| GAO Investigation of the
AMEX by: dgandll (21/F) |
11/16/01 01:29
pm Msg: 28417 of 28513 |
| Leaders of the American Stock Exchange ("AMEX"), including a member of its Board of Governors and its most recent former President Richard Syron (who has also been President of the U.S. Federal Reserve Bank of Boston), has been found to be involved with a massive stock fraud. This has led to a Securities and Exchange Commission ("SEC") investigation and an investigation of both the AMEX and the SEC's failure to oversee the AMEX by Congress. In addition to discovering massive corruption at the highest level of the AMEX, the investigations have found evidence of a systematic plan to defraud hundreds of millions from mutual funds that follow the Russell stock indexes. The General Accounting Office ("GAO") report is scheduled to be published shortly. Members of Congress have already expressed concerns over the GAO report's scope. Serious questions have to be examined about its completeness and accuracy. Asensio & Company, Inc. ("Asensio") has compiled 43 documents that can be used to independently evaluate the GAO's conclusions. The Asensio report also shows how the AMEX leadership made money of a $1.0 billion stock scam and then acted to protect the scam by using the AMEX's regulatory staff to harass their opponents. Asensio & Company is planning to release its report next week. E-mail us at owen@asensio.com or lorena@asensio.com to obtain further information [emphasis added]. | |