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Mix-Ansicht- Stockreporter.de's"baseless recommendation" - Skill Gast, 21.09.2000, 10:46
- Re: Stockreporter.de's"baseless recommendation" - dottore, 21.09.2000, 11:58
Stockreporter.de's"baseless recommendation"
Stockreporter.de's „ baseless recommendations“
Domainname: stockreporter.de
Domaininhaber: Torsten Prochnow, Koesliner Str. 17, D-23669 Timmendorfer Strand, Germany.
Text THE WALLSTREET JOURNAL 7.9.00: German residents Torsten Prochnow and Dennis C. Hass touted stocks of about 64 U.S. public companies through postings on the Stockreporter.de (Stockreporter.de) Web site and numerous news releases, the SEC said.
According to the complaint, the defendants and their company, WorldofInternet.com AG, targeted U.S. investors. The SEC said their baseless recommendations resulted in the prices for 28 stocks increasing 28% to 390%. On at least 15 occasions, the SEC alleges that Messrs. Prochnow and Hass sold their holdings of the touted stocks into the resulting inflated market, realizing profits of $111,530.
Without admitting or denying the SEC's allegations, the men agreed not to violate U.S. securities laws, to disgorge their profits plus interest, and to pay a civil penalty of $50,000 each.
Bruce Baird, a lawyer for Messrs. Prochnow and Hass, said his clients"are recent university graduates and started a Web site without getting SEC advice." He said his clients are now operating their site in compliance with U.S regulations.
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