SEC Suspends Trading Of 26 Cos'-Corporate Hijackings'

[Anonymous]

DJ SEC Suspends Trading Of 26 Cos, Cites 'Corporate Hijackings'
DOW JONES NEWSWIRES
The Securities and Exchange Commission on Thursday temporarily suspended
trading in 26 companies, saying it appears the firms have taken the
identities
of defunct or inactive publicly traded companies in a tactic called
"corporate
hijacking."
In a press release Thursday, the regulatory body said the suspensions, which
start today and last through March 27, are part of the SEC's stepped-up
effort
to address fraud involving microcap securities.
"Today's trading suspensions are squarely aimed at putting the market on
notice
about the risks associated with acquiring non-operational or 'shell'
companies,
and with investing in microcaps," Linda Chatman Thomsen, director of the
SEC's
Division of Enforcement, said in the release.
The SEC said it ordered the suspensions because of questions regarding the
accuracy of information pertaining to the companies status as publicly
traded.
The regulatory body said certain persons appear to have taken identification
numbers and ticker symbols assigned to defunct or inactive public companies
by
falsely representing themselves as authorized officials of the original
publicly
traded corporation.
The commission warns investors and prospective investors that they should
carefully consider the suspensions, and other information currently available
or
subsequently released by the companies.
The 26 companies whose trading was suspended today are: Andros Isle
Development
Corp. (AVPJ); Asante Networks Inc. (ASTN); Beluga Composites Corp. (BGCC);
Cobra
Energy Inc. (CBNG); Complete Care Medical Inc. (CCMI); Disability Access
Corp.
(DBYC); El Alacran Gold Mine Corp. (EAGM); Extreme Fitness Inc. (EXTF);
Gaming
Transactions Inc. (GGTS); Global Equity Fund Inc. (GEQF); HealthSonix Inc.
(HSXI); IQ Webquest Inc. (IQWB); JSX Energy Inc. (JSXG); Kensington
Industries
Inc. (KSGT); Kingslake Energy Inc. (KGLJ); L International Computers Inc.
(LITL); Let's Talk Recovery Inc. (LKRV); Mobilestream Inc. (MSRM); Mvive Inc.
(MVIV); Native American Energy Group Inc. (NVMG); Paramount Gold and Silver
Corp. (PZG); Regal Technologies Inc. (RGTN); Remington Ventures Inc. (REMV);
Straight Up Brands Inc. (STRU); Transglobal Oil Corp. (TRGO); and Turquoise
Development Co. (TQDC).
-Jared A. Favole, Dow Jones Newswires; 202-862-9207;
jared....@dowjones.com
(END) Dow Jones Newswires
March 13, 2008 10:15 ET (14:15 GMT)
Copyright (c) 2008 Dow Jones Company, Inc.