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Secretary Galvin Files Against
Pump and Dump Operator
(On September 6, 2006)
Eiten Complaint (PDF, 1.8mb ) sec.state.ma.us
Eiten Exhibits (PDF, 12.2mb ) sec.state.ma.us
Wednesday, September 6, 2006
Dover man charged in alleged "pump and dump" scheme
Massachusetts Secretary of State William F. Galvin today charged a Dover man with illegally promoting stocks at the same time he was selling them, known as a "pump and dump'' arrangement.
In a civil complaint Galvin's office seeks to recover proceeds it estimated at more than $4.5 million from Geoffrey Eiten and his companies. The complaint charges Eiten offered investment advice through newsletters, emails and websites, but also was hired by companies as an investor relations consultant, and subscribers weren't told of his conflicts of interest.
(By Ross Kerber, Globe staff)
Posted by Boston Globe Business Team at 01:35 PM
Print | E-mail to a friend | Permalink | Subscribe via rss More news updates from The Boston Globe
SEEKING VICTIMS AND INFORMATION ON SURGILIGHT INC AND CONOLOG AND OTHER ASSOCIATED STOCKS
OTC Financial Network - Management Team
Geoffrey J. Eiten, RIA - President & Founder
After pinpointing a long-standing industry void, Mr. Eiten founded OTC Financial Network as the only full-service investor relations firm specifically dedicated to the representation of micro- and small-cap, emerging growth companies. A seasoned investment professional of over 25 years and a registered investment advisor since 1979, Mr. Eiten is renowned throughout the investment community. For information detailing Mr. Eiten's illustrious career, please see "About Our Founder."
Geoff Eiten recommends Surgilight Inc and is also IR
Wednesday March 22, 8:28 am Eastern Time
Company Press Release
OTC Financial Network Announces Investment Opinion On SurgiLight Inc. OTC Financial Network Issues Research Report On SurgiLight Inc.
ORLANDO, Fla.-March 22, 2000- SurgiLight Inc. (OTCBB:SRGL)announced today that
OTC Financial Network, a division of National Financial Communications
Corporation (NFC) of Needham, Massachusetts, has issued an in-depth
analytic report on the Company. The report is available online, at
www.otcfn.com/srgl/4page.html. The report is also available for reprint by
calling 781/444-6100, ext.11. Geoffrey J. Eiten, president of National Financial
Communications, commented, ``The market for laser applications in the
ophthalmology and dermatology industries is enormous, and SurgiLight, Inc. has
the innovative technology to assume a position of leadership.''
SurgiLight is a world leader in the development of new infrared technologies,
and a pioneer and inventor of scanning lasers and laser presbyopia reversal. The
Company continues to receive royalty income from international eye laser and
cosmetic centers. The presbyopia potential market is over $150 billion in US and
$1.4 trillion worldwide, according to SurgiLight's market analysis.
OTC Financial Network, a division of National Financial Communications Corp., is
a financial communications and investor relations firm specializing in the
representation of micro-cap companies.
Forward-looking statements in this release are made pursuant to the ``safe
harbor'' provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including without limitation, continued acceptance of the
Company's products, increased levels of competition for the Company, new
products and technological changes, the Company's dependence on third-party
suppliers, and other risks detailed from time to time in the Company's periodic
reports filed with the Securities and Exchange Commission.
OTC Financial Network, a division of National Financial Communications
Corporation, serves as a special advisor to the featured Company and has
received fees for services. This is not an offer to buy or sell securities.
Information or opinions in this report are presented solely for informative
purposes, and are not intended nor should they be construed as investment
advice. Contact: SurgiLight Inc. OTC Financial Network
J.T. Lin Geoffrey Eiten
407-482-4555 781-444-6100 x.13
Surgilight turns out to be massive fraud
Securities and Exchange Commission
Litigation Release No. 17469 / April 11, 2002
Securities and Exchange Commission v. Surgilight, Inc., Jui-Teng Lin, Yuchin Lin and Aaron Tsai, Civil Action No. 6:02-CV-431-0RL-18KRS (G. Kendall Sharp, J.; Karla R. Spaulding, M.J.) (M.D. Fla. filed April 11, 2002)
SEC Sues Laser Eye Surgery Company, Two Securities Law Recidivists and Others In Multi-Million Dollar Stock Manipulation
The Securities and Exchange Commission ("Commission") today filed a civil action against a laser eye surgery company, two securities law recidivists, and a shell company broker in a multi-million dollar stock manipulation involving Surgilight, Inc., a publicly traded company headquartered in Orlando, Florida. One defendant, Dr. Jui-Teng Lin, was also indicted today by the United States Attorney's Office for the Eastern District of New York on related criminal charges. The Commission's complaint, filed in the United States District Court for the Middle District of Florida, alleges that Dr. Lin and his wife, Yuchin Lin, reaped over $1,700,000 in ill-gotten gains from manipulating the common stock of Surgilight. According to the complaint, the Lins artificially inflated the market price of Surgilight stock tenfold (from approximately $2.50 to over $25 per share) through a series of false and misleading press releases issued by Surgilight. The press releases detailed the company's purported ability to cure age-induced vision deterioration known as "Presbyopia." The Lins simultaneously dumped a substantial amount of Surgilight stock on an unsuspecting public through two nominee accounts and moved the proceeds through a series of offshore accounts to a domestic bank account held in Surgilight's name that they controlled. The Lins settled a prior civil action brought by the Commission involving another laser eye surgery company in September 1998 [see SEC v. Jui-Teng Lin and Yuchin Lin, Litigation Release No. 15870 (Sept. 3, 1998)].The Commission further alleges that the Lins were assisted by Aaron Tsai of Henderson, Kentucky. According to the complaint, Tsai sold the Lins the publicly traded shell that became Surgilight, supplied the stock that was dumped out of the nominee accounts and, after Surgilight became a publicly-held entity, remained with the company as a consultant. At the height of the manipulation, Tsai sold over $1,000,000 worth of Surgilight stock for his own account. The Commission charges Dr. Lin with violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 ("Securities Act") and Sections 10(b), 13(d), and 16(a) of the Securities Exchange Act of 1934 ("Exchange Act") and Rules 10b-5, 13d-1, 13d-2, 16a-2, and 16a-3 thereunder. Ms. Lin and Surgilight are charged with violations of Sections 5(a), 5(c), and 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder. Tsai is charged with violations of Sections 5(a) and 5(c) of the Securities Act and aiding and abetting Dr. Lin and Ms. Lin's violations of Section 10(b) of the Exchange Act and Rules 10b-5 thereunder. The Commission seeks permanent injunctions, disgorgement of ill-gotten gains with prejudgment interest, and civil penalties from all defendants and an officer and director bar against Dr. Lin.The Commission acknowledges assistance provided by NASD Regulation Inc. and the United States Attorney's Office for the Eastern District of New York in this matter.For tips on how to avoid Internet "pump-and-dump" stock manipulation schemes, visit sec.gov. For more information about Internet fraud, visit sec.gov. To report suspicious activity involving possible Internet fraud, visit sec.gov Complaint in this matter.
SEXI Dr. Kenneth D. Steiner rounds out Geoff Eiten's current management team
otcfn.com nfnonline.com National Financial Network - Management Team nfnonline.com
Management Team google.com.
Dr. Kenneth D. Steiner, MD, RIA - Special Medical Consultant Having embarked upon his medical career as a clinical fellow at the Harvard Medical School in 1979, Dr. Steiner emerged a specialist in emergency medicine and assistant professor of Ambulatory Care. After establishing a private practice in 1983, he became a registered investment advisor and medical review officer, and has served as medical consultant to numerous Fortune 500 companies. Today Dr. Steiner maintains a private practice and is a fellow of the American Academy of Emergency Medicine. At NFN, he serves as a consultant for clients in the biotech, medical, healthcare, and biomedical fields. Dr. Steiner utilizes his vast experience and personal contacts within the financial and medical fields to increase awareness of the opportunities offered within the small-cap arena.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. LITIGATION RELEASE NO. 16695 / September 11, 2000 SECURITIES AND EXCHANGE COMMISSION v. KENNETH STEINER AND WOODBRIDGE FAMILY MEDICAL ASSOCIATES, P.C., Civil Action No. 00-02145 (D.D.C.) NEW JERSEY DOCTOR AND HIS MEDICAL PRACTICE PAY $1.3 MILLION TO SETTLE SEC CHARGES OF SELLING UNREGISTERED SYSTEMS OF EXCELLENCE SECURITIES The Securities and Exchange Commission today announced that on September 8, 2000 the Honorable Gladys Kessler of the United States District Court for the District of Columbia entered final judgments against Kenneth Steiner ("Steiner"), a New Jersey physician, and his medical practice, Woodbridge Family Medical Associates, P.C. ("Woodbridge"), requiring them to collectively pay over $1.3 million in disgorgement, prejudgment interest and civil penalties. The Commission's complaint, filed on September 7, 2000, alleges that in two separate transactions in March and June 1996, Steiner acquired -- for himself, his corporate medical practice and in the names of family nominees -- a total of 689,655 shares of newly-issued Systems of Excellence, Inc. ("SOE") stock in a private placement at a total cost of $200,000. The shares that Steiner and Woodbridge acquired were neither registered nor exempt from registration but were nevertheless conveyed to them without the required restrictive legend as part of a scheme orchestrated by Charles Huttoe, former president of SOE, to manipulate the market for SOE securities. According to the complaint, Steiner and Woodbridge soon resold nearly all of these newly-issued and unregistered shares into the manipulated market, realizing net profits of $924,789. Simultaneously with the filing of the Complaint, Steiner and Woodbridge, without admitting or denying the SEC's allegations, settled the action by consenting to entry of the court's Order that: (i) permanently enjoins them from violating Sections 5(a) and (c) of the Securities Act of 1933; (ii) requires Steiner to disgorge his illegal profits of $602,648, plus prejudgment interest of $220,433; (iii) requires Woodbridge and Steiner to jointly and severally disgorge $322,141, plus prejudgment interest of $111,376; and (iv) requires Steiner to pay a civil penalty of $50,000. With the filing of this Complaint, and the subsequent payment by Steiner and Woodbridge, the Commission will have collected approximately $12 million in disgorgement, which will later be distributed by the Court-appointed receiver to victims of the SOE fraud. The Commission previously has made several announcements concerning these matters. See Lit Rel. 16632a (July 21, 2000), Securities Exchange Act Rel. 42616 (April 4, 2000), Lit Rel. 16343 (October 27, 1999), Lit. Rel. 15996 (December 9, 1998); Lit. Rel. 15906 (September 24, 1998); Lit. Rel. 15888 (September 18, 1998); Lit. Rel. 15617 (January 14, 1998); Lit. Rel. 15600 (December 22, 1997); Lit. Rel. 15571 (November 25, 1997); Lit. Rel. 15490 (September 12, 1997); Lit. Rel. 15286 (March 12, 1997); Lit. Rel. 15237 (January 31, 1997); Lit. Rel. 15185 (December 12, 1996); Lit. Rel. 15153 (November 7, 1996); Securities Exchange Act Rel. No. 33791 (October 7, 1996). The Commission's investigation in this matter is continuing. This enforcement action is part of the Commission's four-pronged approach to attacking Microcap abuses: enforcement, inspections, investor education and regulation. For information about the SEC's response to Microcap fraud, visit the SEC's Microcap Fraud Information Center at sec.gov. sec.gov
Geoffery J. Eiten tied to known stock manipulator MARIO IACOVIELLO who was associated with Notorious Boiler Room La Jolla Securities Corp. I am happy to add important investor information to Mario's resume.
National Financial Network - Management Team Geoffrey J. Eiten, RIA - President & Founder
John J. McElligott - Chief Operating Officer
Denelle Swaim - Chief Administrative Officer
Mario Iacoviello - Independent Affiliate/Western Region
nfnonline.com Mr. Iacoviello gained extensive experience in the financial industry through a decade of work in senior management positions with prestigious companies such as Baron Chase Securities, Oppenheimer, and Rodman & Renshaw. Through his work with these firms, Mr. Iacoviello has gained expertise in a variety of areas, including financing and the development of integral marketing strategies resulting in increased profitability. He has seamlessly adapted these skills for utilization in the arena of investor relations. NFN's clients and their investor base benefit from his broad financial background.
CIVIL ACTION AGAINST MARIO IACOVIELLO The Commission announced the filing on September 7 of a final
judgment on consent against Mario J. Iacoviello of Vista, California
in the United States District Court for the Southern District of New
York. According to the Commission's complaint, filed on May 14,
1998, Iacoviello violated the antifraud provisions of the federal
securities laws while employed as a registered representative with
the San Diego branch office of La Jolla Securities Corp. by
accepting undisclosed compensation for recommending and selling
stock in RMS Titanic, Inc. to his clients. Without admitting or denying the allegations in the Commission's
complaint, Iacoviello consented to a permanent injunction against
future violations of Section 17(a) of the Securities Act of 1933 and
Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5
thereunder. Iacoviello also consented to pay disgorgement of
$30,325 plus prejudgment interest thereon of $16,155.30, subject to
a waiver of all but $10,000 based upon Iacoviello's demonstrated
inability to pay. [SEC v. Paul V. Montle, LS Capital Corporation,
Paul V. Culotta, Carol C. Martino, CMA Noel, Ltd., Mario J.
Iacoviello, Ilan Arbel and Europe American Capital Corporation,
USDC, SDNY, 98 Civ. 3446, MP] (LR-16277)
SEC says former LS Capital officer Montle fined WASHINGTON, July 13 (Reuters) - Paul Montle, former president and chief executive of LS Capital Corp., was ordered to pay more than $415,000 and barred from serving as an officer or director for five years for alleged fraud involving three other companies in the early 1990s, regulators said on Friday. Montle, 53, who resides in Massachusetts, was also barred from participating in the sale of securities for five years, according to the Securities and Exchange Commission. The ruling, which was handed down on Thursday by a U.S. federal judge in New York, fines Montle $50,000, orders him to pay back more than $365,000 in disgorgement and interest, and bars him from holding executive roles in publicly-traded companies, closes an SEC civil case filed back in May 1998. Montle, while a CEO and director of Viral Testing Systems Corp., which marketed an HIV diagnostic test called "Fluorognost," more than doubled revenues and overstated revenue projections in two trade publications in 1992 and in a 1993 company press release, the SEC alleged. As chairman and CEO of gambling casino operator Lone Star Casino Corp., he intentionally left out in SEC filings the sale of more than 1 million shares to foreign investors in 1993 and altered minutes from board meetings and the company's financial books to cover it up, the SEC alleged. He was also accused of profiting more than $187,000 by manipulating in 1993 the stock of RMS Titanic Inc. , which owns the salvage rights to the sunken Titanic. Montle's "violations involving fraud and deceit were numerous and ongoing," and his "actions were knowing departures from the securities laws," the SEC quoted federal district judge Milton Pollack as saying. The ruling was made after a four-day trial in May, the SEC said. His attorney did not immediately return a telephone call seeking comment. 18:44 07-13-01
click on this url CNLG and it will bring you to the conolog thread. Conolog is backed by notorious securities recivist Warren Schreiber
Case Study 2: Conolog Corp. The Company:
Conolog Corporation (NASDAQ: CNLG) The Challenge:
In January 2000, Conolog was almost a half-year into a corporate turn-around. Although the Company was moving towards profitability and was closing on significant contracts, its stock was not experiencing any volume, and it was consistently closing at less than a dollar. Conolog President Robert Benou knew he stood on the verge of being delisted from the NASDAQ. He - and Conolog - needed help in generating volume in the stock, and breaking the price ceiling that had been established. They turned to NFC. The Strategy:
Conolog and Benou were, on an almost daily basis, creating newsworthy opportunities that proved the Company was viable and worthy of investor interest. We decided to mount an aggressive press release campaign in tandem with a one-on-one phone campaign to our network of brokers - a full court press. Implementation:
On February 1, 2000, we started our press release campaign with an announcement that Conolog had retained our services. We immediately issued a second release, and the press was on. Virtually every other day through the month of February, we issued a press release about Conolog - its new products, its new contracts, its quarterly results - every piece of good news we could find to talk about. Each release was followed by a targeted email and fax blast to existing shareholders, our broker network, and potential investors following Conolog's industry. In conjunction with the release blitz, our telemarketing department followed up each and every release with a barrage of phone calls - to a highly targeted, and increasingly receptive audience. The Results:
In the first week of our campaign, Conolog's share value rose 225%. Volume rose to over 15 million shares in one day, and share value skyrocketed to a record high of $7.50.The Company's standing on the NASDAQ was preserved. In March, April and June, we sent Conolog on the road, both here in the United States and throughout Europe. The Company generated tremendous interest in the investment community, attracting the attention of a whole new crop of retail and institutional investors and resulting in significant financing opportunities. Today, Conolog has broadened its product and services capabilities through a series of highly targeted, successful acquisitions. It continues to generate innovative products, lucrative contracts, synergistic partnerships and strong investor interest. IR Services | Case Study 1 | Case Study 2 | Case Study 3 | Case Study 4 National Financial Network
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