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Cray Inc. Message Board

  • williammccorkle williammccorkle Nov 24, 1999 10:50 AM Flag

    The Stock Promotion Game

    Anyone remember old Palomar from the lawsuit of
    H.J. Meyers posted here weeks ago? Read
    below.

    H.J. Meyers....Whale Securities....
    Salomon....Peizer....PRKR....TERA....HEPH....Gottardo....

    Now there's a club to belong to.

    Club
    RICO.

    The following is reposted from the PRKR board by
    another poster.

    ...

    Brief synopsis of facts
    taken from the 11/18/1999 Boston Globe
    article:

    MA has charged Steven Young of "Young Management
    Group" and a broker from Whale Securities with pumping
    up the price of a company which paid Young, broker
    James Whitten from Whale Securities, another broker
    from Salomon and brokers from a couple of other
    companies with taking part in an illegal scheme to promote
    stock prices in four companies.

    The four
    companies listed in the article were PALOMAR MEDICAL,
    Lasertec International, Nuko Securities, and some Cable
    company (sorry only so much room in short-term
    memory).

    Young would receive warrants and then work with a
    broker (such as Whitten) at Whale, Salomon, and other
    companies to promote the underlying stock.

    Assumedly
    the brokers themselves also received warrants as
    compensation, although this wasn't detailed in the Globe
    article, I'm assuming that based on Asensio's press
    release.

    The article also mentions that Whale has been in
    trouble elsewhere involving IPOs.

    Summary: There
    are some scum-buckets who work at Whale
    Securities.

    ...

 
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