Corporation (CYTR), Misonix (MSON), Destiny Media Technologies (DSNY), BioSante Pharmaceuticals Inc (BPA), a21, Inc. (ATWO); and

Also, OrderPro Logistics (OPLO), Military Resale Group, Inc. (MYRG), Timber Resources International, Inc. (TMBN), OptimumCare Corporation (OPMC), Command Security (CMMD), Molecular Imaging Corporation (MLRI), TechnoConcepts Inc. (OTCBB: TCPT), Sequiam Corporation (SQUM), MEMS USA, Inc. (MEMS), Provectus Pharmaceuticals, Inc. (PVCT), eFoodSafety.com (EFSF), Intelligent Business Systems Group International, Inc (IGII), Chilmark Entertainment (CMKK), Tech Laboratories, Inc. (TCHL), BodyScan Corp. (BDYS), Wireless Frontier Internet, Inc. (WFRI), Ableauctions.com, Inc. (AAC), UFP Technologies (UFPT), Systems Evolution Inc. (SEVI), Resin Systems, Inc (RSSYF), Touchstone Applied Sciences (TASA), Daxor Corporation (DXR), JMAR Technologies (JMAR), WWA Group Inc. (WWAG), TravelZoo (TZOO), I-Trax (DMX), Axonyx Inc. (AXYX), ACL Semiconductors, Inc (ACLO), ImageWare Systems (IW), DXP Enterprises (NASDAQ DXPE), and Epixtar Corp. (EPXR).

Specifics on each company may be searched at the Investrend PowerSearch site at investrend.com by pasting in or typing the search term "17(b)."

For up-to-the-minute news, features and links click on financialwire.net

FinancialWire is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation for its news or opinions. Other divisions of Investrend, however, provide shareholder empowerment platforms such as forums, independent research and webcasting. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on investrend.com

The FinancialWire NewsFeed is now available in multiple formats to your site or desktop, free. Click on: investrend.com

financialwire.net

(C) 2004 financialwire.net, Inc. All rights reserved.


© 1997-2004 MarketWatch.com, Inc.


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To: StockDung who wrote (899)8/3/2004 10:31:28 PM
From: afrayem onigwecher
   of 978
 
PROSECUTION FUMBLES

nypost.com

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To: afrayem onigwecher who started this subject8/4/2004 12:26:40 PM
From: StockDung
   of 978
 
Dutton Dismisses SEC Probe of EasyLink, Dow Jones Article as 'Presidential Politics'

Aug 4, 2004 (financialwire.net via COMTEX) -- (FinancialWire) Robert M. Davis, the JM Dutton & Associates research analyst covering EasyLink (EASY), has attributed the U.S. Securities and Exchange Commission investigation of the company's "accounting problems," and the subsequent article by Dow Jones (DJ) to "a bit of pre-convention Presidential politics, with EasyLink caught in the middle."

Saying the story is "gradually" fading away, the analyst cited a Motley Fool article on July 6 that suggested that the SEC is anxious to show that it is willing to investigate a small company along with Verizon (VZ) and Nortel Networks (NT) because the "SEC doesn't want to miss another potential major scandal or get upstaged by a New York attorney general."

The current Dutton research note inexplicably does not describe any fundamental analysis of the gyrations, noting "the stock's momentum-based indicators have begun hinting at the development of a base and the beginning of a recovery. It appears that this buying opportunity may be at hand."

The research note also does not describe the analyst's thinking in 2002, when he was similarly ebullient but failed to call attention to any red flags in the company's accounting of barter that the media has noted the SEC now finds questionable (see FinancialWire, July 16, 2004).

It was during that period, too, that SEC Chair William Donaldson was on the company's board, as well as its audit and compensation committees.

EasyLink CEO Thomas Murawski will host a webcast and conference call tomorrow at 10:30 a.m.

There was also no further response to McGraw-Hill's (MHP) Business Week assertion in December, 2002, that in its initial report, Dutton had not made complete compensation disclosures as required by SEC Regulation 17(b).

The report "does not explicitly say that EasyLink paid Dutton," said BusinessWeek, but reporter Gary Weiss said when questioned, "the firm's president, John M. Dutton, confirmed the payment and said there was no understanding that Dutton would provide favorable reports."

Perhaps tellingly, Tuesday's email blast from Dutton that summarized the analyst's research note, located at jmdutton.com , stated that the Dutton research "currently costs US $33,000 prepaid for one year." It mentions further that "specific company compensation" is detailed on each report and note.

The report's disclosure did in fact differ with the email newsletter disclosure, saying EasyLink had paid Dutton & Associates $48,000, not too different from the Business Week allegations of a year and a half ago.

In a letter to the panel developing "Best Practices Guidelines" for the CFA Institute, on May 19, 2004, however, Dutton had stated, "We believe it is germane to an investor to know the total and nature of all compensation received by an analyst/firm from the company on which it is issuing research."

Independent analysts who reviewed the current report said they found it highly unusual for an analyst to focus on stock price rather than company fundamentals, and especially to not discuss or reference fundamentals at all, not to mention its dismissal of an SEC investigation and media article as "Presidential politics."

The analyst's biography does not indicate that Davis has been or is currently credentialed in any phase of the Chartered Financial Analyst program; only that he has "applied for membership" in AIMR, now the CFA Institute.

Donaldson has since revealed that in April, 2003, he sold his holdings in EasyLink, whose chair, Gerald Gorman, had worked at Donaldson, Lufkin & Jenrette, the firm that Donaldson had co-founded, as well as holdings in several other companies, including Halliburton (HAL) and Freddie Mac (FRE), altogether worth between $11 million and $35 million.

On September 2, 2002, when Dutton's research was released, the company traded at $2.60. A steady decline followed so that by the time of the Business Week article December 31, 2002, the stock was trading at $0.61, a drop of 426%, and in danger of losing its NASDAQ (NDAQ) listing. The company did not trade above $1 again until July, 2003. It's recent price was $1.34.

EasyLink, previously known as Mail.com Inc., went public in 1999, and its shares rose to a high of $271, after adjustments for splits.

"UNDERVALUED"?, asked Business Week. It said the Dutton report gave EasyLink a "speculative buy rating," with a 12-month price target of $3.25, and in a departure, referenced "technical indicators" and trading patterns rather than fundamentals for the "target" and "rating." It noted Donaldson's presence on the "strong board of directors" and said the company "appears to be undervalued."

The subsequent Dow Jones' (DJ) Wall Street Journal stated the SEC has "confirmed that it tapped an outside lawyer, Daniel Nathan, an attorney with the Commodity Futures Trading Commission, to monitor the agency's staff investigation of EasyLink. The technology company said last week that the SEC is investigating its accounting for advertising barter deals in 2000, when Mr. Donaldson was a board member." It also occurred in late 2000, when Dutton was providing "independent analyst coverage." The deals were valued at $3 million.

WSJ said it had information that the SEC is "moving toward building a case against the company and perhaps a corporate official." It said "Donaldson, 73, has recused himself from the case because he was a member of the company's board from 1998 to 2002, sitting on its audit and compensation committees."

The U.S. Securities and Exchange Commission Regulation 17(b) states:

"It shall be unlawful for any person, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails, to publish, give publicity to, or circulate any notice, circular, advertisement, newspaper, article, letter, investment service, or communication which, though not purporting to offer a security for sale, describes such security for a consideration received or to be received, directly or indirectly, from an issuer, underwriter, or dealer, without fully disclosing the receipt, whether past or prospective, of such consideration and the amount thereof."

The SEC has told FinancialWire that this regulation means full and complete compensation for research and any other services provided, including amounts and sources, must be disclosed in "every press release" as well as other published documents. The SEC states that third party compensations must include the relationship of the payer to the issuer.

In an email to FinancialWire, John J. Nester, a spokesperson for the U.S. Securities and Exchange Commission, confirmed that regulators interpret 17(b) to mean that specific compensation information must be contained in press releases, and that a link to a disclosure somewhere else, for example, is a violation of the regulation. He further stated that the compensation disclosure required by the SEC includes "amounts and sources in any press release mentioning the company under research coverage."

The SEC had previously told FinancialWire that it intends to enforce these provisions so that investors may have a fully transparent understanding of any potential agenda or lack thereof.

In a January 2000 research report, the SEC said outside analyst Paul Bornstein, who it has charged with 17(b) violations and fraud, "failed to disclose that at least part of Bornstein's optimism about CyberCare (CYBR), then on the NASDAQ (NDAQ), resulted from his simultaneous employment by CyberCare's public relation's firm.

A "Standards for Independent Research Providers" at firstresearchconsortium.com , which may be adopted without fee by any qualifying independent research provider, lists a number of firms that adhere to the SEC regulations, as well as additional ethical and transparent practices. Dutton has not adopted the "Standards."

While independent research by standards-driven providers are growing in legitimacy, according to the Dow Jones (DJ) in a recent article, the article quoted Lou Thompson, president of the National Investor Relations Institute, which had issued new Guidelines in 2002 endorsing legitimate "paid-for" research, as warning of "various mutations of paid-for research."

The compensation "oversight" noted by Business Week for Dutton's EasyLink research was not the first for a company enrolled for research by Dutton, however.

The chat room postings connect Dutton to Investrend Research (http://www.investrendresearch.com ) , quoting an article in Wall Street Research Online Magazine by Ben Mattlin, headlined "An Independent and Pure Research Shop."

The article said that Dutton "founded Investrend . from which he parted to start the new company, taking many of the analysts with him." Mattlin quoted Dutton as saying "The more sunlight that shines on every step of the process, the better for everybody." Mattlin further stated, "Dutton's back-to-basics philosophy sounds refreshingly honorable and extraordinarily well timed." Mattlin has since said he had checked his notes and "evidently misunderstood Mr. Dutton when he told me about the 'model' he had 'successfully built' while president and director of research at Investrend Research . and so forth."

Mattlin further stated, "I shall make a note of the correction on any reprints of the article I distribute, including the one on my own personal web site . I apologize for the oversight."

When Dutton started his company in September, 2001, he did indeed list several Investrend analysts, many of whom have since returned to Investrend, and several companies under coverage by Investrend were subsequently "covered" by Dutton. Some later stated they thought they were "still" being covered by Investrend despite the name difference, and several companies in contact with Dutton believed Dutton was still with Investrend a year later.

In short, the "transition" was not precisely bathed in "sunlight." Dutton's new website stated that Dutton & Associates "was founded by John M. Dutton on the model he successfully built while president and director of Investrend Research."

The problem, according to Investrend Communications, Inc., is that Dutton, who was terminated for cause in July, 2001, wasn't even associated with Investrend Research when it was founded several years earlier, in 1996, as the first, largest and pioneering independent research provider, and Dutton had no input into the model or policies of Investrend. Dutton was president of the research division for only about two years while the actual founder was involved in an unrelated venture.

Nevertheless, his company's new coverage descriptions were virtually word-for-word with those he had inherited at Investrend Research.

Armed with the misinformation of the Mattlin and subsequent promotional material listing Dutton as variously the "founder" or "model builder" at Investrend, chat rooms headlined the Easylink investigation as "INVESTREND/DONALDSONGATE."

Investrend Research said it was approached by a representative of EasyLink in March, 2002, about possible coverage, but subsequently did not provide the coverage. "We most certainly had no relationship to the coverage or anything else associated with Mr. Dutton after July, 2001," stated a spokesperson.

"Investrend Research was the pioneer, developing the standards and models now followed by a small industry of legitimate independent research providers; it remains the largest and most effective, and we stand on our own," he said.

Companies in the FinancialWire series about questionable research practices and disclosures have included Horizon Medical (HMP), Nymox (NYMX), Genesis Technology Group (GTEC), Martek Biosciences (MATK), Ecolab (ECL), Clorox (CLX), Dial Corp. (DL), AdZone (ADZR), American Water Star (OTCBB: AMWS), Markland Technologies (MRKL), Transnational Financial Network (TFN) and Telkonet (OTCBB: TLKO), Cytomedix (CYME), LocatePlus (LPLHA), Rockport Healthcare (RPHL), Universal Express Co. (USXP), Lifestream Technologies (LFTC), Home Solutions of America, Inc. (HOM), AirRover Wi-Fi Corporation (AVWF), CareDecision Corp. (CDED), Life Energy and Technology Holdings, Inc. (LETH), and Flight Safety (OTCBB: FSFY);

Also, Playtex Products (PYX), Ericware Technologies (ECWR), NuTech Digital, Inc. (NTDL), Terra Nostra Technology Ltd. (TNRL), and NanoSignal Corp. (NNOS)., DNAPrintGenomics (DNAP), Syndication Net.com (SYCI), Quintek Technologies (QTEK), GeneLink (OTCBB: GLNK), Quality of Life Health Corp. (QLHC), Environmental Remediation Holding Corp. (ERHC), Cornerstone Entertainment (OTC: CNRH), Medifast, Inc. (MED), Workstream, Inc. (WSTM), SIGA Technologies (SIGA), Sub Surface Waste Management of Delaware (SSWM), Xfone, Inc. (XFNE), Offshore Systems International (OFSYF)(OSI), American Ammunition, Inc. (AAMI), Electric City Corporation (ELC), Digital Recorders Inc (TBUS), AeroCentury (ACY), CTI Industries Corp. (CTIB), Vermont Pure Holdings Inc (VPS), CytRx Corporation (CYTR), Misonix (MSON), Destiny Media Technologies (DSNY), BioSante Pharmaceuticals Inc (BPA), Sonoran Energy, Inc. (SNRN), a21, Inc. (ATWO); and

Also, OrderPro Logistics (OPLO), Military Resale Group, Inc. (MYRG), Timber Resources International, Inc. (TMBN), OptimumCare Corporation (OPMC), Command Security (CMMD), Molecular Imaging Corporation (MLRI), TechnoConcepts Inc. (OTCBB: TCPT), Sequiam Corporation (SQUM), Provectus Pharmaceuticals, Inc. (PVCT), CinTel Corp. (CNCN), eFoodSafety.com (EFSF), Intelligent Business Systems Group International, Inc (IGII), Chilmark Entertainment (CMKK), Tech Laboratories, Inc. (TCHL), BodyScan Corp. (BDYS), Wireless Frontier Internet, Inc. (WFRI), Ableauctions.com, Inc. (AAC), Human BioSystems (HBSC), World Golf League, Inc. (WGFL), Gaming & Entertainment Group, Inc. (GMEI), UFP Technologies (UFPT), Systems Evolution Inc. (SEVI), Resin Systems, Inc (RSSYF), Touchstone Applied Sciences (TASA), Daxor Corporation (DXR), JMAR Technologies (JMAR), TravelZoo (TZOO), I-Trax (DMX), Axonyx Inc. (AXYX), ImageWare Systems (IW), DXP Enterprises (NASDAQ DXPE), and Epixtar Corp. (EPXR).

For up-to-the-minute news, features and links click on financialwire.net

FinancialWire is an independent, proprietary news service of Investrend Information, a division of Investrend Communications, Inc. It is not a press release service and receives no compensation for its news or opinions. Other divisions of Investrend, however, provide shareholder empowerment platforms such as forums, independent research and webcasting. For more information or to receive the FirstAlert daily summary of news, commentary, research reports, webcasts, events and conference calls, click on investrend.com

The FinancialWire NewsFeed is now available in multiple formats to your site or desktop, free. Click on: investrend.com

financialwire.net

(C) 2004 financialwire.net, Inc. All rights reserved.


© 1997-2004 MarketWatch.com, Inc.


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To: afrayem onigwecher who started this subject8/4/2004 12:42:35 PM
From: StockDung
   of 978
 
Investrend Research Announces Investment Opinion on Starnet Communications, Inc.
Author/s:
Issue: Oct 21, 1999
Business Editors

NEW YORK--(BUSINESS WIRE)--Oct. 21, 1999--

Starnet Communications, Inc. Recommendation of Starnet Communication (OTC BB:SNMM) as a STRONG SPECULATIVE BUY is reinstated by PAR analyst based on clarifying situation. The new update report on Starnet is being distributed by Investrend Research.

An update report covering Starnet Communications, Inc. (OTCBB:SNMM) by PAR Supervisory Analyst John M. Dutton was issued today by Public Analysis & Review (PAR), the unique professional independent analyst program administered by the non-profit Investors Research Institute, Inc.. PAR reports are distributed by Investrend Research. According to Gayle Essary, Investrend president, Mr. Dutton reinstated his recommendation at $3 1/16 on October 16 in Investrend's PAR Research Notes, published daily on Investrend's web site at www.investrend.com. Starnet's current price is $4 5/8. A copy of the report, including in Adobe pdf format, is available from the Investrend web site at www.investrend.com.

The PAR report contains the reasons given by the analyst to reinstate Starnet his investment recommendation. They are summarized as follows: The reinstatement of the recommendation of Starnet, withdrawn in September due to the RCMP raid, is based on:

Legal Risks Assessable: The favorable ruling of Judge Williamson on October 15th to grant Starnet's Motion, and then immediately deny Las Vegas Casino's request to stay the ruling, has contributed substantially to the legal situation at SNMM becoming more quantifiable. There are risks to any legal process. However, based on talks with the Company, it appears the Crown (the British Columbia authorities) would need to greatly stretch to bring and obtain a conviction on gambling charges exceeding inadvertent misdemeanor violations of the bookmaking statutes. More serious charges would carry an attendant heavy burden of proof and legal extrapolation, which the Company does not feel either the facts or evidence can support. After talks with the Company and its General Counsel, we expect the Company can address the remaining legal issues effectively, and pursue removal of the Crown's restraining order on its cash.

Growth in Franchise Value: Starnet is a leading player in the Internet gaming industry. Its licensees account for over 35% - 40% of all Internet gaming sites. Its license-marketing utilizes strong sales and marketing programs, offers the most extensive gaming venues, and has a low initial license fee. Pari-mutuel products will be introduced shortly and its World Gaming 2000 software is expected to be introduced early in the new calendar year. Starnet now has the largest number of licensees of any company at 51, up from the initial 1 in Q4 of fiscal 1998. The culmination of its licensing efforts will be an increasing and diversified license portfolio participating in the net revenue streams of its 51 or more licensees. At its present size, earnings can also grow from internal means, as well as by the sale of additional licensees. Significant internal profit gains can be achieved over time by introducing programs aimed at assisting licensees improve their operations and marketing, and hence net revenues. By any measure, we believe the present "franchise value" of Starnet far exceeds its present market value.

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To: afrayem onigwecher who started this subject8/4/2004 12:50:54 PM
From: StockDung
   of 978
 
The mighty Taglich & JM Dutton get WSJ treatment, lol:

ANALYZING THE ANALYSTS

See complete coverage of the heightened scrutiny of stock analysts at wsj.com/analysts

Amid Shrinking Research Pool,
Companies Buy Their Coverage

Faced With the Prospect of Being Ignored,
Public Firms Pay Fees for Analyst Reports
By SUSANNE CRAIG
Staff Reporter of THE WALL STREET JOURNAL

Friedman's Inc. became a Wall Street orphan last year when ABN Amro Bank NV, the only major financial firm to publish research on the jeweler's stock, closed its U.S. stock-analysis operations.

But Friedman's didn't go begging for other research coverage -- it went out and bought some.

The small Savannah, Ga., firm turned to J.M. Dutton & Associates, which for a flat annual fee of $25,000 will publish research on almost any publicly traded company. Founder John Dutton says he doesn't guarantee positive ratings, though 86% of his firm's clients that are rated receive either "buy" or "strong buy" ratings or some similar variation. And clients like Friedman's say they don't mind that it looks like they are paying for bullish coverage. Says Friedman's Chief Executive Officer Bradley Stinn: "We just want people talking about us."

Critics say investors should take such "bought" coverage with a grain of salt. "It's a lot like using an online dating service -- you wonder what is wrong with them," says Henry Hu, a corporate and securities law professor at the University of Texas. "You don't see Cameron Diaz putting herself online to find a date."

It's a fact of life on Wall Street. With 6,384 publicly traded companies on the Nasdaq and New York Stock Exchange alone, you need research analysts to cut through the clutter and get the word out to investors. But more companies are being shut out. Wall Street research departments are being pared as firms struggle amid falling revenue and regulatory overhaul that no longer will allow them to pay for research with investment-banking revenue. During the past two years, research coverage for U.S. companies dropped about 20%, to 4,189 firms, according to Multex Data, a research firm.

Figures tracked by the Nasdaq Stock Market, where many small stocks trade (as well as some of the largest ones), show that 44% of its 3,611 companies have no analyst coverage at all, and an additional 14% are covered by just one analyst. For instance, Goldman Sachs Group Inc. covers 1,848 companies, down 17.7% from September 2001. And Deutsche Bank AG recently discontinued research coverage of Charles Schwab Corp. because an analyst left.

Firms that get paid to publish reports have been around for years. And most independent research firms generate cash by selling their stock analysis to big institutional clients. But more companies seem to be willing to pay for research today as Wall Street's coverage universe shrinks.

Taglich Brothers Inc., which has an investment-banking arm as well as individual and institutional clients, began offering companies research for a fee in 1999. All clients pay a $1,750 monthly fee, plus a $5,000 retainer. Its client base has grown from just 15 clients in 1999 to 50 today.

Other firms are just starting out. New York-based Chatsworth Spelman Associates Ltd. was founded three months ago and charges companies $15,500 annually for coverage. President Guy Cohen says the company's analysts work on retainer and like other firms of its ilk, it says it doesn't guarantee a rating. He says he hopes to benefit from the regulatory settlement that will force Wall Street firms to distribute independent research.

The trend is part of the broader fallout from new regulatory scrutiny on Wall Street research. Regulators have alleged that securities firms issued overly rosy research reports simply to land more-lucrative investment-banking business. Under a regulatory settlement announced in December, most of the nation's largest securities firms will be required to pay a total of $450 million over five years to buy stock reports from independent-research firms that don't do investment-banking business.

Securities regulators will designate as many as 10 independent research firms that will provide stock reports to brokerage firms, which will be required to provide independent research to investors alongside their research.

J.M. Dutton, based in El Dorado Hills, Calif., was founded two years ago and so far nearly 50 companies have paid more than $25,000 each for one year of research coverage, primarily small-capitalization firms such as Leather Factory Inc. and Rawlings Sporting Goods Co. J.M. Dutton currently has no "sell" ratings, just four "neutral" ratings and a handful of companies where a research rating is pending. The rest rate "strong buy," "speculative buy" or some variation. Mr. Dutton says he is unlikely to pick up coverage on companies the firm doesn't like, which is why it doesn't have any sell ratings.

In addition to research, J.M. Dutton organizes investor roadshows for companies. Mr. Dutton concedes that his firm has benefited from the bear market and stricter regulatory environment. "I couldn't have asked for a more favorable event," he says. "All these services are paid for one way or another, and thanks to the regulatory environment it is all out in the open."

More than what the analysts write about them, clients like Friedman's Mr. Stinn say they are hoping J.M. Dutton's research will increase their profile, and trading, among institutional investors. It seems to have worked: In the month after J.M. Dutton launched coverage in November 2002, the firm says Friedman's average daily trading volume jumped 11.6% to 78,000 shares a day. Its stock price increased almost 12% to $8.89 in the first month of coverage. In 4 p.m. Nasdaq Stock Market trading Tuesday it was at $9.95, up 29 cents.

Scott Johnston, chairman and chief investment officer of Sterling Johnston Capital Management, which has $600 million under management, says he keeps 10 to 12 independent-research firms, including J.M. Dutton, on retainer, paying anywhere between $15,000 and $50,000 each for their research.

"We go to five or six different sources for information," says Mr. Johnston. "We don't mind if the issuers are paying. You just need to be aware of the fact a company is paying for the research, just as you need to know if an analyst's firm has an investment-banking tie."

Write to Susanne Craig at susanne.craig@wsj.com

Updated March 26, 2003

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To: afrayem onigwecher who started this subject8/4/2004 12:53:48 PM
From: StockDung
   of 978
 
Investrend are just scammy promoters. Go back in time and see the UNBIAS reports Investrend wrote about.

web.archive.org*/http://investrend.com

MAWI AND SNMM TO NAME A FEW. THEIR TRACK RECORD IS RECOMMENDING STOCKS WHICH ENDING UP GOING TO ZERO IN A FEW YEARS. LOL

THE WAYBACK MACHINE DOES NOT LIE!!

ITS QUITE A CON GAME THEY HAVE GOING.

M&A West, Inc.
(NASD OTCBB: MAWI)

Q1 2000 Update

Darren E. Robinson, CFA

Analyst

Now available in pdf

Date of Report:

Oct. 5, 1999

Shares Outstanding:

11,000,000

Recent Stock Price (1):
$5.25
Estimated Float:
3,000,000

Price Range: May 17/99-Sept. 30
$4.125 - $20.00
% Institutionally Held:
0%

Industry Sector:
Internet Venture Capital
Recommendation:
Buy

30-Day Avg. Volume:
52,000
12 Mos. Target Price
$14-$16

Earnings & P/E

Fiscal Period (Mar.31)
Primary EPS
P/E

1999 Actual
$0.01
525X

2000E
$0.49
10.7X

Buy recommendation is reaffirmed for M&A WEST.

Target price increased and time frame decreased since coverage initiated.

Basis of Recommendation

Company profitable since current business model was introduced which is highly unusual in this sector.

Stock price is down significantly from its 52 week high of $20.00. Current price is attractive at these levels based on revenue growth potential.

Business model facilitates a shorter product cycle. Intention is for each subsidiary in stable to be a separate public entity within 8-12 months. In other words, product cycle is short which lowers the probability of carrying non-productive asset on books.

Market cap to forecasted revenue very favorable at approximately 5.3X.

Investment Highlights

M&A West, Inc. (MAWI.OB) develops, invests in, and operates Internet and technology related companies. Its strategies include the internal development and operation of majority owned subsidiaries, as well as investments in other Internet companies, directly or through venture capital arrangements. Shareholders are provided participation in client companies via M&A West investments.

M&A West's strategy is four fold in that their primary business objectives are:

to become a meaningful player in the acquisition and development of Internet and technology companies

to provide seed capital to newly emerging Internet companies

to provide a full line of business services to emerging micro-cap and small-cap companies to increase awareness of their business

to create and grow offshoot Internet-related companies under the M&A West, Inc. umbrella

With the proliferation of Internet related investment vehicles, M&A WEST offers investors a one stock play on the Internet by offering investments involved in both business to business, and business to consumer. Industry estimates are that these two avenues will grow to one trillion dollars in the next 4-6 years, an increase of over 3000% from current levels.

Despite the recent correction in Internet related stocks, investors clearly have not lost their appetite for new issues and will continue to pay a premium for quality Internet related issues.

Since the initial report dated July 1, 1999, M&A West has maintained the same business model and has executed a few significant transactions. The company continues to focus on investing in early stage Internet related companies. Some of the investments worth noting are:

Digital Bridge, Inc.: provides e-commerce, web site design, hosting, and Internet marketing services. The company announced on September 29, 1999, that it will be spinning off Digital Bridge as a separate public company. Shareholders of record on September 30, 1999, will receive one share of Digital Bridge for each two shares of MAWI held. Digital Bridge should commence trading within a few weeks.

Virtuallender.com, Inc. (OTC BB: VLDC): a publicly traded company engaged primarily in electronic mortgage lending.

Virtualwagering.com, Inc.: provides sports betting and casino-style gaming on the web. The site features live sports scores for all major sporting events.

Virtualgroceries.com, Inc.: plans to offer online ordering and home delivery of gourmet foods and wine, as well as recipes, kitchen items, cookware, and gift items from specialty stores.

Workfire.com, Inc. (OTC BB: WKFR): develops and markets software and services that enhance performance of Internet access. Proprietary technology enables multiple distributed computers to work together to increase Internet performance and reliability.

M&A West reported first quarter results as follows:

Net Income for Q1/00 was $1,782,257 on revenue of $3,458,202. Earnings per share for the quarter were $0.16, ahead of internal estimates.

Revenue

M&A West derives revenues as follows:

The company enters into contracts with clients usually for a minimum one-year period. Because they are investing in early stage companies, M&A West typically takes a significant portion of their revenue in the form of equity. This method allows the investee companies to utilize their cash for internal and external growth and provides M&A West assets with a much higher growth potential than cash. The investment in Workfire.com is a typical example of M&A West?s investment method. M&A West entered into a contract with Workfire to provide consulting services related to developing the company and creating a separate public entity.

The current structure of the company is beneficial from a shareholder perspective. So far management has ensured that cash flow is sufficient to fund future investments while maintaining the independence of the subsidiary companies.

Financials

M&A West was very aggressive in Q1/00 in investing cash. As indicated in the balance sheet, cash decreased by $960,000 to $181, 425. This quarter, deferred revenue of over one million dollars will be booked which will offset the decrease in cash and will maintain M&A West?s ability to finance future endeavors. The company is in a solid financial position with no debt and ample cash and marketable securities to finance future investments.

Balance Sheet Unaudited Audited

8/31/99
5/31/99

Assets

Current Assets

Cash and Equiv.
$181,425
$1,141,813

Accounts Receivable

10,000

Marketable Securities

(held for trading)
4,690,225
573,976

Investments-at equity
1,097,088
426,558

Investments-at cost
610,890
327,000

Employee advances
8,732
8,000

Prepaid taxes
126,000

Total Current Assets
6,714,360
2,487,347

Other Assets

Deferred Income Taxes
12,110
12,110

PPE, net
23,999
20,584

Homesmart, restricted shares
87,825

$6,838,294
$2,520,041

Liabilities and Stockholders Equity

Current Liabilities

Accounts Payable
$23,727
$114,127

Income Taxes Payable
1,709,000
168,000

Payroll taxes
32,464
25,912

Deferred Revenue
1,078,844
0

Total Current Liab.
2,844,035
308,039

Stockholders Equity

Common Stock, 11000000 shares issued and outstanding
2,020,538
2,020,538

Retained Earnings
1,973,721
191,464

Total Equity
3,994,259
2,212,002

Total Liability and Equity
$6,838,294
$2,520,041

Balance Sheet Comments.

Investments where the company has significant influence are accounted for at market value.
Investments in non-trading equity securities are accounted for at cost.

Earnings Model

Earnings Model*

Fiscal Year (March)
Q1/00(A)
Q2/00(E)
Q3/00(E)
Q4/00(E)
Year (E)

Revenue
$3,458,202
$2,500,000
$2,000,000
$2,500,000
$10,458,202

S,G&A Expenses
518,180
300,000
325,000
35,0000
1,493,180

Income from Operations
$2,833,793
2,200,000
1,675,000
2,150,000
8,965,022

Other Income (Expenses)

Interest Income
542
0
0
0
542

Gains/Losses on Sale of Securities
173,292
0
0
0
173,292

Equity Gains/Losses in unconsolidated subs
-37,370
0
0
0
-37,370

Total Other Income
136,464
0
0
0
136,464

Net Income before taxes
$2,970,257
2,200,000
1,675,000
2,150,000
8,995,257

Income tax expense
-1,188,000
-880,000
-670,000
-860,000
-3,598,000

Net Income
$1,782,257
$1,320,000
$1,005,000
$1,290,000
$5,397,257

EPS
$0.16
$0.12
$0.09
$0.12
$0.49

Average Shares Outstanding
11,000,000
11,000,000
11,000,000
11,000,000
11,000,000

*Effects of the Digital Bridge spin-off are not included in this model. They will be revised at a later date as more information becomes available

This earnings model makes no forecast for future trading gains or losses. The ability to book trading gains in subsequent quarters would have a favorable impact on the valuation of M&A West.

Valuation

Revenue is forecasted to be $10.5 million for fiscal year 2000. The current market capitalization is approximately $55 million. This would give a market cap to forecasted revenue multiple of between 5 and 6X, a very low multiple for a profitable company engaged in Internet venture capital. Based on the revenue projections for 2000 and a conservative, yet realistic, multiple of 15-18X, which is in line with other companies in this sector, we believe that this company could be trading at $14-$16.00 in the next 12 months.

Investment Risks

While we believe that M&A West has invested in some very interesting companies, the portfolio of companies is young and does not have a long earnings record. Marketable securities, being the largest asset, are subject to a fairly high degree of variability due to the requirements of being reported at the lower of cost or market value. Investor sentiment changes quickly, and as such, these companies are subject to a degree of variability.

Darren E. Robinson, CFA

Mr. Robinson is a member of the Toronto Society of Financial Analysts and the Association for Investment Management and Research. He has over 6 years of Financial Services experience including working as a mutual funds analyst at Dundee Mutual Funds. Along with being a CFA charterholder, he has completed course work with the Canadian Securities Institute and holds a Bachelor of Arts degree in Mathematics from York University.

M & A West, Inc. 583 San Mateo Avenue, San Bruno, CA 94066 Phone (650) 588-2678 Fax (650) 827-9508 Contact Mr. Scott Kelly e-mail scott@mawest.com web site web.archive.org

Investrend Research John M. Dutton, President, 801 S. Figueroa, Suite 1100, Los Angeles, CA 90017 Phone (213) 929-2618 Fax (213) 623-4590 e-mail jmdutton@mediaone.com web site web.archive.org.

Public Analysis & Review (PAR) is a program of the Investors Research Institute, Inc. (IRI), a non-profit membership organization for individual investors and others advocating higher standards of "accessibility", "scrutiny" and "disclosure" for public companies. Continuing quarterly coverage by an independent analyst is a requirement to meet the "scrutiny" of the elite "Seal of Best Practices in Investor Relations" standard described on the organization?s website at investorsresearch.org. If a company has no independent analyst following, this requirement may be satisfied by enrollment in PAR or any similar program. Anyone, including a company, may enroll a company for coverage. PAR reports are performed on behalf of the members of the Institute, and are not a service to any company. PAR analysts are responsible only to the public, and are qualified and assigned solely by the Institute, separate from the fiduciary entity, which is IRI, Inc. (IRIK), a public company in registration and financial administrator for the non-profit Institute. PAR analysts are paid in advance to eliminate pecuniary interests and insure independence. PAR enrollment fees are $17,500 per annum.

Information, opinions, or recommendations, contained in this report are submitted solely for advisory and information purposes. The information used and statements of fact made have been obtained from sources considered reliable but neither guarantee nor representation is made as to the completeness or accuracy. Such information and the opinions expressed are subject to change without notice. This report or study is not intended as an offering or a solicitation of an offer to buy or sell the securities mentioned or discussed.

©Copyright, 1999, by IR/j: Investors Research Journal, Investrend Research, div IRI, Inc.

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To: afrayem onigwecher who started this subject8/4/2004 12:56:29 PM
From: StockDung
   of 978
 
INVESTRENDS HUCKSTERS ALSO RECOMMENDED MAWI. SEC ALSO DID A REPORT. LOL

"Despite this, following each merger MAWI hyped the newly-formed public companies with a barrage of press releases, paid coverage in Internet investment newsletters, and postings to Internet stock discussion boards. Kelly, Gilak, Eck and Medley then sold their unregistered stock into the market, reaping more than $20 million in illegal profits."

SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17118 / September 6, 2001
Accounting and Auditing Enforcement Release No. 1440 / September 6, 2001

SECURITIES AND EXCHANGE COMMISSION v. M & A WEST, INC.; SCOTT L. KELLY; SALVATORE CENSOPRANO; ZAHRA R. GILAK; FRANK THOMAS ECK, III; and STANLEY R. MEDLEY, United States District Court for the Northern District of California, Civil Action No. C-01-3376 (CRB)

S.E.C. CHARGES BAY AREA "INTERNET INCUBATOR" WITH FRAUD AND REGISTRATION VIOLATIONS

The United States Securities and Exchange Commission ("Commission") announced today that it has sued M & A West, Inc. ("MAWI" or the "Company"), a self-proclaimed "Internet incubator" engaged in developing Internet-related technology companies. According to the Commission, since 1999 MAWI and various persons affiliated with the Company have reaped more than $20 million in illegal profits by selling unregistered securities to investors, in violation of the registration provisions of the federal securities laws. These persons funneled millions of dollars through various secret accounts back to MAWI, which fraudulently reported the funds as revenue from operations which did not in fact exist. MAWI was based in San Bruno, California throughout the course of the scheme, and has recently relocated to Liberty, Texas.

Also named in the Commission's complaint, filed in the Northern District of California, are:

Scott L. Kelly of Chandler, Arizona (until recently of Hillsborough, California), MAWI's former President and Chief Executive Officer;

Zahra R. Gilak and Frank Thomas Eck III of Napa, California, who served as MAWI's corporate secretary and outside counsel, respectively;

Salvatore Censoprano of Foster City, California, MAWI's former Chief Financial Officer; and

Stanley R. Medley of Los Angeles, California, an Eck associate who assisted in the transactions.
According to the complaint, during 1999 and 2000 Kelly, Gilak, Eck and Medley arranged a series of so-called reverse mergers between various MAWI operating divisions or related companies and publicly-traded shell companies with no operations. The mergers resulted in the formation of four publicly-traded companies - MAWI, VirtualLender.com (later renamed VLDC Technologies), Workfire.com, and Digital Bridge - in which these four defendants held significant interests. Under federal law, Kelly, Gilak, Eck and Medley were prohibited from selling their shares to the public unless the newly-formed companies complied with the registration provisions of the securities laws, which generally require that potential investors be provided with a prospectus that discloses certain material information about a company. No registration statement was ever filed for any of the defendants' shares and no exemptions from registration applied.

Despite this, following each merger MAWI hyped the newly-formed public companies with a barrage of press releases, paid coverage in Internet investment newsletters, and postings to Internet stock discussion boards. Kelly, Gilak, Eck and Medley then sold their unregistered stock into the market, reaping more than $20 million in illegal profits.

The complaint also alleges that Medley, who was responsible for locating the public shell companies and documenting the terms of the mergers, violated the securities laws by acting as an unregistered broker.

The complaint further alleges that Kelly and Censoprano fabricated contracts and other documents that MAWI used to falsely characterize millions of dollars in proceeds from the sale of unregistered securities as revenue from operations. For example, MAWI's financial statements for its fiscal year 2000, ended May 31, 2000, reported $1.7 million in revenue from the sale of various website-related subsidiaries. In actuality, the sales were complete shams. MAWI's fiscal 2000 financials described another $1 million in proceeds from unregistered stock sales as "consulting revenue" when, in fact, no consulting services were provided.

In addition, the complaint charges that Kelly and Censoprano fraudulently inflated the value of the securities holdings that constituted the Company's primary assets. For fiscal 2000, MAWI falsely reported a $12.1 million "unrealized gain on marketable securities available for sale." In fact, according to the complaint, on the last day of MAWI's fiscal year Kelly and Gilak illegally manipulated the stock of VLDC Technologies, MAWI's major holding, causing the price of that stock to triple. As a result, the value of MAWI's securities holdings was materially inflated.

The Commission's complaint charges that:

MAWI, Kelly, Gilak, Eck and Medley violated the registration provisions of the federal securities laws, Sections 5(a) and 5(c) of the Securities Act of 1933 ("Securities Act");

MAWI, Kelly and Censoprano violated, and Gilak and Eck aided and abetted violations of, the antifraud provisions, Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder;

MAWI violated, and Kelly, Censoprano, Gilak and Eck aided and abetted violations of, the reporting, books and records and internal controls provisions, Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11 and 13a-13, thereunder;

Kelly, Censoprano, Gilak and Eck violated Section 13(b)(5) of the Exchange Act and Rule 13b2-1, concerning falsification of accounting records, and Kelly, Censoprano and Eck also violated Exchange Act Rule 13b2-2, concerning false representations to auditors;

MAWI violated the Investment Company registration requirements of Section 7(a) of the Investment Company Act of 1940; and

Medley violated the broker registration requirements of Section 15(a) of the Exchange Act.
The complaint seeks permanent injunctive relief, civil penalties, and other remedies against all defendants, and an accounting and disgorgement of ill-gotten gains from MAWI, Kelly, Gilak, Eck and Medley.

In a separate matter, the Office of the United States Attorney for the Northern District of California has announced the filing of criminal charges against certain persons relating to much of the same conduct that is the subject of the Commission's complaint.

sec.gov

--------------------------------------------------------------------------------
Home | Previous Page Modified: 09/06/2001

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To: afrayem onigwecher who started this subject8/4/2004 1:29:44 PM
From: StockDung
   of 978
 
Gayle Essary lol->3. I will be speaking on TRADING BY THE STARS at the NYC Investment Conference on March 7th at the Marriott Marquis Hotel -- 1535 Broadway (between 45th and 46th Streets). FREE ADMISSION. Reservations by calling 1-800-700-7811. Speakers include: Gayle Essary, Bill Bresnan, Ed Taxin, Jerry Wenger and George Chelekis. 64.233.161.104

Week of March 1, 1997
--------------------------------------------------------------------------------

1. JAPAN INC

2. MORE ON MO

3. LOOK WHOSE TALKING

4. IHI WINE CELLAR

5. ANSWER #1 TO FINANCIAL ASTROLOGY RIDDLE

6. LETTERS

--------------------------------------------------------------------------------

1. The REAL test of my Japanese investment strategy for 1997 comes after March 11 - How well it will fare in a US down turn. And if I am wrong and the market doesn't correct in March? No problem. Sony profits doubled this year, Honda's tripled etc. and Detroit will RIGHTFULLY demand a stronger Yen. So, If I am right, I make money and if I am "wrong" (can a Leo be wrong?) I make money. 1997 TODATE: SPX 740.74 - 790.82 +6.76% The Japan Fund (JEQ) 9 1/2 - 10 1/8 +6.57% Honda (HMC) 56 5/8 - 62 1/2 +10.37% Sony (SNE) 65 5/8 -72 3/8 + 9.91%

2. While MO could reach 164, we publically forecast an initial price target of 150. However, I am too nervous in front of the Clinton market correction/crash. MY revised MO EXIT STRATEGY is TIMED for Monday 3/3, and/or a 139 stop/profit point. The start of MO trouble is possible by next weekend, not coincidentally the same time I expect TROUBLE FOR the overall market. Needless to say, we were obviously pleased by their announcement of a 3-1 split plus a share buy back this past week [forecast by us in October for February.] Our number DIJA stock pick is the NUMBER ONE performing DIJA stock. Still, they have made a BIG MISTEAK!!! They should have SPLIT THE COMPANY, NOT THE STOCK, e.g. separated the food and tobacco divisions. What could their corporate astrologer have been thinking?

3. I will be the principal news maker speaker at the IRI / NYSSA Forum at the World Trade Center on March 11, 1997 at 12:30 p.m. It is televised live by NBC PFN. Dr. Theodore Lanscheidt will be conducting a post-conference workshop on May 18 at our 5th Annual Astrology and Stock Market Conference in NYC. ABSOLUTELY New Material on Cosmic Cycle Analysis will be presented on how to forecast Stock, Commodity and Foreign Exchange Markets. DON'T MISS IT!

4. Have you seen the cover of Smart Money March 1997, they are trying to help us pick out your wine for later this year.

JUST ANOTHER "SIGN'' THAT IHI COULD BE THE STOCK OF THE DECADE!

Is your forecast for CD$30 for IHI before or after the four for one reverse stock split planned if their preferred share with three warrants @US$5.80/share closes in the fairly near future? Your answer may influence a potential decision as to when I might build my own wine cellar! ANY EXPERIENCED MARKET PLAYER KNOWS THAT SOMETIMES YOU GET A BAD FILL, BUT JUST AS OFTEN YOU GET A LUCKY BREAK. I WILL TAKE THE 1-4 AS GETTING ME MY WINE CELLAR FILLED UP 9-12 MONTHS AHEAD OF SCHEDULE. REALIZE THAT IF/WHEN IHI IS AS SUCCESSFUL AS I FORECAST, THE STOCK WILL NO DOUBT SPLIT ONCE OR TWICE. SO IN THE END, YOU WILL HAVE A WINE CELLAR. I WOULD SUGGEST YOU GET AN OPTION EXTENSION FROM YOUR BUILDER FOR AN ADDITIONAL YEAR TO PLAY IT SAFE.

Hope you are right and that your partner is wrong about IHI. But the truth is that you've been wrong on IHI for the past 2 years. You've been right at times with it, for trading, but wrong for the long haul. what's your take on the solar eclipse with this stock? Below $1.00 Canadian? Ouch. . . WOW I DON'T HEAR NO FAT LADY SINGING. THE LONG HAUL HAS NOT EVEN BEGUN. IT IS TRUE HOWEVER, I BASE MY FORECASTS MORE ON THE BERMUDA CHART THAN THE IHI CANADA CHART. AS TIME GOES ON, MORE BUSINESS WILL COME TO THIS COMPANY AND THE STARS WILL SHINE THROUGH MORE STRONGLY. BELOW $1? IF I LOSE THAT BET WITH MY PARTNER WE WILL BOTH BUY SO MUCH STOCK WE WILL BE RICH ENOUGH TO RETIRE WITHOUT THE ASTROLOGERS FUND INC OTHER NEW VENTURES.

5 Riddle: Why will take a financial astrologer to call the next market crash? Answer: SIMPLY THIS - IN THIS BULL MARKET, PRICES ARE UP. TO MOST VALUE INVESTORS - SKY HIGH... OUT OF SIGHT... IN FACT SO FAR UP THEY ARE LITERALLY OUT OF THIS WORLD. NOW WHO IS LOOKING UP AT THE SKY AND THUS BEST ABLE TO SEE THE TOP..... RIGHT ASTROLOGERS!

6. Hi Henry, I enjoy your site, very nicely laid out..... Question, Arch Crawford has made a call to go 200% short. You seem to remain bullish from what I have read here...how can you read the same information and come to separate conclusions? I AM A BULL? AM I MISCOMMUNICATING HERE OR WHAT?

Why does the Cadbury Numbers article (2/27) project Bullish sentiment when you are saying the Bear is at our door? As always, thanks for being there! CHRIS CADBURY IS A FIRST RATE MARKET TECHNICIAN WHO CHARTS PRIMARILY MONEY FLOWS AND THE OPTION PREMIUM RATIO AMONG OTHER INDICATORS. HIS TRACK RECORD IS SO GOOD IN FORECASTING SHORT TERM MARKET MOVES, IT IS HARD TO BELIEVE HE DOESN'T SECRETLY USE ASTROLOGY!

I too believe the stock market is headed for a downward correction. So I have withdrawn all my IRA funds this week. What would you recommend doing with this money (about $30K)? I know that I have 60 days to roll over to another approved IRA account.

WHY NOT STAY PUT IN CASH WHERE YOU ARE AND LET SEE WHAT MARCH/APRIL BRINGS BEFORE RUSHING ELSEWHERE?

Henry:Did you see the Forbes article on Disney and the Mickey Mouse accounting practices? I thought of your analysis. I HAVE NOTED DISNEY HAS NOT UNEXPECTEDLY RECEIVED LOTS OF POOR PRESS IN THE LAST TWO WEEKS. THEY BADLY NEED A GOOD CORPORATE ASTROLOGER TO GIVE THEM A MORE COHERENT STRATEGIC FOCUS.

There is a major flaw in all the theories that I have read on this page. You are all looking at just a few stellar entities, and a few aspects. None speak of the angles of approach and separation that they are using. That is why each one produces a different result. The best and most logical way is to look at all the stellar entities and aspects, and work out the net force at any one period. In practice I find that most cancel each other out, and the result is clear. In my pages that I update everyday on members.aol.com. A summary of the strongest hard and soft aspects are shown for each hour of UK and US trading. The correlation is beautiful. See for yourself. There is very little of me or personal subjectivity in here. The Stellar entities and lunar aspects speak for themselves. I hope that you all consider this approach. MY APPROACH IS BUILT UPON MORE THAN A FEW ASPECTS - THIS IS A GENERAL NEWSLETTER. I GO THROUGH 5-10 HOROSCOPES FOR EVEN A MINOR PREDICTION AND REAMS FOR MAJOR ONES. HOWEVER, GLAD YOUR WEB SITE IS NOW PUBLIC AND WE HAVE LINKED IT TO OUR WEB PAGE AND WISH YOU THE VERY BEST.

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Week of Feb 22, 1997

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1. PHILIP MORRIS

2. WHAT OTHER FINANCIAL ASTROLOGERS ARE SAYING

3. MORE CONFERENCES

4. FINANCIAL ASTROLOGY RIDDLE

5. LETTERS

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1. Next to Japan INC, MO has been our strongest buy for first Qtr 97. However, WE MAY CLOSE OUT OR TIGHTLY STOP/PROTECT PROFITS ON MO SHORTLY, EVEN THOUGH MY ORIGINAL TARGET WAS 150+. Why? My mother called me Wednesday to ask about selling her MO holdings!!!! A long term investor, not a trader like son, I don't think she was concerned two days in advance that theTexas Attorney General Dan Morales story alleging Philip Morris destroyed incriminating documents on the health effects of smoking would hit the newswires today. Then again, she DID sell ALL her stock one week before the 1987 crash AND the March 8th eclipse is coming....and Philip Morris has a POOR horoscope for April (a DOWN month anyway), so you will easily understand my new found caution.

2. GREG MEADORS (Market Systems Newsletter: meadors@ix.netcom.com) "We now expect a major top Ideally on February 14, 1997. The Market should start a corrective phase at this time....Therefore we now recommend taking profits on mutual fund and all stock positions.

ARCH CRAWFORD (Crawford Perspectives 212-744-6973) has for some time been predicting that the Bull Market will END mid-February (13-19) coinciding with a major planetary configuration taking place over that period, making that time frame comparable to the "harmonic Convergence" which topped the market on August 14, 1987 prior to the market CRASH of that year.

Henry Weingarten (ASTROLOGERS FUND www.afund.com) states that Tech Stocks will peak within a lunar cycle of the Jupiter/Uranus conjunction (2/15) and the the current bull market will be "over" or in corrective phase by March 11.

3. I will be speaking on TRADING BY THE STARS at the NYC Investment Conference on March 7th at the Marriott Marquis Hotel -- 1535 Broadway (between 45th and 46th Streets). FREE ADMISSION. Reservations by calling 1-800-700-7811. Speakers include: Gayle Essary, Bill Bresnan, Ed Taxin, Jerry Wenger and George Chelekis.

I will be doing an on-line STOCK TALK conference on the web on International Astrology Day (SPRING EQUINOX) 9 PM EST March 20. You can get details and register from halcyon.com

4 Riddle: Why will take a financial astrologer to predict the next market crash? Answer next week!

5. Regarding your incorporation[of the Astrologers Fund Global Opportunities] Did you pick the time and place and then incorporate at the moment that fit your criteria best OR was it strictly the way it worked out...?!? I've always kind a been curious about that as it seems that for a particular moment and place to be a reliable and valid starting point it would have to be a totally natural occurrence. I've had some friends that were into astrology and they used to start new enterprises only when "things" were right -- and mostly the ventures failed. It seems that the important point in the universe would/should be that time and place when the concept/venture actually was conceived or at the moment when all the pieces came together rather than picking your spot. I do a little with numbers and it always seems that the totally natural occurring ones work out most "naturally" as opposed to when I try to make them fit.

YES I PICKED THE EXACT TIME FOR THE INCORPORATION OF THE ASTROLOGERS FUND GLOBAL OPPORTUNITY HEDGE FUNDS. WHY YOUR FRIENDS VENTURES MOSTLY FAIL IS MOST LIKELY BECAUSE THEY ARE NOT PAYING ENOUGH ATTENTION TO THE NON-ASTROLOGICAL FACTORS NEEDED FOR SUCCESS: MANAGEMENT SKILLS, ADEQUATE FINANCIAL RESOURCES, QUALITY PRODUCT OR SERVICE, MARKETING, ETC. IN ADDING TO TIMING.

>7000 DIJA 2/13/97 12:45pm EST 28 Gemini Rising. GAZARELLI/ WEINGARTEN BREAKOUT. As to the intermediate term trend, we expect to be smiling before the IDES of March as we have repeatedly forecast. I understand nothing is precise in this game, whatever tools one uses. However, why do you effectively disagree with Arch Crawford and his well documented forecast. I'm not suggesting he will be right, he was well off the mark last year and I suppose I'm not saying you will be right....but if you are both using the same platform, how can you dismiss this week's apparent astrological significance....5 planets, major alignments etc. After all in 87 the high was around this type of mundane formation and the panic a result of the October 87 LUNAR eclipse, with arguably Mars the trigger. The possibility exists, does it not, that a high coming in around here, would suggest a panic around your date....So I guess I can't figure out the basis on which you have dismissed this week as you haven't really entertained the idea of a high this week. With High Energy

ARCH AND I DON'T LOOK EXACTLY AT THE SAME INFO, I FOR ONE, FORESAW PHILLIP MORRIS GOING TO AS MUCH AS 150 FIRST QTR 97 AS I FORECAST IN OCTOBER. THIS PAST WEEK COULD BE THE TOP FOR THE BROAD MARKET , BUT NOT NECESSARY FOR THE DIJA. OF MY FIVE BIG SHORT POSITIONS, IBM AND NCR BOTH SAW THEIR 1997 TOP (I BELIEVE) CIRCA OUR 1/23 GAZARELLI/WEINGARTEN LINE, MSFT SHORTLY THEREAFTER. ONLY DIS AND GE MAY HAVE TOPPED WITH ARCH'S TIMING. FURTHERMORE, IF ARCH IF RIGHT, THIS DOES NOT MEAN I AM WRONG, AS A TOP CAN BE IN PLACE FOR MY CALL OR NOT. I AM SHORT BIG TIME AND WILL CONTINUE TO ADD SELECTIVELY INTO MARCH -- SO IF ARCH IS RIGHT, I WILL MAKE MONEY AND IF ARCH IS WRONG (IN THIS CASE) I WILL STILL MAKE MONEY. EITHER WAY HIS CALL IS NOTEWORTHY.

<< Question: What price level do you see for Disney by 4/1/97? >>

I DON'T RECOMMEND COVERING OUR SHORT POSITION UNTIL 45 AT WHICH POINT I WILL TAKE THE MONEY AND RUN AS DISNEY HAS A GOOD HOROSCOPE FOR MUCH OF 1998. HOWEVER I INTEND TO REVIEW IT ON 6/30/97 OR DIJA 5222, WHICHEVER COMES FIRST.

Henry, give us a break and tell WHY the eclipse is so bad for Disney. Because it's opposing n. Mars/Neptune? What else? Must be lots else. YES INDEED. MICKEY MOUSE EARNINGS COMING, AND ANALYST FORECASTS HAVE BEEN GOOFY TODATE :)

AURA BEST, HENRY

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Week of Feb 15, 1997

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1. 7000 DIJA

2. ASTROLOGERS FUND GLOBAL OPPORTUNITY

3. ASTROLOGERS FUND IN THE NEWS

4. CONFERENCES

5. LETTERS

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1. 7000 DIJA 2/13/97 12:45pm EST 28 Gemini Rising. GAZARELLI/ WEINGARTEN BREAKOUT. As to the intermediate term trend, we expect to be smiling before the IDES of March as we have repeatedly forecast.

2. The Astrologers Fund Global Opportunity was incorporated at Noon Dover Delaware, February 12, 1997. Remember on that day the Mercury (Stock) Jupiter (Big) Uranus (Quick) conjunction resulted in a 100+ point up DIJA move. We aim to transpose that symbolism to our hedge fund limited partners pocketbooks!

3. We will be interviewed this Sunday on MSNBC-FN at 2pm EST. Please tune in. This past week we also filmed for ANTENA 3, SPANISH Television and were briefly quoted on 2/12/97 in MONEY Magazine Moneywatch which you can read at pathfinder.com.

4. Our marketing group has obtained a few passes for our clients and prospective clients to visit me at the Orlando Sound Money Show March 12-16. If you would like a free pass (normally $99), please call 1-800-346-0092 this month and mention Henry Weingarten of the Astrologers Fund. The SUB THEME of our 5th Astrology and Stock Market Conference May 16, 17 in NYC is "COMING OUT OF THE CLOSET" Any money managers, brokers, traders or analysts who regularly use astrological input in their work and are willing to tell it to press, may be eligible for complimentary admission. Email me for details. BTW my new financial partner finally will be one such story.

5. I've been around for a while and I know that where you once thought resistance when you breakthrough that becomes support... Does Astrology forecasting work the same way? When you are looking for resistance and you find a strong rally do you use that area as support and project from that moment in time on...? Is this a real momentum rally or what? When I first started with E.F Hutton they used to say "If you can't breathe under water don't stand in front of a flood with a straw...Marooned In Real time WE SOMETIMES CHART TIMES OF TOPS AND BOTTOMS IN SUCH A WAY. FOR EXAMPLE THE MOMENT THE DIJA BROKE 7000 SUGGESTED A TOP IS DUE IN LESS THAN 2 MONTHS. At long last.....

You had recommended purchasing a "Japan Fund" in 1997. Also selling Disney. Which Japan Fund do you recommend, and still dump Disney by March? I appreciate your clarification and look forward to investing in one of your funds. YES AS WE SAID IN OCTOBER, DISNEY'S TROUBLE TIMES ARE DECEMBER, MARCH AND MAY. THIS IS ONE OF MY VERY FAVORITE MARKET SHORTS AND MAY EVEN TRIGGER MUCH BROAD MARKET SELLING IN MARCH (REMEMBER UAL AND OCTOBER 1987?) . AS TO JAPAN, WE LOVE SONY, AND IDEALLY ANY FUND THAT IS NOT HEDGED AGAINST THE YEN. WE HAVE BEEN TRACKING JAPAN EQUITY FUND-JEQ. Thank you. I enjoy reading your email messages every week. Henry, from your most recent mail on IHI I am concerned your wife may have stopped building that wine cellar you had mentioned Would that be the case? << MY WIFE BELIEVES IN USING OUTSIDE CONTRACTORS-NO SHE HAS HASN'T CANCELLED ANY CONTRACTS YET.

Henry Question-Are you still building a wine cellar for the profits of IHI. At this rate your holders of this stock may be doing a WHINE of their own. So Henry, " What's the story?" >> SEE LATEST POSITIVE NEWS FROM CANADA'S PROVINCE MONEY FEBRUARY 14,1997: "It almost sounds too good to be true.....It will be interesting to see who steps up to the plate when we start accepting orders in April"- I AGREE, AND I BELIEVE ALSO VERY PROFITABLE FOR LONG TERM INVESTORS SUCH AS HENRY WEINGARTEN, FAMILY, FRIENDS, CLIENTS, ETC.

AURA BEST, HENRY

Week of Feb 8, 1997

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1 JUPITER/NEPTUNE

2. JUPITER/URANUS

3. KEY GAZARELLI/WEINGARTEN TEST NEXT WEEK

4. THE TRUE VALUE OF FINANCIAL ASTROLOGY

5. LETTERS

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1. The planets in Astrology represent FUNCTIONS or ENERGIES. Previously I gave one potential expression of the recent Jupiter/Neptune conjunction: UNREAL (NEPTUNE) GREED (JUPITER). However, Human reaction to planetary energies is NEVER one-dimensional and involves Choices. Note the recent emphasis on Greater (Jupiter) IDEALISM (Neptune) as evidenced by the upcoming Philadelphia volunteer summit. Can't wait or can't make it? Visit two new hot links on our web site: IMPACT ONLINE: VOLUNTEER AMERICA impactonline.org and. ACCESS CIVIC INVOLVEMENT accesspt.com.

2. I have several times forecast that many High Techs Stocks will make their 1997 Peak close to the JUPITER/URANUS CONJUNCTION February 15. This includes Intel and Microsoft.

3. NEXT WEEK THE GAZARELLI/WEINGARTEN PRICE LEVEL WILL HOLD OR BE BROKEN I.E. BECOME A TEMPORARY FLOOR FOR THE FINAL LEG OF THIS BULL MARKET, OR FOR A TIME AN IN PENETRABLE CEILING.

4. The beginning of last week I received a long distance phone call from a "large investor" who was planning a major investment in South Africa or Brazil and wanted my opinion as to which would be more profitable. Being busy at the time, I said my fees were VERY high, but suggested someone from my office, a specialist in locational astrology and who charges only $195-$250 for this type of work. He responded: " Oh THAT much, I thought the cost was $10." WELL I GUESS FINANCIAL ASTROLOGY HAS NOT YET COME OF AGE!

5. I had been waiting almost more than a year in Novell (NOVEL) to get in for a good ride.(date of Inc. 01/25/1983). Lately it has confirmed the up move. Jupiter, Uranus, Venus and Mercury will pass over Sun of Incorporation date by mid- February-- I expect an explosive rise, again this depends on the market conditions. WELL WE THINK NOVELL IS UNDERVALUED AND HAS BEEN PERFORMING WELL IN 1997 AS YOU MENTION. THIS IS ONE I WOULD NOT SELL IN FEBRUARY, BUT HOLD AS UNDERVALUED.

You say that the investor's own natal chart has much relevance when investing and is important in determining the timing of investments. Do you offer this as a service for a fee? If you don't, can you recommend other astrologers who offer this service? CURRENTLY MY WORK IS MORE AS CORPORATE ASTROLOGER AND THEREFORE TOO EXPENSIVE FOR THE AVERAGE INVESTOR. [HOWEVER, IF PRICE IS NO OBJECT, I COULD BE YOUR MAN :)] I AM LOATHE TO RECOMMEND, AS THERE ARE NO STANDARDS (YET) FOR THIS EXPERTISE. YOUR LOCAL PROFESSIONAL ASTROLOGER CAN BE OF ASSISTANCE, JUST TREAD CAREFULLY.

<< I am new to your site so I have not seen you mention anything about the Metals. Is it you do not invest in this area? Or not interested? >> I DO, BUT WHERE IS THE ACTION THESE DAYS? WE ARE SIDELINED WITH A FAIR AMOUNT IN HAND BUT CERTAINLY NOT DESIRING TO ADD TO OUR POSITIONS AT THIS POINT. WE PLAN TO SEND OUT A GOLD REPORT AFTER MARCH 11 FOR OBVIOUS REASONS.

> Remember my call for a 795 top for the cash S&P 500? The actual high was > 794.67! Will be buying my puts after the FOMC meeting. This week look > like a double top on the dow and s&p. >> > SINCE WE ARE SO HEAVILY SHORT IBM YOU UNDERSTAND WHY WE ARE IN EARLIER. > IN MY SYSTEM IF I FORECAST 795 AND IT REACHED 794.67 I WOULD EXPECT A MOVE BACK UP TO 795 BEFORE RETREATING, SAME IN YOURS? << went short again on 7 Feb. GMTA

AURA BEST, HENRY

To unsubscribe to our mailings, type UNSUBSCRIBE in the subject field and send to AFUND@aol.com.

Henry Weingarten

PAST WALL STREET NEXT WEEK REPORTS

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The Astrologers Fund "Always a Stellar Performance" afund.com Afund@aol.com 212/949-7275 Fax 212/949-7274
350 Lexington Avenue, 4th Floor New York, N.Y. 10016-0909
Author: INVESTING BY THE STARS McGraw Hill, TRADING BY THE STARS (97) May 16-18, 1997 Fifth Annual Astrology & Stock Market Conference NYC "Can you afford NOT to have Financial Astrology in your future?"
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DISCLAIMER: PAST RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE FORECASTING ACCURACY OR PROFITABLE TRADING RESULTS. The Astrologers Fund Accepts No Liability Whatsoever For Any Loss Arising >From Any Use Of Its Report Or It's Contents. The Astrologers Fund Or Its Clients Usually Holds Positions In The Stocks and/or Market Instruments Mentioned And May Buy Or Sell At Any Time Without Notice. This Information Is In No Way A Representation To Buy Or Sell Securities, Bonds, Options Or Futures. ALWAYS CHECK WITH YOUR LICENSED FINANCIAL PLANNER OR BROKER BEFORE BUYING OR SELLING ON THE RECOMMENDATIONS OF THE ASTROLOGERS FUND.

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To: afrayem onigwecher who started this subject8/4/2004 1:38:12 PM
From: StockDung
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