The Rip: True Stories of Stock Brokerage Corruption
Bret Aita
Language: English
Pages: 256
ISBN: 1550225707
Format: PDF / Kindle (mobi) / ePub
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"financial professionals" called the First New Haven Corporation, led by one Edward J. Durante. After meeting with the First New Haven group, the Original PSA people decided to implement the technique of the reverse merger. Their plan was to gain access to a market, sell Prime-Time Pump and Dump 61 shares in PSA, and raise money for growth. The first thing Durante's group had to do was to search for a shell company into which they could back Original PSA. They also purchased leads—lists of.
The necessary paperwork. Powers started to hatch a plot. They could create their own company and take it to market. Why should they go through a middleman (another company) and be forced to share the profits when they could simply create and incorporate their own publicly traded company and own the entire inventory? He presented the idea to Gunderson, and his mentor was happy to provide him with all the guidance he needed to pull it off. A hip sports clothing company seemed like a good way to go.
Identified only by some discreet lettering on its glass front door. Most passersby never even noticed it. That was exactly the way Powers wanted it. "We got the ProLine deal!" he announced as he walked in. The handful of brokers occupying Pacific's front office gave a rowdy cheer. These guys were extraordinary salesmen who worked long hours and didn't ask questions. But Powers didn't like them much—they were too loud and abrasive. Nick Lorenzo appeared, wiping some crusty white residue from his.
Trading excessively to maximize his commissions. Even Elgindy's mother found fault with his business conduct. In 1992, she charged that her son had executed unauthorized trades in her pension account, and the NASD arbitrated her a settlement of $32,000. Elgindy's actions seemed to reflect the culture at Blinder Robinson, and by 1992 the firm was being called to account for its misdeeds. Under investigation by the SEC for securities manipulation and plagued with client lawsuits, Blinder filed for.
Awhile. Upon learning of this development, he went straight to his wife's house to protest. When she refused to let him in, he stood outside yelling, unaware that she had called the police. He was arrested and thrown in jail. Kokster spent three days in jail. When he called his manager at Bay View to let him know where he was, he heard gales of laughter in the background—the manager had put him on the speaker phone. Kokster's only support, apparently, was his attorney, who smuggled packs of.