Source: PRLog - Global Press Release Distribution (http://www.prlog.org)
By John Stockman
Dated: 2007-01-31 21:46:14
(Uncovering the shrewdest stock manipulator in America, part II)
It must be the Watchdog himself, Hartley Bernstein!
Only Hartley Bernstein, president and editor of a handful of websites dedicated to disclosing suspected wrong doings by publicly traded companies, really knows for sure.
Since July 1999, Stock Patrol.com and other reporting services under the same umbrella such as Radar’s Doghouse and The Stock Watchdog, have been providing an inside view of Wall Street, with detailed reports on public companies, brokerage firms, and regulatory developments. Their mission? To help investors navigate their way through the securities markets and the financial industry.
Is this the true picture?
We think not! In May of 1999 Mr. Bernstein pleaded guilty to securities fraud, conspiracy and perjury, and agreed to forfeit US$850,000 in profits. He then decided to turn over a new leaf and be one of the good guys. A good guy? If the definition of being a good guy is being the shrewd manipulative mastermind of a suspected illegal short selling group, then he has succeeded.
The now disbarred attorney, Mr. Bernstein, is so shrewd and convincing that even market regulators, who are some his most faithful readers, have fallen for his scheming ways. Dozens of companies that have been profiled on Mr. Bernstein’s syndicate of reporting services have been seriously hurt by unsubstantiated negative connotations promoted by the reports. Could it be that Mr. Bernstein has developed a syndicate of reporting services just to influence the market? Mr. Bernstein’s syndicate has a large following that can be very easily influenced by bad news. It’s nice to have that kind of power especially when you have the kind of knowledge about the public markets that Mr. Bernstein has. Has he really turned the corner or is he undermining the markets by releasing detrimental news about publicly traded companies just to take advantage of the short selling opportunity.
One person who second-guessed Mr. Bernstein’s turnaround was Richard D. Owens, the assistant US attorney who prosecuted Bernstein. Mr. Owens stated at the hearings that when Bernstein first came to the government, "we, of course, raised our eyebrows a bit." And no wonder. Owens knew that operating "fraud detection" sites such as StockPatrol.com, Radar’s Doghouse or The Stock Watchdog is hardly an untainted concept. One effort, StockDetective.com, founded after its parent company was found by federal prosecutors to have been the target of a stock manipulation scheme. And also, a stock adviser, Amr Ibrahim Elgindy -- whose Web sites, insidetruth.com and anthonypacific.com, promised to expose penny-stock schemes -- was indicted in Brooklyn on federal charges of operating a stock manipulation and extortion racket.
Isn’t it Obvious?
How does one afford to live a lavish lifestyle and own an eight-room Georgian-style apartment on Park Avenue in Manhattan, just from the goodness of your heart? It’s quite obvious you can’t. It takes a lot of money to be able to afford that type of lifestyle, and the suspicion is that Mr. Bernstein is making his money off of unsophisticated investors playing the market long. “ONLY IN AMERICA”!! as Don King
stated.
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