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Online Stock Market Trading By H. Bernstein - editor, StockPatrol

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Stock Investing Course Gabor Sandor Acs was charged with false and misleading representations by the SEC on August 25th for manipulating the over the counter stocks of OTCBB: EKWL and QTEK.

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Journal Prime Rate Street Wall Gabor Sandor Acs called his company "Penny King Holdings," and professed that his "Free and Clear Foundations" would buy pennies from the homeless for a nickel apiece. It all sounded like bad economics - and a bit of bravado - from Acs, who maintained that he was an international "financier" and boasted of relationships with L. Ron Hubbard and Fernando Marcos. But Acs did not stop there. He also claimed that he was helping public companies to distribute products and raise funds. Those representations were false and misleading according to a complaint filed by the Securities and Exchange Commission on August 25, 2003.

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Stock Market News The SEC complaint alleges that Acs wrote, edited and approved six false press releases between January and May 2002 concerning Quintek Technologies, Inc. (OTCBB: QTEK) and Eknowledge Group, Inc. (OTCBB: EKWL), two companies that traded in the over-the-counter market. Some of those press releases - those relating to Quintek - were featured in a StockPatrol.com story published on June 26, 2002, entitled Panamed Corporation, Part II - Penny Kings From Heaven. (Earlier this month, the SEC leveled securities fraud charges against Quintek and its CEO Thomas Sims. (See, PanaMed Corporation and Quintek Technologies Corp. - Now The SEC Sees).

Stock Investing Basics The press releases in question raised the prospect of a business combination between Quintek and Eknowledge and touted the Penny King's experience and financial wherewithal. A March 22, 2002 press release, allegedly written by Acs, claimed that Quintek had received a $10 million order from a Hungarian company, and that Penny King would provide financing to the Hungarian company through a "$15 million revolving credit facility." According to the SEC, these representations were false. The Hungarian company had not placed any order, and could not do so without the financial assistance of Penny King, which lacked the necessary funds.The SEC complaint notes that other press releases, authored by Acs in January and March 2002, contained misleading information concerning Eknowledge's projected revenues, and the sale of 3,000,000 Eknowledge shares to Penny King. And, without the knowledge of either Quintek or Eknowledge, Acs allegedly issued a press release indicating that Penny King had proposed a merger of the two companies.

Stock Investing Software According to the complaint, Acs repeatedly misrepresented his financial experience and the assets of Penny King. Several of the press releases authored or approved by Acs, and Acs' websites, stated that Penny King was currently "facilitat[ing]" between $200 million and $2 billion in "capital investments" to 50 different companies located worldwide. All six press releases noted by the SEC, and Acs' websites, also claimed that Acs had 21 or 22 years of experience in the "finance... venture capital and world financial markets" and that Acs, through Penny King, was providing significant financing to Eknowledge and the Hungarian company that had purportedly agreed to purchase Quintek's products.According to the SEC those statements were false and misleading because "Acs and Penny King at all times lacked any valuable unencumbered assets, did not possess, or have access to, the investment capital described in the public statements, and have never provided financing, directly or indirectly, to any company." The statements also were misleading because they failed to disclose Acs' two personal bankruptcies.The SEC complaint also cited undisclosed compensation that Acs and Penny King received for touting Quintek and Eknowledge. Between August 2001 and March 2002, Quintek paid Penny King 129,000 shares of common stock, and $5,000 to promote the Company. Eknowledge paid Acs $5,000 in cash in January 2002.

Stock Market Trading The SEC says that Acs benefited significantly from the misleading press releases and campaign to promote Quintek and Eknowledge,. Shares of the two companies moved higher as the "news" was released, soaring by as much as 144% following one of the press releases. Acs benefited from the increased share prices, selling 105,000 shares of Quintek stock for a profit of approximately $40,168.

Stock Investing For Dummy The SEC is seeking civil penalties and an order barring Acs King from participating in any offering of penny stocks.

Stock Market Crash Who wouldn't give a nickel for his thoughts?Reprinted by permission of Stockpatrol.com.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.

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