Fraud in the Micro-Capital Markets Including Penny Stock Fraud
S. Hrg. 105±266 FRAUD IN THE MICRO-CAPITAL MARKETS INCLUDING PENNY STOCK FRAUD HEARING BEFORE THE PERMANENT SUBCOMMITTEE ON INVESTIGATIONS OF THE COMMITTEE ON GOVERNMENTAL AFFAIRS UNITED STATES SENATE ONE HUNDRED FIFTH CONGRESS FIRST SESSION SEPTEMBER 22, 1997 Printed for the use of the Committee on Governmental Affairs ( U.S. GOVERNMENT PRINTING OFFICE 44±227 cc WASHINGTON : 1997 For sale by the Superintendent of Documents, Congressional Sales Office U.S. Government Printing Office, Washington, DC 20402 1 VerDate 22-SEP-99 11:58 Sep 28, 1999 Jkt 010199 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 E:\HEARINGS\44227 txed02 PsN: txed02 COMMITTEE ON GOVERNMENTAL AFFAIRS FRED THOMPSON, Tennessee, Chairman SUSAN M. COLLINS, Maine JOHN GLENN, Ohio SAM BROWNBACK, Kansas CARL LEVIN, Michigan PETE V. DOMENICI, New Mexico JOSEPH I. LIEBERMAN, Connecticut THAD COCHRAN, Mississippi DANIEL K. AKAKA, Hawaii DON NICKLES, Oklahoma RICHARD J. DURBIN, Illinois ARLEN SPECTER, Pennsylvania ROBERT G. TORRICELLI, BOB SMITH, New Hampshire New Jersey ROBERT F. BENNETT, Utah MAX CLELAND, Georgia HANNAH S. SISTARE, Staff Director and Counsel LEONARD WEISS, Minority Staff Director MICHAL SUE PROSSER, Chief Clerk PERMANENT SUBCOMMITTEE ON INVESTIGATIONS SUSAN M. COLLINS, Maine, Chair SAM BROWNBACK, Kansas JOHN GLENN, Ohio PETE V. DOMENICI, New Mexico CARL LEVIN, Michigan THAD COCHRAN, Mississippi JOSEPH I. LIEBERMAN, Connecticut DON NICKLES, Oklahoma DANIEL K. AKAKA, Hawaii ARLEN SPECTER, Pennsylvania RICHARD J. DURBIN, Illinois BOB SMITH, New Hampshire ROBERT G. TORRICELLI, New Jersey ROBERT F. BENNETT, Utah MAX CLELAND, Georgia TIMOTHY J. SHEA, Chief Counsel and Staff Director JEFFREY S. ROBBINS, Chief Counsel to the Minority MARY D.
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