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REFR madness: Asencio reports on Research Frontiers Inc
An SI Board Since December 2013
Posts SubjectMarks Bans Symbol SI Sentiment
93 4 1 REFR ★★★★★ (Strong Buy)
Emcee:  StockDung Type:  Moderated
Method turns glass from clear to opaque with the flick of a switch

March 14, 2016

With an applied voltage, the nanowires on either side of the glass become attracted to each other and move toward each other, squeezing and deforming the soft elastomer. Because the nanowires are scattered unevenly across the surface, the elastomer deforms unevenly. That uneven roughness causes light to scatter, turning the glass opaque. Credit: David Clarke/Harvard SEAS

Say goodbye to blinds. Researchers at the Harvard John A. Paulson School of Engineering and Applied Sciences have developed a technique that can quickly change the opacity of a window, turning it cloudy, clear or somewhere in between with the flick of a switch.

Tunable windows aren't new but most previous technologies have relied on electrochemical reactions achieved through expensive manufacturing. This technology, developed by David Clarke, the Extended Tarr Family Professor of Materials, and postdoctoral fellow Samuel Shian, uses geometry adjust the transparency of a window.

The research is described in journal Optics Letters.

The tunable window is comprised of a sheet of glass or plastic, sandwiched between transparent, soft elastomers sprayed with a coating of silver nanowires, too small to scatter light on their own.

But apply an electric voltage and things change quickly.

With an applied voltage, the nanowires on either side of the glass are energized to move toward each other, squeezing and deforming the soft elastomer. Because the nanowires are distributed unevenly across the surface, the elastomer deforms unevenly. The resulting roughness causes light to scatter, turning the glass opaque.

The change happens in less than a second.

It's like a frozen pond, said Shian.

"If the frozen pond is smooth, you can see through the ice. But if the ice is heavily scratched, you can't see through," said Shian.

Clarke and Shian found that the roughness of the elastomer surface depended on the voltage, so if you wanted a window that is only lightly clouded, you would apply less voltage than if you wanted a totally opaque window.

"Because this is a physical phenomenon rather than based on a chemical reaction, it is a simpler and potentially cheaper way to achieve commercial tunable windows," said Clarke.

Current chemical-based controllable windows use vacuum deposition to coat the glass, a process that deposits layers of a material molecule by molecule. It's expensive and painstaking. In Clarke and Shian's method, the nanowire layer can be sprayed or peeled onto the elastomer, making the technology scalable for larger architectural projects.

Next the team is working on incorporating thinner elastomers, which would require lower voltages, more suited for standard electrical supplies.

Harvard's Office of Technology Development has filed a patent application on the technology and is engaging with potential licensees in the glass manufacturing industry.

Explore further: Researchers develop cheaper 'smart windows'

Journal reference: Optics Letters
Provided by: Harvard University

Read more at:

The Asensio REFR thread celebrates National ND Week. (50 years of No Dividends) or profits

From: Bill Wexler

1/8/2014 1:55:40 AM
2 Recommendations Recommended By

Read Replies (2) of 9379
The REFR stock fraud. A retrospective....

Sunday, January 29, 2006

A message board retrospective

Bill Wexler, longtime follower of what he bluntly refers to as "the REFR stock fraud", is back with a new retrospective on the follies posted to the Yahoo! REFR message board.

By way of editorial comment, I should note that there really is not much remarkable about overly optimistic posts from the year 2000, particularly during the spring and summer, when the reality of the bear market hadn't really set in yet.

What is remarkable, though, is that even to this day, you see the same kind of talk, from mostly the same people (even as the aliases have changed over time), backed up by the same utter lack of results from the company. The only difference, really, is that the stock has not gotten crushed as badly in more recent years. Time will tell if the line can continue to hold long enough to the company to place the next round of shares at a useful price.

Anyway, with that as prologue, please join me at the summit as we ski down REFR Hubris Mountain. Take care though, it does hit double-diamond in spots...

"Buy REFR, it's the best buy on the market and has more potential than any other stock I know of..."
-- February 17, 2000. REFR closing price: $38 5/8 (all-time high close)

"I just wish REFR would pull back one more time (maybe mid 20's?) so I can pick up another few thousand shares. Then it's off to the outer-banks for unlimited Coronas and hot crab balls..."
-- February 22, 2000. Closing price: $37

"I'm going to buy waterfront in the islands with all the money I'm gonna make on REFR..."

-- March 28, 2000. Closing price: $34 1/2

"There are not a whole hell of a lot of customer sell orders out there, people are holding..."

-- March 30, 2000. Closing price: $31 1/2

"I think we bagged the elephant..."
-- March 31, 2000. Closing price: $29 1/2

"This stock is headed to the moon soon..."

-- April 7, 2000. Closing price: $27 3/4

"There are no shares for sale - you are a dead duck..."
-- July 28, 2000. Closing price: $25 1/16

"There are no shares for sale - you are a dead duck..."
-- August 2, 2000. Closing price: $23 1/16

"Recent scale up by emulsion suppliers, advanced commercialization by licensees and hiring of new employees to handle new licensee applications all points to this occurring. That is why longs are not selling..."
-- August 15, 2000. Closing price: $22

"I bought 1000 additional shares this morning...I have been accumulating since 1998...The company has never looked better or more grossly undervalued..."

-- August 21, 2001. Closing price: $20.80

"NO ONE is selling! Too many GOOD things happening with licensees..."

-- January 7, 2002. Closing price: $19.00

"Why the Shorts will lose a lot of money..."

-- February 22, 2002. Closing price: $17.30

-- April 8, 2002. Closing price: $16.80

"Shorts Defeated Again..."
-- May 15, 2002. Closing price: $15.29

"The LONGS aren't selling!!!"
-- June 1, 2002. Closing price: $13.81

"There's no fundamental reason to sell. SPD products are still coming out..."
-- July 9, 2002. Closing price: $12.50

"But if I were a trader where do I see the biggest gain? LONG!"

-- August 22, 2002. Closing price: $11.35

"Asensio and his CONSPIRATORS are going to be here until LONGS decide to sell.
...and THAT doesn't look like ANYTIME BELOW $50 a share!!!"

-- August 23, 2002. Closing price: $10.35

-- September 9, 2002. Closing price: $9.60

"YOU are TRAPPED IN REFR, because YOU CAN'T get LONGS to sell!!!"
-- January 10, 2003. Closing price: $8.60

"Where are the promised windows? What kind of stupid question is that?"

-- January 31, 2003. Closing price: $7.34

-- February 28, 2003. Closing price: $6.70

"Longs are BUYING, NOT SELLING!!!"
-- March 19, 2003. Closing price: $5.66

And now a lengthy coast to the lodge and the present day, where we see...

The price going down represents to us just one more (maybe the last) opportunity to own one of the great technologies of all time at a bargain price.
-- January 26, 2006. Closing price: $4.99

Do tell.

Posted by Bamass at 7:24 PM No comments:

Monday, April 18, 2005

A great call

Bill Wexler is back, citing a great short call made on the message boards on July 1, 2001:
"My advice to YOU is to quickly sell/cover on all OTHER stock, take out a maximal mortgage on your house (if applicable) cash in all life insurance policies and so on. Get as many credit cards as you can and take out advances against them all and then short every share of REFR you can leverage."
REFR had closed that weekend at $27 a share, and three weeks later would peak at $29 before going into a tailspin from which it has never truly recovered.

Oh, I should add that the call was not made by Bill, but by someone posting as "B_IN_K" (a reference to a character from Piers Anthony's Xanth novels).

And I should also add that Bink's call was made entirely out of sarcasm, as he is, in fact, one of the loudest proponents of REFR on the message boards. He continued in that very posting: "Then, if I am right, please tell us each time you get margin calls or your car is reposessed."

It's really the sweetest kind of irony when someone who sets out to deliberately give the worst possible advice ends up making a home run call. You'd think the experience might be a bit humbling to Bink, but on that score you'd be wrong. Bink is back on the boards and posting like there's no tomorrow. Which makes one wonder if, for REFR, there is.

Posted by Bamass at 5:51 PM No comments:

Thursday, April 07, 2005

Those who will not learn from history...

Today I thought I'd webify a periodic posting that Bill Wexler makes on the SI and Yahoo boards. It's called "REFR's Uninterrupted History of Fraud" and is a pretty damning display of what REFR has said over the years, that has ultimately amounted to nothing.

REFR's uninterrupted history of fraud

1992: The REFR stock fraud announces an automotive deal
1993: The REFR stock fraud announces an automotive deal
1994: The REFR stock fraud announces an automotive deal
1995: "I am confident that products using SPD film technology will begin to appear in the near future."
1996: The REFR stock fraud announces an automotive deal
1998: REFR takes the year off, apparently.
1999: The REFR stock fraud announces an automotive deal
2000: "As a leading integrator of businesses and technologies within the $8 billion replacement window/door industry, we are very enthusiastic about the potential for SPD light control technology to enhance the value of our custom vinyl window products," commented Steve Hoffman, Chairman and Chief Executive Officer of ThermoView Industries, Inc.
2001: The REFR stock fraud announces an aviation deal
2001: The REFR stock fraud comments on short-selling, makes misleading statements about trading activity in REFR stock...and mentions itself and Qualcomm in the same breath, in a not-so-subtle and laughable implication that the fraudulent Research Frontiers can generate revenue from its worthless patents much the same way legitimate companies such as Qualcomm exploit their valuable intellectual property.
2002: "In his address to shareholders, Robert L. Saxe gave an overview of the Company’s progress and reconfirmed that based upon projections given to Research Frontiers by several of its licensees, it was a reasonable goal to expect the Company to have its first full year of profitability in 2003."
2002: The REFR stock fraud announces "backlog of customer orders"
2002: The REFR stock fraud announces an automotive deal
2003: The REFR stock fraud announces an automotive deal
2003: The REFR stock fraud announces another automotive deal
2004: The REFR stock fraud announces an automotive deal
2004: "Research Frontiers Incorporated announced today that it will write off its remaining investment in SPD Inc..."
2005: "This funding will help us continue to improve the performance of SPD technology, and to help our 34 licensees across the world roll out SPD chemical, film and end-products..."

Revenues from commerical SPD products from 1992 to date: $0.

Posted by Bamass at 4:28 PM No comments:

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"On July 12, 2001 you issued yet another false and misleading press release which, among other things, publicly maligned one of our licensees for SPD smart windows, ThermoView Industries, with false accusations regarding their corporate history. It has been reported to us that you were subsequently privately apologetic to ThermoView, yet you still have not publicly retracted this false accusation despite your having been publicly and privately corrected by several sources. We also note that documentation which conclusively disprove your accusations has been turned over to the SEC and NASD for further action. Your failure to retract repeated statements by you which you know to be false relating to ThermoView again shows that you are at best careless with the truth and with those that you defame, and is also a violation of applicable laws and regulations which apply to you and your firm." Message 29596756

ThermoView Industries, Inc. Announces Reorganization Under Chapter 11 and Delisting from the American Stock Exchange

LOUISVILLE, Ky., Sept. 26 /PRNewswire-FirstCall/ -- ThermoView Industries, Inc. (Amex: THV), which designs, manufactures and markets home improvements, today said the company and its subsidiaries filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code on September 26, 2005. ThermoView and its subsidiaries employ over 700 people in 17 states with corporate headquarters located in Louisville. The Company's bankruptcy filing was the result of increasing pressure from high debt levels, including senior debt coming due in mid-2006.
The Company has been struggling to overcome these pressures for some time and had achieved several financial restructures with its senior lenders in the last two years. However, recent conditions had made it impossible to continue operating outside of bankruptcy protection. The Company enters Chapter 11 with an interested buyer, an affiliate of Milestone Capital Management, LLC, which has already executed an Asset Purchase Agreement with the Company, subject to the auction bidding process and court approval. The Company also expects court approval of a $750,000 loan from an affiliate of Milestone Capital to shore up its liquidity during the bankruptcy proceedings. The Company had been seeking various forms of a restructure, including an infusion of capital, a buyout of the senior lenders' positions, sale of part or all of the company's assets to a strategic buyer, or an internal voluntary restructuring by all stakeholders. Company officials stated they expect this financial restructuring to result in ThermoView Industries becoming a stronger, more efficient company. ThermoView CEO Charles L. Smith stated, "We voluntarily filed for reorganization under Chapter 11 in the best interests of our customers, suppliers and the 700 families of our ThermoView employees. It is our intention and belief that we will continue to operate as near normally as possible during this time. We will continue to perform all contracted work and generally do whatever it takes to make our customers happy. It is crucial to the success of our reorganization that we continue our high standards of customer satisfaction throughout this process. We look forward to emerging from this reorganization a stronger company with a promising future." Mr. Smith further indicated that it would be contacting all vendors and other business partners in the very near future about the details of continuing relationships during and after the reorganization. "We are thrilled to have the opportunity to work with the management team of ThermoView to reorganize the company and emerge from bankruptcy," said Murry N. Gunty, Managing Partner of Milestone Capital. "Unfortunately, though the business is very sound, they were operating under a legacy capital structure that inhibited the company's performance and opportunities for growth. Upon completion of the transaction, we look forward to growing the business with management." ThermoView also stated that its Board of Directors resolved on September 22, 2005 to inform the American Stock Exchange that ThermoView would not be able to regain compliance with the Exchange's continued listing standards within the extension provided by the Exchange. As previously communicated, ThermoView received notice from Exchange staff by letter of April 28, 2005 indicating that the Company was below certain of the Exchange's listing standards. ThermoView was granted the opportunity to submit a plan of compliance to the Exchange, and on May 31, 2005 presented its plan to the Exchange. In a June 28, 2005 letter, the American Stock Exchange accepted ThermoView's plan of compliance and granted the Company an extension of time to regain compliance. However, the Company has today informed the Exchange of its inability to regain compliance with the continued listing standards. Recent charges for impairment of goodwill, as well as the Chapter 11 reorganization, ultimately necessitated this decision. The Company expects the Exchange to begin delisting procedures immediately. About ThermoView Industries, Inc. ThermoView is a national company that designs, manufactures, markets and installs high-quality replacement windows and doors as part of a full-service array of home improvements for residential homeowners. ThermoView markets home improvements in 17 Midwest and Western states under well-known regional home center brands that include Thomas, Primax, Rolox, Leingang, ThermoView and THV. All of these brands are consolidating under a national brand, "THV, America's Home Improvement Company." Additional information is available at Milestone Capital Management, LLC, is a Washington, DC based private equity firm with $88 million of capital under management. Milestone seeks investments in a range of industries, including manufacturing, distribution, health care, restaurants and specialty retail. Additional information is available at Safe harbor statement Statements in this news release that are not descriptions of historical facts are forward-looking statements that are subject to risks and uncertainties. Words such as "expect," "intends," "believes," "plans," "anticipates" and "likely" also identify forward-looking statements. All forward-looking statements are based on current facts and analyses. Actual results may differ materially from those currently anticipated due to a number of factors including, but not limited to our history of operating losses, anticipated future losses, competition, future capital needs, the need for market acceptance, dependence upon third parties, disruption of vital infrastructure, general economic downturn and intellectual property rights. All forward-looking statements are made pursuant to the Securities Litigation Reform Act of 1995. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission. Contacts: David A. Anderson, Chief Financial Officer, ThermoView Industries, Inc., 502-968-2020.

SOURCE ThermoView Industries, Inc.REFR involved in yet another
questionable deal.
Posted on July 12, 2001 by

On June 26, 2001 ThermoView Industries, Inc. (Amex: THV, $1.01) announced
that it plans sometime in 2002 to manufacture and sell “smart” windows that
use Research Frontiers Incorporated’s (NASDAQ: REFR, $27.57) SPD technology.
According to the announcement, ThermoView is “one of the largest publicly
traded companies dedicated to the home improvement and renovation industry.” In fact, ThermoView has a market value of approximately $7.8 million, a negative net working capital and negative tangible stockholders’ equity, and recently was unable to meet its debt obligations. In March 2000 ThermoView issued REFR 12,500 of its shares to pay its initial REFR license fee.

ThermoView is no fallen angel. It is and it began as a low-level penny stock. In 1997 ThermoView consummated a reverse merger with a shell company whose prior controlling shareholder, and prior officer and director, David P. Yeaman, was in 1999 convicted of securities fraud, wire fraud and conspiracy.

RJ Faulkner & Company, Inc. is paid to promote stocks through the production
of investment research and financial communications and has been a promoter
of both ThermoView and Research Frontiers. We found 9 Faulkner promoted stocks
that currently trade at less than $1 per share and 7 others at less than
$2 per share

In 1992 REFR was promoting SPD smart windows through a REFR licensee with
Japan Steel Works, Ltd. Since 1986 REFR has announced at least eight licensing
deals for the manufacturing and sales of SPD products ranging from sunglasses to aircraft cabin windows.
In 1989 REFR announced the successful testing and planned commercialization of SPD sunglasses. In 1994 Automotive News reported that REFR was close to selling SPD self-dimming rear-view mirrors. In 1997 REFR claimed profits were possible in 1998. REFR is 35 years old. Neither REFR nor any of its licensees have ever sold an SPD based product. REFR has also announced three licensing deals to manufacture SPD emulsion since 1999 and five licensing deals to manufacture SPD film since 1995. We found no evidence that any SPD emulsion or film has ever been sold.

Asensio & Company believes REFR is grossly overvalued.

Yet another fraudulent promoter tied to Research Frontiers

Joseph M. Harary Interviewed by Wall Street Reporter – Listen to Webcast Now Thursday, June 18th, 2009 Click here to view Wall_Street_Reporter_Interview_June_2009.doc
An interview with Joseph M. Harary, President of Research Frontiers, is now available via webcast. This interview was conducted by Wall Street Reporter on June 17, and is available online at least until Monday, June 22.

Washington, D.C.

LITIGATION RELEASE NO. 15950 /October 27, 1998

INC., and JACK MARKS a/k/a JACOB MESTECHKIN, 98 Civ. 7659
(RO) (S.D.N.Y.)

The Commission sued a New York public-relations firm
and its owner for disseminating information about stocks on
their website,, without fully and accurately
disclosing that the featured companies had paid for the
touts. Jack Marks, formerly named Jacob Mestechkin, heads
Starwood Media Group
, a small firm in lower Manhattan.
Starwood also publishes a monthly print version of the
internet site, Wall Street Reporter, which is distributed
free of charge. The Commission's complaint alleges that
Starwood's publications do not accurately describes the
compensation arrangements with featured companies, as
follows. At least three of the featured companies have paid
consideration to Starwood Media, in cash, stock, or options,
exceeding $10,000 in value. The three companies are a
start-up motorcycle manufacturer, American Quantum Cycles,
Inc.; a golf-course developer, Golf Ventures, Inc.; and a
technology personnel firm, Infocall Communications Corp.
The stocks of all three companies trade on the Over-the-
Counter bulletin board.

Stock-Line's disclosure, buried in a mislabeled
linkage, understates the amount of compensation received for
the touts, and fails to disclose Starwood's receipt of
potentially valuable options. The disclosure in the Wall
Street Reporter is also misleading in stating the featured
companies either "have purchased or may purchase" investor
relations services, when all companies have paid to appear
in the journal. According to the Commission's complaint,
Marks was on notice of the disclosure requirements, and
persisted in his unlawful conduct even after consulting an
attorney on the legal basis for a competitor's disclosure of
specific amounts of stocks and options from featured
companies. The Commission is seeking permanent injunctive
relief and penalties based on the alleged violations of
Section 17(b) of the Securities Act.

Without admitting or denying the allegations in the
Complaint, defendants Marks and Starwood have consented to
the entry of an order permanently enjoining them from
violations of Section 17(b) and requiring them to pay a
civil penalty of $15,000.

TEKNOGLASS SOLUTIONS LLP incorporated March 13th 2014

Its April Fools day everyday at REFRMADNESS!!

Research Frontiers Announces New SPD-SmartGlass Architectural License With Teknoglass Solutions at IDTechEx Energy Harvesting Conference

2014-04-02 09:00 ET - News Release

BERLIN, GERMANY -- (Marketwired) -- 04/02/14 During his keynote address today at the IDTechEx Energy Harvesting Conference in Berlin, Germany, Joseph Harary, President and CEO of Research Frontiers, announced that Teknoglass Solutions LLP has acquired a license from Research Frontiers Inc. to make and sell SPD-SmartGlass architectural smart window products in the United Kingdom and Republic of Ireland. The non-exclusive license grants Teknoglass the right to manufacture and sell SPD-SmartGlass architectural products including windows, doors, solar shading screens, curtainwalls, skylights and skylights, and provides for a 15% royalty to Research Frontiers on sales of licensed SPD-SmartGlass products. The minimum annual royalties and other fees and license terms were not disclosed.

Research Frontiers (NASDAQ: REFR) is the developer and licensor of patented SPD-Smart light-control film technology. SPD-Smart light control film technology transforms widely used products -- windows, skylights and more -- into products that instantly and precisely control the light, glare and heat entering a home, office, or vehicle. SPD-SmartGlass is instantly tunable to an infinite number of light transmission states regardless of window size, and easily adapts to individual preferences using control devices ranging from basic dimmer switches and photosensors to those that are integrated into a smart home or office intelligent control system. These unequalled performance characteristics help optimize energy-saving daylight harvesting benefits and many other desired outcomes such as increased security, noise reduction and protection from harmful ultraviolet light.

Robert Hudson, Technical Director of Teknoglass Solutions, noted: "The global glass industry is entering a new era where high-performing smart glass products will satisfy longstanding market needs and new ones ranging from energy efficiency to distinctive aesthetics. Our agreement with Research Frontiers, and extensive architectural contact base, reflect a strong belief that SPD-SmartGlass is a strategically-important technology offering tremendous functionality and other benefits to the user. It offers excellent sales potential for our company."

Joseph M. Harary, President and CEO of Research Frontiers, noted: "Buildings consume over 40% of energy and 73% of electricity. Imagine transforming the skin of a building so that it adapts to changing environmental conditions. Now combine this with sophisticated and custom design and engineering provided by Teknoglass Solutions. It is for these reasons, and their long-standing experience with SPD-SmartGlass technology in some of the world's most prominent architectural uses of SPD-SmartGlass, that we welcome Teknoglass Solutions as a licensee and are confident in their success to continue to make homes and buildings more beautiful, energy-efficient, and comfortable for occupants."

About Teknoglass Solutions LLP.

Teknoglass Solutions is a leading authority on the design, manufacture and installation of electronically switchable glass. Its founders have over a decade's experience the engineering, design, manufacturing and installation of Research Frontiers' SPD-SmartGlass architectural products in Europe and the Middle East. In addition they are recognized as leading innovators in the field of environmental engineering, HVAC and bespoke natural ventilation systems. The use of intelligent glass (SPD) in conjunction with specialist natural ventilation is a leading initiative in new building designs in the United Kingdom.

Teknoglass Solutions LLP is a dedicated manufacturer of electronically switchable glass. These technologically advanced glass products are quickly advancing from niche to mainstream offerings with particular value in the commercial, residential, retail, security, transport, healthcare and hospitality sectors. The company's main products are SPD-SmartGlass for solar control and LC SmartGlass for privacy.

Teknoglass products encompass a wide range of glass and plastic configurations and the company has distinctive competencies with smart glass products that are curved, colored, fire-rated, anti-reflective, anti-X-ray and impact-resistant. Teknoglass also offers projection screens that use smart glass and products that have touch screen capability. Teknoglass Solutions provides extensive installation training and service, and is known for its commitment to product quality and customer service.

Teknoglass Solutions has its headquarters, manufacturing, finance and R&D centres in Portsmouth and Colchester, and has commercial, sales and technical offices throughout the United Kingdom. With the intention of concentrating its products and markets, Teknoglass only produces electronically switchable glass products and, because of continued research and development initiatives, it is expanding its range of smart glass products to meet the needs of growing specialist markets in the architecture, transport and medical fields. Each piece of SPD-Smart controllable glass produced is bespoke made to meet and exceed its clients' needs. What makes Teknoglass different is that it can offer a complete 'turnkey' service, not only the glass but with its design and support staff, can offer framing systems, installation, controls, electrical wiring and most importantly customer aftercare. For more information, please visit our website at

For further information about Teknoglass Solutions and its products and services, please contact:

Robert Hudson
Technical Director
Teknoglass Solutions LLP.

Kevin Root
Commercial Director
Teknoglass Solutions LLP.

About Research Frontiers Inc.

Research Frontiers is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers has built an infrastructure of over 40 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats. For more information, please visit our website at

Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. "SPD-Smart" and "SPD-SmartGlass" are trademarks of Research Frontiers Inc.

Add to Digg Bookmark with Add to Newsvine

For further information about Research Frontiers and SPD-SmartGlass technology, please contact:
Joseph M. Harary
President and CEO
Research Frontiers Inc.


refr has been off the regsho list for 1565 consecutive days (1-11-08 through 3-31-14)


From: N. Dixon 3/31/2014 1:09:45 AM
Read Replies (2) of 8816
REFR back on REG SHO list.


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                                            Sadly, the celebrity who should be investigated right now is far more dangerous than an entertainer who doesn’t understand penny stocks.

                                            Jordan Belfort knows penny stocks all too well, and that’s why he has concocted scheme after scheme to separate poor people from their hard-earned savings.

                                            As I wrote about HERE, I’m disgusted by the way people celebrate his life as “The Wolf Of Wall Street” has now made nearly $400 million and I get dozens of emails every day from his supporters saying I’m just jealous.

                                            To be clear, I don’t care if he had made $4 trillion — I will NEVER respect scam artists and their schemes.

                                            I make my money the legal way from trading stocks and teaching others and unlike Belfort’s customers, my customers are VERY happy and I actually have thousands of testimonials I still need to post publicly, I’ve just been overwhelmed.

                                            You can see my 2nd millionaire student and I on FOX, ironically with an introduction contrasting us from The Wolf Of Wall Street:

                                            If you want to learn from me, signup here for my newsletters HERE and prepare to follow these 50+ trading rules

                                            OK you understand I detest scammers like Jordan Belfort, but why should he be investigated?

                                            As I’ve been trying to get the word out — see my Page Six article here — Belfort has been underpaying his victims to whom he still owes nearly $100 million while enjoying a lavish lifestyle literally at their expense.

                                            Little different from exposing a penny stock pump & dump, let’s piece together the mystery, here are my facts:

                                            Belfort was supposed to pay back 50% of all his book/movie profits to victims, and he’s gone on record by saying that he will instead give 100% of book/movie profits back.

                                            I made the case the government should also include his DVD/seminar profits in the payback since that’s the bulk of his earnings these days and is likely in the millions if not tens of millions of dollars given the exposure from the success of his movie.

                                            Unfortunately, Jordan Belfort has a big mouth and told The Hollywood Reporter HERE he’s been paying back a measly $3,000/month and is described as saying:

                                            Belfort denies he is still obliged to return half his income. “It’s the most idiotic thing ever,” he insists, allowing a rare flash of anger to ruffle his practiced charm.

                                            Articles HERE and HERE and HERE confirm he’s been making $30,000-$80,000 per speech and as Business Insider reported HERE, he’s been living in a $15,000/month house on the beach

                                            As fellow scam buster Roddy Boyd says (who broke the ICLD expose this week hence why I shorted the stock at $10.60 before it dropped to the $6s):

                                            For $15k/month, Jordan Belfort has a nice view.

                                            — Roddy Boyd (@BoydRoddy) March 18, 2014

                                            Some will say Jordan Belfort served his time so he should be free to make money on his own now, but I say his victims from his previous scam deserve to be paid back before he lives luxuriously again.

                                            Belfort has been pitching himself as a master salesman and that the only thing he did wrong before was that he was selling scams…he doesn’t want you to read or share articles like this written by those who prosecuted him detailing HOW he scammed his last company’s customers because then you’ll realize he’s not a master salesman, he’s a master thief.

                                            He wasn’t just marketing scams, the reason for his success was because he created his own scam. Read what’s written in that WSJ article that far few too people read:

                                            Belfort and his accomplices fine-tuned his signature fraud through dozens of repetitions. Here’s how it worked, in five easy steps:

                                            1. Create IPO Stock: The first thing Stratton Oakmont needed was a business to sell, and the definition of “business” was very flexible. A judo school, a bagel maker, a newfangled water purifier, or a recovering alcoholic selling shoes out of the trunk of his car would do. What was needed was not so much an actual business as a business entity with a story that could be converted into publicly traded shares of stock through a Stratton initial public offering.

                                            An important element of the scheme was that the Stratton IPO stock was not really sold to the public—it was sold to Stratton. Securities laws forbid underwriters like Stratton from buying more than a small percentage of the IPO stock they issue. To avoid this roadblock, Stratton sold all of its IPO stock to friends (nicknamed “flippers”) like Madden, who immediately sold the stock back to Stratton for a small profit. The IPO stock was usually issued to the flippers at $4 per share, and then sold back to Stratton for $4.25 per share. This was a pretty nice deal for the flippers, who could pocket $50,000 or so from an IPO without breaking a sweat or risking a loss.

                                            2. Line Up the Victims: Suckers aren’t born, they’re trained. Stratton Oakmont’s salesmen would first gain the confidence of investors by letting them make a small profit on one or two Stratton IPOs. Once trust had been established, the Stratton salesmen would inform these customers that a really hot IPO was coming soon with a $4 issue price. Like all Stratton IPOs, the stock’s price was expected to take off when it began trading in the aftermarket. An excited customer with $100,000 of savings might authorize the Stratton salesman to buy 25,000 shares of the IPO stock, and then transfer the $100,000 to his Stratton account. By totaling up all such commitments, Jordan Belfort knew exactly how much buying power Stratton’s customers had.

                                            3. Bait and Switch: Shortly before an IPO, the Stratton salesmen would call these customers and inform them that the IPO was so hot that the salesmen could offer only a (very) few shares at the $4 IPO price. However, the salesmen could create purchase orders to be executed as soon as the stock began trading on the open market. Many customers assumed that such orders would result in stock purchases near the $4 issue price, so they simply agreed. Some balked at giving the salesmen permission to invest their money without knowing the purchase price, or simply refused to buy stock in the aftermarket.

                                            This was when the boiler-room hard sell depicted on screen began. The pressure on customers could be overwhelming, especially since they had already agreed to buy the same stock at the issue price: “What do you mean you don’t have the money to invest in this stock? You already gave me $100,000 to buy it at $4 per share!” “I made money for you before, and now you don’t trust me?” “I’m never going to let you in on another IPO if you back out on me now!”

                                            The Stratton brokers could have just placed orders in these customers’ accounts without their permission, but they rarely did. Unauthorized orders were more likely to trigger complaints to regulators, and the move would have violated some unofficial boiler-room code of honor. These guys took pride in their ability to talk suckers into parting with their life savings.

                                            4. Market Manipulation: Stratton Oakmont could have made millions of dollars just by selling its customers stock in nearly worthless companies for $4 per share, but after a couple of such IPOs, investors and regulators would have caught on. Instead, Jordan Belfort used the stock market to camouflage his theft.

                                            Let’s say that one million shares of the IPO stock had been issued, and Stratton’s customers had committed to buying $12 million of the stock in the aftermarket. Belfort would therefore want the stock price to rise from $4 to $12 per share before selling it to them. Having bought all of the IPO stock back from the flippers, Belfort and Porush could make the stock trade in the aftermarket at any price. The simplest way to do so was to buy and sell shares between Stratton accounts at increasing prices, but that would have been too obvious. The same result could be accomplished by having friends buy small amounts of stock using “market orders,” which buy shares at the lowest price offered from any seller. The only seller was Stratton Oakmont.

                                            As soon as aftermarket trading commenced on IPO day, the friends of Belfort and Porush started placing these small market orders. Stratton would simultaneously sell its stock using “limit orders,” which offer stock for sale only above a specified minimum price. After each sale, Stratton would place another (sell) limit order with a slightly increased minimum price, and the friends’ market orders would execute at each higher price.

                                            What the market recorded was a steady progression of trades at $4.25, $4.50, $4.75, all the way up to the $12 target price. The run-up from $4 to $12 could be accomplished in minutes. This was a common first-day trading pattern for legitimate hot IPO stocks during the 1990s, so the manipulation wasn’t obvious.

                                            5. Sell High and Shut the Door: When the IPO stock price hit the $12 target, Stratton executed its customers’ buy orders. This was the payoff moment when Stratton got the victims’ money and the movie’s over-the-top partying began.

                                            Had customers holding the inflated stock tried to resell it quickly on the market, they would have found almost no real buyers, and the stock price would have plummeted about as quickly as it had risen. Such an early price crash was rare for legitimate IPO stocks and would have attracted regulatory scrutiny and scared away future Stratton victims. So Stratton made a practice of supporting the high price for a while—usually about a month—by buying any of its IPO stock offered for sale on the market.

                                            But letting customers sell their stock for $12 while Stratton Oakmont was the main buyer would defeat the entire purpose of the scheme; the victims had to be discouraged from selling too soon. Stratton brokers could usually do so by heaping more hyperbole onto investors who called to place sell orders.

                                            Now I don’t know all the specifics of his current income, which is why instead of me saying he should go back to jail, I’m saying the authorities should investigate him.

                                            He’s living well, earning hundreds of thousands of dollars or even millions of dollars per month — after all the idiot admitted on Facebook he’s become exhausted from all his speaking appearances…do the math, add up all those $30k-$80k speeches and remember his marketing DVDs also sell for thousands of dollars each — and paying back a lousy $3,000/month to his “old life” victims.

                                            I put “old life” in quotes because when he want on CNN, Belfort made sure to differentiate his “old life” scam from his new “honest” life of teaching…my guess because his lawyer instructed him to so the government couldn’t get their hands on his “new life” earnings.

                                            I encourage you to spread this blog post and this Wall Street Journal post detailing Belfort’s scam and if there’s enough of a public outcry, he will be investigated again and my guess is we’ll find millions, if not tens of millions of dollars in his bank accounts that should be going to his “old life” victims.

                                            This entry was posted in Celebrities, Penny Stock Psychos, Penny Stock Scandals and tagged Jordan Belfort Earnings, Jordan Belfort Investigation, Jordan Belfort Seminars, The Wolf Of Wall Street Earnings, The Wolf Of Wall Street Investigation on March 23, 2014 by Timothy Sykes.


                                            REFRMADNESS LONGS DEMAND TO KNOW WHY STOCK IS AT SIX BUCKS



                                            OF THE BIGGEST STOCK FRAUDS EVER!!*****HEMISPHERX BIOPHARMA

                                            RATED 3T (Triple Turd with wings) and also one of The Wolf on WallStreets favorites Message 19174595

                                            REFRMADNESS breaking news. There are no float outstanding.

                                            Only N Dixon and Hedge Funds owns REFRMADNESS shares

                                            N DIXON is not in loonie bin

                                            To: Jorj X Mckie who wrote (8411) 1/29/2014 9:21:51 PM
                                            From: N. Dixon Read Replies (2) of 8437
                                            No one owns REFR except me and my hedge fund friends.

                                            There is no float outstanding.

                                            We just finished buying up all available shares. We will be putting what is almost the entire float in trust accounts for chartitable donations.

                                            This is the last post..

                                            Shorts have no share available and owe 2MM in short int

                                            Settlement DateShort InterestAvg Daily Share VolumeDays To Cover
                                            1/15/2014 1,952,417 263,542 7.408371
                                            12/31/2013 1,892,278 121,385 15.589060
                                            12/13/2013 1,894,827 128,322 14.766190
                                            11/29/2013 1,782,082 383,881 4.642277
                                            11/15/2013 1,410,483 107,260 13.150131
                                            10/31/2013 1,278,916 42,994 29.746383
                                            10/15/2013 1,285,757 31,849 40.370404
                                            9/30/2013 1,309,850 58,242 22.489784
                                            9/13/2013 1,241,226 44,676 27.782836
                                            8/30/2013 1,245,677 29,977 41.554425
                                            8/15/2013 1,169,921 155,976 7.500648
                                            7/31/2013 1,284,666 25,089 51.204353
                                            7/15/2013 1,286,278 26,837 47.929277
                                            6/28/2013 1,329,368 87,630 15.170239
                                            6/14/2013 1,328,622 33,108 40.129938
                                            5/31/2013 1,366,027 70,463 19.386444
                                            5/15/2013 1,427,295 190,269 7.501458
                                            4/30/2013 1,420,576 77,673 18.289187
                                            4/15/2013 1,367,067 329,747 4.145806
                                            3/28/2013 1,248,321 48,990 25.481139
                                            3/15/2013 1,274,635 23,641 53.916289
                                            2/28/2013 1,311,813 43,156 30.397002
                                            2/15/2013 1,362,149 47,745 28.529668
                                            1/31/2013 1,375,345 68,099 20.196258
                                            1/15/2013 1,911,122 35,649 53.609414

                                            Read more:

                                            The REFRMADNESS thread celebrates the 12 months of stock fraud. This months feature (An Asensio favorite)


                                            Let the research celebration begin!! .............XYBERNAUT ROGUES GALLERY

                                            Almost a double feature since Dr. Joseph D. Ben-Dak was also involved the the stockfraud Turbodyne Technologies, Inc.

                                            Message #4711 from StockDung at 10/22/2007 9:00:49 AM

                                            .............XYBERNAUT ROGUES GALLERY

                                            1. MARK BERGMAN - Crim-Del-A-Crim of stock promoters. Mark was an analyst for the notorious boiler Room D.H. Blair and soon graduated to V.P. of Investor relations at XYBERNAUT. XYBERNAUTs human Resorses Department was not to swift since Bergman had claimed to be a PH.D which turned out to be a academic fraud which was revealed in the $15 Million "Pump and Dump" Stock Fraud Case Securities and Exchange Commission v. Environmental Solutions Worldwide. that Bergman indeed was no PH.D but did have a degree in stock fraud . Bergman had recommended XYBERNAUT through Fab Capital Corp and Hampton-Porter . Hampton Porter had the misfortune of having of having eight of their brokers indicted for securities fraud which involved the stock Enpoint (ENPT) which just happened to be a reseller of XYBERNAUT computers. Bergmans greatest accomplishment was which also put out the strong buy on XYBERNAUT. Access1Financial was being run out of 2224 Main Street in Santa Monica California which is also the address of career conman, criminal and offshore Boiler Room con artist Regis Possinio. XYBERNAUT said that they did not endorse the report which seemed to be a total lie since XYBERNAUT put a press release out announcing the bogus 'buy' recommendation predicting its shares would double in six months and also put it on XYBERNAUTs web site.

                                            For a Fee, Analyst Mark Bergman Will Hype Your Company's Stock
                                            Message 13518859

                                            2. CHRISTINA S. KOHLHAAS A/K/A CHRISTINA SKOUSEN, (individually and
                                            doing business as CSK Securities Research)

                                            AND THIS YEARS BEST SUPPORTING ROLL IN A PUMP AND DUMP

                                            CHRISTINA IN "XYBERNAUT IS UNDER VALUED"

                                            XYBERNAUT PAID CHRISTINA S. KOHLHAAS A/K/A CHRISTINA SKOUSEN, (individually and doing business as CSK Securities Research). Christina had the misfortune of being charged with securities fraud. Christina a self-styled "analyst" with a high school education and no formal securities training, wrote research reports touting eight microcap companies. Skousen's reports for seven of the companies contained false and misleading financial and stock price projections. The projections lacked a reasonable basis because, among other reasons, all of the companies had poor financial track records, and four of the companies were the subject of going concern audit opinions. Christina settled with the SEC but alas did not have to pay the judgement because of a plea of poverty.

                                            A SLIDING SCALE BASED ON HOW HIGH SHE COULD HYPE THE STOCK.

                                            XYBERNAUT EXPLAINS ENRON

                                            NOTICE OF EXERCISE OF WARRANT
                                            This Warrant shall become exercisable:(1) immediately as to 10,000 shares of Common Stock, at an Exercise Price of $4.25 per share;(2) as to an additional 10,000 shares of Common Stock on the dayafter the closing bid price of the Common Stock equals or exceeds $11.00 per share for 25 consecutive trading days or for 30 out of 35 consecutive trading days, at an Exercise Price of $11.00 per share; and(3) as to an additional 10,000 shares of Common Stock on the day after the closing bid price of the Common Stock equals or exceeds $18.00 per share for 20 consecutive trading days, at an Exercise
                                            Price of $18.00 per share.

                                            XYBERNAUT CORPORATION
                                            Name: Edward G. Newman
                                            Title: President and Chief Executive

                                            Christina's other accomplishments include analyst for the notorious and online touting on investors hub XYBERNAUT message board

                                            3. Jeff Baclet /Donner corp.- Silk purse anyone? Message 17127533 purse

                                            XYBERNAUT MAKES TOP 50 (DONNER BOGUS 50 STOCK INDEX)

                                            NASD v. Donner Corporation International, et al. XYBERNAUT'>XYBERNAUT'>XYBERNAUT'> report

                                            Must we say more accept why was not XYBERNAUT and the other companies which paid him also charged with securities fraud.

                                            Donner Corporation International n/k/a National Capital Securities, Inc. (CRD #37702, Oklahoma City, Oklahoma), Jeffrey Lyle Baclet (CRD #2022409, Registered Principal, Santa Ana, California), Vincent Michael Uberti (CRD #2618595, Registered Principal, Santa Ana, California), and Paul Alan Runyon (CRD #3159920, Registered Representative, Lake Forest, California) were named as respondents in an NASD complaint alleging that the firm, acting through Baclet and Uberti, intentionally or recklessly prepared and disseminated research reports on reporting companies that included fraudulent, exaggerated, and unwarranted claims, and failed to disclose material information regarding the true financial condition of the companies and the "going concern" opinion of the auditor. The complaint also alleges that the firm, acting through Baclet and Uberti, failed to provide in the research reports any reasonable basis for recommendations, and to explain the recommendations in light of the going concern opinions included in auditor reports and the underlying financial conditions of the companies. In addition, the complaint alleges that the firm, Baclet, and Uberti directly or indirectly employed devices, schemes, or artifices to defraud; made untrue statements of material fact or omitted to state material facts necessary to make the statements made, in light of the circumstances under which they were made, not misleading; or engaged in acts, practices, or courses of business that operated or would operate as a fraud or deceit upon persons in connection with the purchase or sale of securities. NASD also alleges that the firm, Baclet, and Uberti failed to disclose in the research reports the compensation the firm received for the preparation and dissemination of the research reports. Moreover, the complaint alleges that the firm, acting through Baclet, failed to obtain the signature or initials of a principal of the firm indicating approval of the research reports it disseminated, and failed to establish or maintain written procedures to supervise the preparation and dissemination of research reports reasonably designed to achieve compliance with applicable securities laws, regulations, and NASD rules. Furthermore, the complaint alleges that Uberti and Runyon issued a research report with a speculative buy recommendation for a common stock and failed to disclose material information that an auditor had issued a going concern opinion for the stock and the financial information about the stock that made communications with the public misleading. NASD also alleges that Uberti and Runyon exaggerated the market potential for companies issuing common stock and ignored specific facts, causing the research report to be misleading. The complaint also alleges that Uberti and Runyon directly or indirectly employed devices, schemes, or artifices to defraud; made untrue statements of material fact or omitted to state material facts necessary to make the statements made, in light of the circumstances under which they were made, not misleading; or engaged in acts, practices, or courses of business that operated or would operate as a fraud or deceit upon persons in connection with the purchase or sale of securities. Furthermore, the complaint alleges that Uberti and Runyon failed to disclose the existence of "going concern" opinions in research reports, failed to disclose the underlying basis cited by the auditor for the "going concern" opinions, failed to disclose the true financial condition of the companies and other material information, and made exaggerated, false, and misleading statements about companies in research reports. (NASD Case #CAF020048)

                                            Donner Corp. International Issues Speculative Buy Recommendation On XYBERNAUT Corporation.
                                            SANTA ANA, Calif., Oct. 12 /PRNewswire/ -- The following is being issued by Donner Corporation International, a member of the National Association of...
                                            From PR Newswire, October 12 1999
                                            Page(s): 1
                                            Donner Corp. International Reiterates Its Buy Recommendation On XYBERNAUT Corporation.
                                            SANTA ANA, Calif., May 23 /PRNewswire/ --
                                            From PR Newswire, May 23 2000
                                            Page(s): 1
                                            Donner Corp. International Announces Investment Opinion on XYBERNAUT Corp.
                                            Business Editors
                                            From Business Wire, January 18 2000
                                            Page(s): 1
                                            Donner Corp. International Reiterates Speculative Buy Recommendation On XYBERNAUT Corporation.
                                            SANTA ANA, Calif., Nov. 8 /PRNewswire/ -- The following is being issued by Donner Corporation International, a member of the National Association of...
                                            From PR Newswire, November 08 1999
                                            Page(s): 1
                                            Donner Corp. International Upgrades to Buy Recommendation on XYBERNAUT Corporation.
                                            SANTA ANA, Calif., Jan. 18 /PRNewswire/ -- The following is being issued by Donner Corporation International, a member of the National Association of...
                                            From PR Newswire, January 18 2000
                                            Page(s): 1
                                            Donner Corp. International Reiterates Its Buy Recommendation On XYBERNAUT Corporation.
                                            SANTA ANA, Calif., July 31 /PRNewswire/ --
                                            From PR Newswire, July 31 2000
                                            Page(s): 1
                                            Donner Corp. International Reiterates Its Buy Recommendation On XYBERNAUT Corporation.
                                            SANTA ANA, Calif., Feb. 22 /PRNewswire/ --
                                            From PR Newswire, April 07 2000
                                            Page(s): 1
                                            Correcting Donner Corp. Headline; Announces Investment Opinion on XYBERNAUT Corp. Sted Xbernaut Corp.
                                            Business Editors
                                            From Business Wire, January 18 2000
                                            Page(s): 1

                                            4. Dodi Handy A/K/A Dodi Zirkle- moving up on the charts. Dodi started her career working for criminal and conman John Manion of Continental Capital and Equity. which changed its name to Madison and Wall Worldwide. Dodi's most famous client todate was GenisisIntermedia followed by the massive fraud known as Esafety. Best I can tell is Dodi is employed by these companies to lie about their true condition and play spin Docter opn the financial community. In just about every case every stock she has been involved in has headed toward Zero. Elite Financial Group is XYBERNAUTs IR. Here is a favorite of mine.

                                            DODI HANDY TELLS CHARLES PONZI ON THE GENI RAGINGBULL THREAD:

                                            "In our professional opinion, GenesisIntermedia is such a company."

                                            "Furthermore, we do not advocate "boiler room" tactics for increasing awareness of our client companies, however we do engage in telemarketing activities to pro-actively educate the professional investment community (i.e. retail brokers, institutions and analysts) on those companies whose fundamentals and technicals meet the expressed interest criteria from individuals within that community. Our financial relations executives are highly trained and effective marketing professionals who understand the sensitivities involved in working in a highly regulated environment and one in which they exhibit only the highest levels of responsibility, integrity and professionalism. Tours of our facilities are common and encouraged."

                                            JUST FOR THE RECORD: Dodi Handy responds on ragingbull to Charles Ponzi on the GENI thread
                                            By: dodi_handy00 $$$
                                            Reply To: 1045 by CHARLES_P0NZI $$$$ Wednesday, 2 May 2001 at 11:10 AM EDT
                                            Post # of 3735 JUST FOR THE RECORD In response to numerous postings on chat rooms associated with GenesisIntermedia, Inc. regarding the Company's affiliation with Madison & Wall Worldwide, Inc. (formerly Continental Capital & Equity Corporation), the following is provided: Madison &Wall is a nationally recognized, full service financial public relations firm that was established in 1992. For nearly a decade, we have prided ourselves on representing the investor relations needs of publicly traded companies. The senior management, along with several key employees of the Company, have participated in the management buyout of the Company. The founder and selling shareholder, Mr. John Manion, officially had resigned from the organization in mid-2000 after having turned over the day-to-day management of the company to its senior executives in late 1999. Although Mr. Manion has been involved with personal regulatory issues, they are in no way affiliated with Madison & Wall. Further, Madison & Wall has been audited by two different firms for every year from 1996 through 1999 (our 2000 audit has not yet commenced), and our auditors have been so convinced that Mr. Manion’s personal issues are unrelated to the company that they have not even included so much as a footnote disclosure on this matter. Our current auditor is one of the eight largest audit firms in the country. Furthermore, as a condition to the senior management buyout of Continental Capital, we required proof from Mr. Manion that the court had unconditionally released the Company from any possible claims involving Mr. Manion’s situation. We received proof of that signed release prior to proceeding with the purchase documents. Furthermore, we do not advocate "boiler room" tactics for increasing awareness of our client companies, however we do engage in telemarketing activities to pro-actively educate the professional investment community (i.e. retail brokers, institutions and analysts) on those companies whose fundamentals and technicals meet the expressed interest criteria from individuals within that community. Our financial relations executives are highly trained and effective marketing professionals who understand the sensitivities involved in working in a highly regulated environment and one in which they exhibit only the highest levels of responsibility, integrity and professionalism. Tours of our facilities are common and encouraged. It is our belief that in today's sophisticated investment arena, companies can not and should not wait for the market to come to them. If they are to attract broad market appreciation for their businesses, then they must pro-actively educate this arena on the reasons why they are worthy of that appreciation. In our professional opinion, GenesisIntermedia is such a company. Should anyone have any further questions regarding this matter, please feel free to contact me directly by calling 407-682-2001. Professional
                                            5. EDWARD NEWMAN - ANYONE REMEMBER ABOUT $27 AGO THAT NEWMAN SAID THAT AN AUDITORS ON GOING CONCERN WARNING WAS JUST A "FORMALITY"? Edward Newman hired many fraudulent promoters to hype the stock. Ed and Mark are a little off the mark in 1998.

                                            11/16/98 3:36 PM ET

                                            SAN DIEGO -- Move over Tommy Hilfiger. The next wave of fashion just might come from XYBERNAUT's (XYBR:Nasdaq - news) wearable computers -- at least in the corporate world.

                                            XYBERNAUT's Mobile Assistant IV is a two-piece wonder: A portable, two-pound computer that can be worn around the waist, with a headset that has a screen so the user can navigate the Web either by mouse or by voice. MA IV, which the company will unveil this week at the COMDEX trade show in Las Vegas, will create a revenue surge, XYBERNAUT's director of investor relations Mark Bergman said.

                                            The Fairfax, Va.-based company expects 1999 revenues to come in between $30 million and $40 million.

                                            "That's a conservative estimate, too," Bergman told a room of money managers. "Internally, management is expecting something closer to about $90 million, but those are the guidance numbers we're giving to the Street."

                                            Not bad, considering XYBERNAUT made $813,000 in revenue in during '97, down 26% lower from $1.1 million in revenue in '96.


                                            6. Dr. Joseph D. Ben-Dak, executive vice president and chief scientist, is representing XYBERNAUT, the leader in mobile and wearable computing'>'>'>

                                            Turbodyne: The Missing Banker, the Phony U.N. Guy, (Dr. Joseph D. Ben-Dak) and the Engine Thingy That Was Going to Save the World

                                            Like XYBERNAUT, The massive fraud known as Turbodyne also employed the services of CHRISTINA S. KOHLHAAS A/K/A CHRISTINA SKOUSEN, (individually and
                                            doing business as CSK Securities Research) and the Phony U.N. Guy, (Dr. Joseph D. Ben-Dak)

                                            7. Mafia conected A/K/A HENRY WEINGARTEN. Oh Henry, its a hit everytime!!! Which solves one of the mysteries in life as to what helped XYBERNAUT reach the Astrological stock price of $29 in January 2000.

                                            SEC fines, cites Durante's astrologer-tout Weingarten
                                   Inc - Street Wire Message 19308433


                                            "Absolute Future (AFTI), Mountain Province (MPVI), (V.URL) and XYBERNAUT (XYBER)."

                                            Will stock portfolios return +10%+ next year? Very possibly many will. Still, we recommend caution and avoiding much margin buying. January is especially tricky as it celebrates national bankruptcy month, a Lunar eclipse and a presidential inauguration. As we continue to see more traditional investing, value (Saturn) AND Growth (Jupiter) will both matter.

                                            THREE MAD MONEY PORTFOLIOS
                                            Speculators and gamblers ONLY: Choose either of the following group of four stocks for a very aggressive January play. Buy your basket of stocks with your mad money that you would ordinarily spend and lose in a weekend in Las Vegas or Atlantic City only. Sell between the January 9th Lunar Eclipse and January 24 Chinese New Year of the Snake, or 150% profits; whichever comes first.
                                            Elink (ELNK), Etoys (ETY), Priceline (PCLN) and Mcafee (MCAF) or
                                            Absolute Future (AFTI), Mountain Province (MPVI), (V.URL) and XYBERNAUT (XYBER). or
                                            Celsion (CLN), International Hi-Tech Industries (IHITF) Stem (STEM) and USIX.
                                            Personally I am not playing this game this year, but instead raided my children’s penny bank to buy a little more IHITF.
                                            8. Steven Oshinsky stock tout. Was also fond of Astrology mafia connected AFUND
                                            when he promoted DCH "Other Analyst coverage of DCHT can be found at DCH Technology, Inc, (OTC BB:DCHT) last traded at 3.6 cents. DCH also had a aliance with XYBERNAUT

                                            DCH Technology Forms Strategic Alliance With XYBERNAUT Corporation to Co-Market and Sell the XYBERNAUT Wearable Computer, the Mobile AssistantR -MA IV-, Integrated with the DCH Robust Hydrogen Sensor

                                            Steven Oshinsky also recommended XYBERNAUT

                                            RAM Capital Announces Investment Opinion on XYBR; Cites Strong Expected Revenue Growth.
                                            PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 1, 1999--
                                            From Business Wire, December 01 1999
                                            Page(s): 2

                                            PALM BEACH, Fla.--(BUSINESS WIRE)--Dec. 1, 1999--RAM Capital Management of Palm Beach Florida, has initiated an investment opinion on XYBERNAUT Corporation, (NASDAQ: XYBR). We believe that the company has entered into what may be their greatest period of accelerating revenue and earnings growth, making the stock undervalued at the $4.00 level.


                                            Steve is best known on SI as H2SteveO Message 16820730

                                            But another stockcrook and promoter Francois Goelo accuses Steve of using other alias's on SI such as Sir Alexx or Dr Harvey
                                            Message 8192245

                                            The DCH thread on SI is truly an education for all that would like to study stock fraud. The SEC and regulators continue to look the other way.


                                            9.PHIL E. PEARCE DIRECTOR OF XYBERNAUT PHIL E. PEARCE (Former Chairman NASD & Board of Governors NYSE)

                                            MOVE OVER DICK GRASSO


                                            "Access 1 Financial offers undervalued companies a truly unique opportunity. Its highly respected team of Wall Street analysts work in concert with retail and institutional sales professionals to position your company within an increasingly competitive investment environment. It has been my experience that typical public relations firms do not have the kind of research or market credibility to attract serious, long-term investor following. By combining top-notch research with a highly effective distribution system, Access 1 Financial offers the first comprehensive solution for positioning small companies within the public markets."

                                            Phil E. Pearce
                                            Former Chairman NASD & Board of Governors

                                            NYSE Despite the fact that the market has beat all expectations in the past 10 years, companies within the micro-cap group are finding it increasingly difficult to position themselves within the mind-boggling array of investor requirements and expectations. As mergers and acquisitions within the securities industry continue at a rapid pace, and as compensation mechanisms and regulations provide incentives to trade in the larger, more liquid securities, small and micro-cap companies will find it increasingly difficult to achieve premium or even fair market value. Competing for investor mind share - especially for companies with limited liquidity or a disparaging track record is no mean feat. Access 1 Financial was formed as a means of providing these companies with sophisticated access to an important array o financial, research, and marketing network resources traditionally available only to larger, well-positioned companies.

                                            THE MARKET PARADOX
                                            As the market continues to achieve new highs, investors are beginning to re-think their overall investment strategy. Even with the tremendous gains in blue chip and over-the-counter issues, smaller capitalized companies have lagged behind their larger counterparts. We at Access 1 Financial believe that over the next several years increasingly sophisticated investors seeking superior returns will become more active in smaller cap issues (under $100 million) as long as the underlying fundamentals support a higher probability of substantial return. However, these companies have significant liquidity issues and greater inherent risk and uncertainty. Unless a company is expertly positioned within the market, its fundamental value and competitive advantages will more than likely continue to be ignored by major institutional and retail buyers.

                                            ACCESS 1 to the Markets
                                            Hundreds of new companies are added to the markets each year. With thousands of small-cap companies from which to choose, it's no wonder that a typical fund manager never even sees many of the most compelling stories. Portfolio managers typically receive a press kit or an invitation to lunch from an investor relations firm. It usually ends up in the waste basket. Why? The answer is simple. Investor relations and promotional firms do not have the capability to represent sophisticated stories to institutional managers; and typically lack credibility with influential market makers and high net worth individuals. Although many of these firms advertise extensive databases and contacts, the simple fact is, they have no in-house research, or "first call" capabilities. In reality, their direct marketing attempts at accessing fund managers and brokers by phone or with mail-outs have minimum or short-term impact - missing the real objective of serious, long-term investor following.

                                            10. Dr Steven Newman - Moving up to the number 10 on the list id Steve Newman. Dr. Steve is also a director for Kanakaris

                                            Wonder if Arnold beats Gray Davis in the recall election in California?

                                            APPEARANCE FOLLOWED DONATION FROM FIRM WITH TROUBLED PAST
                                            By Dion Nissenbaum

                                            Mercury News Sacramento Bureau Mercury News Archives Gov. Gray Davis SACRAMENTO - Three days after taking a $10,000 donation from its founder, Gov. Gray Davis traveled to Southern California earlier this year to promote a high-tech company that is little known in the industry but has drawn significant attention from federal regulators.
                                            Documents obtained by the Mercury News show that Davis' decision to favor Kanakaris Wireless was curious for a number of reasons: Despite its claims of industry influence, the firm is an obscure, money-losing business run by an aggressive self-promoter who paid $25,000 in 1999 to settle charges of stock fraud by the Securities and Exchange Commission (SEC).
                                            Davis aides rejected suggestions of a link between the political contribution and the Democratic governor's appearance. They said the governor often seeks to support California companies but didn't know of the specific concerns about Kanakaris Wireless.
                                            But the administration's efforts in this case were extensive. Aides touted the governor's appearance at a January Web cast sponsored by Kanakaris Wireless, provided the company with Davis quotes to use in a corporate press release and promoted the event on the state Web site.
                                            ``Our challenge as a state is to keep California on the cutting edge of technology innovation,'' Davis said in a statement released by the company at the time. ``We've always been faster, newer, better than the other guy. Now, more than ever, we need to stay ahead of the curve.''
                                            The business is an odd amalgam of entertainment Web sites catering to everyone from singles to bookworms. It is led by Alex Kanakaris, a former stockbroker who bills himself on his personal Web site as a ``visionary,''

                                            ``Cyberguru'' and Internet pioneer.
                                            But Kanakaris was also accused of fraud three years ago by federal investigators as he was trying to get traction for his struggling business.
                                            According to a complaint from the SEC, the problems arose after Kanakaris agreed to buy out concerned stockholders who then had their reimbursement checks bounce. To help get out of the hole, Kanakaris sold $1.3 million in stock and used part of that money to pay off the fleeing investors.
                                            But in an effort to make the stock sales more attractive, Kanakaris and his company falsely claimed that the firm had deals with AOL and Microsoft and the backing of prominent business leaders, the SEC said.
                                            In the end, Kanakaris and his business partner both agreed to pay a $25,000 fine to settle the case without admitting wrongdoing.
                                            Kanakaris blamed the problems on the attorney who he claimed ``ripped his company off'' and said his firm has learned from its mistakes.
                                            ``My company has struggled,'' he said. ``It was a mess. We need a couple of breaks, but I think we will be around for a long time to come.''
                                            Despite the company's troubles, Davis agreed to travel to Orange County in January to take part in the ``Orange County Next Generation Internet & Technology World Wide Webcast,'' which was billed as a way for Davis to promote high tech.
                                            Instead, the Web cast turned out to be a poorly produced interview with Kanakaris that was never carried live as promised.
                                            Davis took part in this event just three days after his campaign received a $10,000 check from Kanakaris. Kanakaris also gave Davis a $15,000 donation last year that Kanakaris failed to properly report to state or local elections officials, documents show.
                                            The Davis campaign properly reported both contributions, as well as a third contribution of $3,300 from Kanakaris in February.
                                            In an interview, Kanakaris said he personally badgered the governor for weeks, cornering Davis at a West Hollywood party to show off his pocket PC technology.
                                            ``I think it was more the personal appeal to him than a $10,000 contribution,'' Kanakaris said.
                                            Steve Maviglio, the governor's press secretary, said that Kanakaris promoted the event as something more than it turned out to be and that -- despite normal background checks done for state events -- administration officials knew nothing of the owner's past problems until contacted by the Mercury News.
                                            ``Our office thought it was an opportune time to pitch California's business climate for high tech to a critical audience,'' he said. ``We had no reason to question his background, just as we don't question the credentials of any of the outlets the Governor interviews with.''
                                            A quick search of public records would have revealed a series of potential concerns. Over the years, Kanakaris has launched a foundering online bookseller, started an Internet TV station that primarily shows B movies, laid the groundwork for a singles Web site and tried to create a market for delivering video to pocket PCs.
                                            None of these efforts has been a particular success.
                                            ``They're not on the radar screen of any cable, wireless or satellite video-on-demand system,'' said Richard Doherty, research director at the Envisioneering Group in New York. ``They're the Invisible Man of the industry.''
                                            But Kanakaris has labored hard to get his company noticed.
                                            After the Sept. 11 terrorist attacks, Kanakaris issued a press release.
                                            ``Now is the time for everyone to take stock in America,'' Kanakaris said. ``It doesn't matter what the company is, but we should all buy a little stock as a symbol of our support for the American and world financial markets.''
                                            At times the achievements Kanakaris has touted in press releases have proven to be exaggerations.
                                            Kanakaris trumpeted a plan to buy the Los Angeles Film School from two of his top investors, but the deal quietly collapsed. He once claimed to have had 18 million hits on his Web sites in a month, but there is no empirical evidence of that from Nielsen NetRatings, which tracks Internet traffic.

                                            Honorable mention. Kensington Wells Boiler Room which brough XYBERNAUT public, SmallCap stock veteran Konrad Kuhn of The KonLin Letter, The ,,John Moynahan ,"street whore Chastity" Message 18799669 , ALEX ROMONSKY ,ALAN STONE AND COMPANY ,"WITNET"and Mark Bergman assistent henchman of Access1Financial Mark Anthony Rauseo (CRD#2143539, Registered Representative, Malibu Lake, California) submitted a Letter of Acceptance, Waiver, and Consent in which he was fined $10,000, suspended from association with any NASD member in any capacity for one year, and required to pay $20,000, plus interest, in restitution to a customer. The fine and proof of payment of restitution must be paid before reassociating with any NASD member or before requesting relief from any statutory disqualification. Without admitting or denying the allegations, Rauseo consented to the described sanctions and to the entry of findings that he made guarantees against loss in writing to public customers as an inducement to invest in stock. Rauseo's suspension began June 4, 2001, and will conclude at the close of business June 3, 2002. (NASD Case #C02010021)

                                            Just a Gigolo
                                            In the go-go ’90s, George ALLEN sat on the board of a Virginia tech company. Now, the company faces several class-action suits and an SEC insiders probe.

                                            By Garance Franke-Ruta
                                            Issue Date: 09.12.06


                                            The late 1990s were heady times for technology companies in Virginia. The future looked bright, and arguably nowhere more so than in Northern Virginia’s new technology corridor, where boxy, smoked-glass structures filled with well-capitalized startups sprouted by the dozens along the highway leading from Washington, D.C., to Washington Dulles International Airport. While California had Silicon Valley and New York had Silicon Alley, Virginia’s Fairfax County featured this stretch of buildings surrounded by dogwood trees and neatly clipped lawns -- a place where, at the time, it did not seem far-fetched that people might one day want to buy Borg-like wearable computers with a little screen they could flip down in front of one eye that would allow them to work hands-free.

                                            As Virginia’s governor until early 1998, George ALLEN did his best to help promote the state’s burgeoning technology sector, which was why his office sponsored a 15-day business-promotion trip in June 1997 through Germany, Denmark, the Netherlands, and Great Britain. Officials from the company that planned to one day sell those wearable, flip-screen computers -- the futuristically named XYBERNAUT Corp. -- came along in hopes of finding new business opportunities. XYBERNAUT had completed a successful initial public offering just a year earlier, and, by the end of the government-sponsored junket, ALLEN was able to announce that XYBERNAUT had licensed its technology to sbs Software Center in Germany to develop a hands-free unit in Europe.

                                            “The support given to XYBERNAUT by the Commonwealth, and especially Governor ALLEN, has greatly aided the rapid consummation of both manufacturing and software capabilities that we believe will allow XYBERNAUT and its ‘see-and-speak’ technology to dominate the computer marketplace,” Steven Newman, the company’s executive vice president, declared in one of many optimistic press releases.

                                            Even before leaving the governor’s mansion, ALLEN made his ambitions to run for the United States Senate in 2000 plain. By spring of 1998, he was waxing enthusiastic about the prospect of seeking a Senate seat: The Senate, he told The Washington Post, is “the best board of directors in the world.”

                                            And on August 11, 1998, he joined a real board of directors -- XYBERNAUT’s -- where he would serve until December 2000. Upon his nomination, he extolled the firm’s potential, crowing: “This is not science fiction -- the future is here now!”

                                            But today, as ALLEN runs for re-election to “the best board of directors in the world” and mulls a candidacy for the Republican presidential nomination in 2008 with the encouragement of conservative insiders, who see him as the affable heir to George W. Bush, troubling questions have emerged about his tenure on the XYBERNAUT board -- which didn’t turn out to be one of the best.

                                            Little remains of the company except a pile of legal cases, federal investigations, and the faint imprints of furniture and footprints on the worn expanse of dark blue carpet at its longtime Fairfax offices, which have sat empty since early this year. (The remnants of the company, which employed more than 140 people at its peak but just 15 as of its last SEC filing, have moved to Chantilly, Virginia.)

                                            XYBERNAUT filed for bankruptcy reorganization in July 2005, three months after an announcement by an audit committee of its board that an internal investigation -- established that February at the urging of a whistle-blowing company insider -- found that the firm’s chief executive officer and board chairman, former CIA agent Edward Newman, and his brother, president and chief operating officer Steven Newman, had “improperly used substantial company funds for personal expenses,” engaged in major unreported transactions, and hired family members whose roles with the company were not properly disclosed, in violation of its bylaws. Edward Newman’s attorney declined comment for this story, but Steven Newman predicted vindication in 2005 press reports. Unable to stand by its books in the wake of the audit committee’s revelations, XYBERNAUT in 2005 had to warn shareholders that its financial statements and disclosures dating to 2002 were unreliable.

                                            By February 2005, the Securities and Exchange Commission had already launched an investigation into sales of XYBERNAUT stock by company insiders, including some officers, though no complaint has yet been filed. (An SEC spokesman declined to comment on the matter.) The U.S. Attorney’s Office for the Eastern District of Virginia also reportedly opened an investigation into XYBERNAUT’s business activities in 2005, and shareholders filed multiple class-action lawsuits against the company and some of its officers and directors (those cases are now being consolidated in Virginia but are largely on hold until the resolution of the company’s bankruptcy case).

                                            There’s no evidence that ALLEN did anything illegal, and he has not been named in any of the shareholder suits, which post-date his tenure on the board. Yet XYBERNAUT clearly engaged in questionable activities -- and did plenty of business with questionable characters -- while ALLEN was a director with a responsibility to protect shareholders’ interests. XYBERNAUT’s rise, indeed, was driven by some of the financial industry’s seediest bottom-feeders -- questionable stock touters, offshore front groups involved in money laundering, and foreign financiers linked to short-selling, securities fraud, and, in 2005, the collapse of a major Wall Street brokerage firm. Driving XYBERNAUT upward as well were the determined efforts of its officers to promote and sell the company’s stock to unwitting small investors, even as the company’s fundamentals spiraled ever more out of control. It became clear that no market for its products would emerge. And Allen’s affiliation with the company should now raise questions about whether he deserves to retain his other seat -- the one on the best board of directors in the world.

                                            * * *
                                            Warning Signs

                                            XYBERNAUT’s problems date as far back as its debut as a publicly traded company. Founded as Consumer Products & Services in 1990, the company changed its name to XYBERNAUT less than a month before its July 18, 1996, initial public offering (IPO) after merging with a Delaware-based company of that name.

                                            Signs of trouble were soon apparent. The brokerage company that underwrote XYBERNAUT’s IPO, Kensington Wells Inc., was targeted in a regulatory crackdown in 1997 and closed that year. That firm’s top executives were eventually sent to prison, following a series of felony convictions surrounding three unrelated IPOs involving schemes to inflate the value of the firms’ stock and launder profits back to themselves through front groups based in the Caribbean. In 2001, prosecutors in the Eastern District of New York extended their investigation to include Kensington’s role in the XYBERNAUT IPO. Former Kensington Wells president Elias Tacher is serving a nearly five-year term in a minimum-security prison in South Florida.

                                            The underwriting partner of Kensington Wells in the XYBERNAUT IPO, Long Island– based Royce Investment Group, encountered similar difficulties. Royce’s former chief executive and chairman, JOHN Marciano, remains free on $1.5 million bond and was in plea negotiations earlier this year with prosecutors from the U.S. Attorney’s Office for the Eastern District of New York on 15 counts of money laundering in a scheme involving XYBERNAUT stock. Royce has ceased operations. Marciano, who was working earlier this year at a Bentley car dealership on Long Island, has called the charges “baseless.” A trial is set for 2007.

                                            No XYBERNAUT officers or past or present board members have been named in the IPO securities manipulation and money-laundering cases, but those company officers, directors, friends, and family members awarded stock in the IPO deal benefited from the manipulations of Royce and Kensington Wells. By creating an artificial demand for the stock, the market makers drove up the price. And the company gained substantial financing that the market otherwise might not have provided. The IPO raised more than $13 million for the company.

                                            XYBERNAUT officers should have been aware of Royce’s reputation in financial circles when they chose it for their IPO in the mid-1990s, say industry insiders. “They’re the bottom-of-the-barrel kind of firm,” says Jacob Zamansky, a prominent securities fraud lawyer in New York. “When you’re dealing with a Royce, you’ve got a very close personal relationship with a third-tier underwriter.”

                                            XYBERNAUT also saw some of its biggest boosters in the investment community nabbed by the long arm of legal and regulatory authorities years after their relationships with XYBERNAUT ended, in a kind of echo-boom of charges and cases that’s blossomed from the boom-era activity. Two former touters of XYBERNAUT stock have since been accused by the SEC of fraudulent activities relating to publicly- traded securities, though not XYBERNAUT. Christina S. Kohlhaas of CSK Securities gave XYBERNAUT a “strong buy” recommendation and was granted stock by XYBERNAUT in 1996 (before ALLEN joined the board). In 2002, she, as Christina Skousen and CSK Securities Research, were enjoined from further securities violations without admitting guilt as settlement of an SEC complaint charging her with writing several “fraudulent research reports” between 1999 and 2002. Meanwhile, Mark Bergman, a director of investor relations at XYBERNAUT during Allen’s board tenure, and a founder of financial public relations firm Access 1 Financial, was named in a 2002 SEC complaint as part of “a massive stock fraud in the NASDAQ Over-The-Counter securities market” for his work touting Environmental Solutions Inc., in what the SEC characterized as a stock “pump-and-dump” scam.

                                            In early 2000, Bergman’s Access 1 Financial had also given XYBERNAUT a “strong buy” recommendation, Howard Kurtz recounts in The Fortune Tellers: Inside Wall Street’s Game of Money, Media, and Manipulation, and predicted the firm’s stock price “would double within six months.” XYBERNAUT boasted of the Access 1 “strong buy” recommendations in February, March, and April 2000. The stock zoomed more than 300 percent in value that year, peaking at $29.97 on March 2, 2000. The firm neglected to mention that Bergman wrote his reports for companies that paid him, and not as a credible financial analyst.

                                            Another promoter of the company’s stock, the Donner Corp., ran afoul of professional licensers earlier this year. Later renamed National Capital Securities Inc., the Donner Corp., its president, Jeffrey L. Baclet, and research analyst Vincent Michael Uberti were charged by the National Association of Securities Dealers (NASD) with issuing 25 reports between March 1999 and May 2002 that “contained fraudulent, exaggerated and unwarranted statements, and failed to include critical information about numerous companies’ financial and business operations,” according to an NASD release, and also for failing to disclose that Donner had been paid by 51 companies it was touting, including XYBERNAUT, to prepare positive statements. According to a 2006 NASD decision, two of the reports written by the company included a “speculative buy,” issued October 12, 1999, and a “buy” recommendation, issued January 24, 2000, on XYBERNAUT (during Allen’s tenure). The NASD ultimately expelled Donner from its ranks and barred Baclet and Uberti from participation in it.

                                            XYBERNAUT also failed to pay employee withholding taxes in 2000, leading the Internal Revenue Service to file a lien against the company for $1.13 million in back taxes in January 2004. Company president Steve Newman called the IRS complaint “absolutely without merit” that year.

                                            Much of this mischief took place while ALLEN was on XYBERNAUT’s board. ALLEN refused repeated requests to discuss his relationship to XYBERNAUT, but some experts believe that, at best, the board was asleep at the wheel. “It’s possible that those sorts of things could have gone on without a board of directors knowing about it, but it’s unlikely that a properly functioning board of directors would miss all of that,” says David Skeel, a corporate law specialist at the University of Pennsylvania Law School and author of Icarus in the Board Room: The Fundamental Flaws in Coporate America and Where They Came From. “At some point there are enough red flags that a properly functioning board of directors should have a sense that something is going wrong.”

                                            * * *
                                            Selling Stock, Not Product

                                            There were still further signs of trouble in the years after XYBERNAUT went public. The company wound up selling so much more stock than mobile computing devices that it ultimately became a joke in the business press, derided for its stock “printing press.” Its products never caught on, despite a marketing and advertising budget that grew to nearly $9 million by 2000. Between its founding in 1990 and 2005, the company sold only 10,000 mobile computers, according to The Washington Post, while racking up losses of $162 million, and issuing 200 million shares of stock. In September 1999 -- also during Allen’s board tenure -- the company’s accounting firm, PricewaterhouseCoopers, issued a dreaded “going concern” letter with a grim assessment of the company’s financial health. (A going concern letter is how accountants officially express substantial doubt about a company’s ability to continue in business.) But rather than heeding the warning, XYBERNAUT fired PricewaterhouseCoopers, replaced it with Grant Thornton LLP, and ramped up the pace of its stock sales.

                                            “As far as I knew they had gone down the right avenues and had gotten some good funding,” says Christine Kallivokas, vice president of operations for the Northern Virginia Technology Council, which helped promote XYBERNAUT over the years. “We viewed them as a very strong growth company.”

                                            Starting in 2000, however, XYBERNAUT increasingly turned to a newly popular financial instrument to keep growing -- and going: so-called PIPE deals, short for “private investments in public equity.” In such deals, private investors are granted warrants or convertible debentures for stock at below-market rates in exchange for financing. All the investor has to do to make money is sell the stock. But some sleazy PIPE financiers go a step further by shorting the stock of the companies they finance, driving down share prices, diluting the shares of other investors, and even -- in a particularly egregious form of illegal short selling known as the “death spiral finance scheme” -- driving the company into bankruptcy through aggressive rounds of financing and short selling. Between March and November 2000, XYBERNAUT went from 1 percent to more than 15 percent owned by institutional investors who acquired their stock in the company through private deals, according to media reports.

                                            “It really rode the Internet bubble, and it was real hot stuff,” recalls Gregory Sichenzia, of Sichenzia Ross Friedman Ference LLP, a law firm that specializes in securities and PIPE transactions, which he described as an increasingly traditional financing mechanism. “It’s not the fault of the financing that the company collapsed.”

                                            Several firms that financed XYBERNAUT during Allen’s tenure on its board, however, have since been linked to a complicated international network of troubled financers and brokers. For example, in April 1998, Balmore Funds SA and Liechtenstein-based Austost Anstalt Schaan signed a private placement deal with XYBERNAUT granting the firm up to $11 million. One of their registrations of stock for sale came April 4, 2000 -- shortly after the March price peak and a period of unusually high volume trading, which was followed by yet another “going concern letter,” in mid-March, and a decline in the stock price. The signatory for Austost Anstalt Schaan was Thomas Hackl, who was from 1991 to 2002 head of treasury at BAWAG, the fourth largest Austrian bank (itself somewhat controversial for losing millions in the financing of Yasir Arafat’s casino outside Jericho). has linked BAWAG to Austost and also to the hedge fund Alpha Capital Aktiengesellschaft, which invested in XYBERNAUT in 2001. Last year Hackl became a major figure in the collapse of Wall Street brokerage the Refco Corp., where he was executive vice president, in an accounting scandal that wiped out more than $1 billion in shareholder value. Last fall, Time magazine also linked Austrian investor Thomas Badian -- for whom an arrest warrant (ultimately dropped) was issued in the United States in 2003, and who has been accused of playing a role in the “death spirals” of a host of other companies -- to Refco, through which he had been making some of his trades. Badian has been charged in the Southern District of New York with ordering the illegal short selling of the stock of software company Sedona by unknown offshore entities through his brokerage, Rhino Investments, in 2000 and 2001; Badian and Rhino agreed to pay civil penalties without admitting or denying the allegations. Badian has no apparent connection to XYBERNAUT. But a host of reporters and regulatory authorities are investigating the linkages between these brokers and funds -- as well as sources of their capital -- in the wake of the Refco collapse.

                                            * * *
                                            Dubious Characters

                                            Over the years, Balmore Funds and Austost Anstalt Schaan both invested in a surprisingly large number of the same companies, according to SEC records. In addition, former XYBERNAUT board member Phillip E. Pearce sat on the board of two of those other companies: Starbase, which drew financing from Balmore, and Imaging Diagnostic Systems Inc., of Plantation, Florida, which drew financing from both.

                                            “What we know about finance is that’s it about who your connections are,” says Donald C. Langevoort, the Thomas Aquinas Professor of Law at Georgetown University, and a former special counsel to the SEC. “Normally when somebody with financial connections is brought onto the board, they are brought on for those connections, so the fact that they bring a book of business with them, that’s what you get.”

                                            Other entities that financed XYBERNAUT during Allen’s board tenure have since been charged with involvement in securities manipulation as well. David Sims signed XYBERNAUT’s pipe deal with Forest Ave. LLC in the Cayman Islands; he was charged in 2003 with illegal short selling.

                                            Despite the plethora of dubious characters surrounding XYBERNAUT, the true identity of many of the company’s financiers remains obscure. In the company’s heyday, its officers claimed to have the support of major Wall Street firms, but that was more hype. What SEC records show instead is that during the company’s 16-year history, it relied heavily on offshore firms for financing. And during Allen’s board tenure, it received the vast bulk of its money from outfits based in the most notorious havens for tax cheats and money launderers: the Turks and Caicos, the Cayman Islands, the British Virgin Islands, the Bahamas, Liechtenstein, and Israel.

                                            “Several of those things aren’t necessarily indications of misbehavior, but cumulatively it doesn’t look good,” notes Skeel. Trial lawyer James W. “Wes” Christian has been fighting the network of offshore firms whose stock manipulations he alleges damaged Sedona and dozens of other firms. “In every company without exception that we represent, we found a rat,” he says. “We found that the lawyers that these companies used were actually lawyers for the bad guys.” And, he says, there was also usually an insider on the board of directors who helped make sure the manipulative deals went down. “These guys put someone on the board because it’s a way to monitor things.”

                                            Whether XYBERNAUT knew what it was getting into when it sought out the offshore financiers remains unclear. The company approached Christian’s legal team in 2005 about joining its network of fraud cases, he says, but the talks quickly fell apart in a disagreement over fees. What is clear about XYBERNAUT, Christian says, is this: “Their stock was manipulated both up and down to allow offshore companies, including hedge funds and financial investment funds, to make millions of dollars at the expense of poor innocent investors who paid for their shares with their hard-earned money that ultimately, because of such manipulation, became worthless.”

                                            * * *
                                            Allen: A Financial Gigolo?

                                            XYBERNAUT was always clear about why its management wanted ALLEN on the board. He represented legitimacy and access. “George ALLEN, the former governor of Virginia and candidate for Senate in 2000, is on XYBERNAUT’s board of directors and is very helpful in dealings with government,” company CFO JOHN MOYNAHAN wrote to the XYBERNAUT Corp. Yahoo! Group, an investor forum, in 1999. MOYNAHAN repeatedly touted ALLEN -- “former governor of Virginia and candidate for U.S. Senate” -- on the message board as one of the company’s strengths. On November 8, 2000, the day after ALLEN won his Virginia Senate race, MOYNAHAN informed the Yahoo! Group investors about his pending departure under Senate conflict-of-interest rules, saying, “While his contributions to the board will certainly be missed, I believe that our shareholders are better off with a staunch supporter of XYBERNAUT in the U.S. Senate.”

                                            There’s no proof that ALLEN did anything for the company as senator. In addition, he never profited significantly from his board service. During his tenure on the board, ALLEN was granted 110,000 options of company stock that, at their peak, were worth $1.5 million, but he never exercised those options, which expired 90 days after he left the board, and made almost no money from the stock, according to his communications director, JOHN Reid.

                                            But three things seem clear. First, he did benefit in indirect ways from his association with the company: Allen’s law firm did work for XYBERNAUT while he was on the board, and its officers contributed to his campaigns. While ALLEN was serving on the XYBERNAUT board, he was also a partner at the prestigious Richmond-based law firm McGuire Woods LLP. In 1998 and 1999, the firm billed $315,925 to XYBERNAUT for legal work and was also granted 1,996 shares of stock in lieu of payment for services rendered. According to a disclosure form candidate ALLEN filed on May 12, 2000, he earned $450,000 from McGuire Woods from January 1999 through April 2000. During much of that time, the firm was doing work for XYBERNAUT.

                                            In addition, XYBERNAUT officers -- four directors, an advisory board member, the comptroller, and an officer’s wife -- donated a total of $10,750 to Friends of George ALLEN in 1999 and 2000. After XYBERNAUT retained McGuire Woods to handle its more current legal problems in May 2005, McGuire Woods staff donated $32,500 to Friends of George ALLEN that very month -- compared to $31,625 during Allen’s entire two-year 1999-2000 Senate campaign.

                                            Second, ALLEN helped XYBERNAUT stay politically well-connected and in the good graces of the Virginia technology community -- despite its increasingly questionable associations in the finance and investment world. On Election Day 2001, for example, losing Virginia Republican gubernatorial candidate Mark Earley chose to forgo the traditional Election Day rally or press conference in favor of a visit to Allen’s former firm. Earley attended -- and was photographed at -- a demonstration of XYBERNAUT’s technology at the company’s Fairfax headquarters. Joining him were ALLEN, outgoing Virginia Governor James Gilmore III, Senator JOHN Warner, and Congressman Frank Wolf, all Virginia Republicans.

                                            That Election Day demo session must have made a particular impression on Gilmore, who went on to join the XYBERNAUT board. But by then the jig was up: “XYBERNAUT stays flat despite Gilmore aid,” Tim Lemke reported in The Washington Times. “Even a former governor couldn’t inject life into the stock price of XYBERNAUT Corp. last week.”

                                            But if he had, Gilmore would have filled the part that ALLEN played before him, which brings us to the third conclusion about Allen’s relationship with XYBERNAUT. What sort of board was this -- and what sort of director was he -- to allow these shenanigans to go on while they were allegedly (as board directors are supposed to do) protecting the interests of the shareholders? Did ALLEN know that the company was selling far more stock than actual computer units? Was he aware of the reputations of the some of the firms that arranged financing? What did he know about the firing of PricewaterhouseCoopers after it had the audacity to tell the truth about the company’s financial health? Did he privately express any concern about the company’s actions? And how long did he continue to promote such an obviously shady operation?

                                            During the Great Depression, the late Supreme Court Justice William Douglas coined the term “financial gigolo” to describe someone with a prominent name who serves on a board of directors in order to add a veneer of respectability to a questionable enterprise. It’s a term of derision that could have found new meaning in dot-com boom era Virginia.

                                            © 2006 by The American Prospect, Inc.

                                            Link to reports

                                            Research Frontiers Incorporated
                                            The Wizards of Short-Selling

                                            Manuel Asensio Former President, Asensio & Co.

                                            Asensio helped define "activist investor." Originally a Cuban refugee, the fiery fund manager launched vociferous short-selling campaigns between 1996 and 2003, using press releases and public statements to drive down overvalued tech and pharmaceutical companies like Winstar and Verisign. His pre-bubble pessimism helped Asensio benefit from the dot-com crash and made it one of the country's most notorious short sellers.

                                            Asensio's site claims that share prices of the 30 companies he shorted in those eight years declined an average of 87%.

                                            26 February 25, 2011 Is the 46-year-old REFR Dream Finally Coming True?

                                            25 January 15, 2009 New Mexico Political Scandal Involving Office of Former REFR Promoter

                                            24 January 18, 2008 New Mexico State Investment Fund Surpasses Even Subprime Fiasco

                                            23 January 18, 2008 More on REFR’s “Press-Release Puffery”

                                            22 October 29, 2007 After 42 years of Hype REFR resorts to recycling old promotional schemes.

                                            21 October 29, 2007 REFR: 42 Years of Hype

                                            20 October 17, 2007 BusinessWeek’s “Facelift” Fails to Beautify Work of Gene Marcial

                                            19 April 7, 2006 Is REFR’s 41-year-old stock promotion finally finished?

                                            18 April 7, 2006 How does a 41-year-old loser like REFR qualify as a going-concern?

                                            17 June 6, 2002 Update on our Research Frontiers forecast

                                            16 December 20, 2001 REFR fails to address public concerns over record of questionable disclosures and transactions, reports Asensio & Co.

                                            15 December 20, 2001 Asensio’s three (3) page letter to REFR dated November 15, 2001.

                                            14 December 20, 2001 Asensio’s nine (9) page letter to REFR dated June 14, 2001.

                                            13 December 11, 2001 Korean promotion shows how REFR deceives investors, reports Asensio & Company, Inc.

                                            12 November 29, 2001 REFR blows $11.3 million, cash down to $8.3 million, reports Asensio

                                            11 November 28, 2001 REFR joins Ailouros’ list of bogus penny-stock deals, reports Asensio & Company.

                                            10 November 21, 2001 InspecTech TTF claims found misleading, reports Asensio &Company, Inc.

                                            9 September 18, 2001 REFR’s stock promotion causes damaging capital misallocation, reports Asensio & Company, Inc.

                                            8 September 11, 2001 REFR’s false ‘news’ story exposed, reports Asensio & Company, Inc.

                                            7 September 6, 2001 REFR’s bogus patent promotion exposed, reports Asensio & Company, Inc.

                                            6 August 24, 2001 REFR’s “short squeeze” is a myth, reports Asensio & Company, Inc.

                                            5 August 24, 2001 REFR remains grossly overvalued, reports Asensio & Company, Inc.

                                            4 August 22, 2001 REFR’s silly circus takes to the air, reports Asensio & Company, Inc.

                                            3 July 12, 2001 REFR involved in yet another questionable deal.

                                            2 June 18, 2001 REFR uses 12-year-old promotion in its supposedly new story, reports Asensio & Company.

                                            1 June 15, 2001 REFR issues unsubstantiated future profit forecast.

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                                            Sold Short
                                            Asensio & Company, Inc.'s book published by John Wiley & Sons, Inc. titled "

                                            Sold Short: Uncovering Deception in the Markets".

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                                            93""Winston Churchill once said, 'If you are going through hell ……. StockDung-3/18/2020
                                            92Workers Shut Down Mercedes Factory That Called Them In jalopnik.comStockDung-3/17/2020
                                            91 Recently posted on the desert formerly known as the SI REFR "investors&qupoccidenarri17/22/2016
                                            90Method turns glass from clear to opaque with the flick of a switch March 14, 20StockDung13/14/2016
                                            89 Kerry's world's fair dream crushed by debt DozenStockDung-3/2/2016
                                            88Dear Stockdung, Please note that it is bad form for a moderator to ban someone SI Dmitry (code monkey)-2/14/2014
                                            87Raven, according to Exposeassencio Xybernaut was also a Bill Wexler short. hmmmStockDung-2/5/2014
                                   an asensio favorite, huh, where is it on his published list? you canravenseye-2/5/2014
                                            85Unless she told raven, here's the info, write it up in your own style, I donKevin Podsiadlik-1/28/2014
                                            84there ya go again, spewing more misinformation floyd as per usual right on que ravenseye-1/28/2014
                                            83Raven, stop posting N Dixons posts she is feeding you to post. You look silly.StockDung11/28/2014
                                            82talk about a big scam, didn't you scam tony by dropping off of his defense wravenseye-1/28/2014
                                            81."He uses a lot of sources and claims it's his research" Who bettStockDung-1/28/2014
                                            80oh I didn't forget but you did forget floyd! look at what his reply to yourravenseye-1/28/2014
                                            79You forgot to post what Anthony had posted . Bill Wexler also wrote about AVNT SStockDung-1/28/2014
                                            7815+ years StockDung floyd has been touting asensio, this recently created threadravenseye-1/27/2014
                                            77who is right, the sec or floyd? I ask because floyd has recently (1/17/14) revisravenseye-1/18/2014
                                            76if the REFR info wasn't given to elgindy per reference found on his trial thravenseye11/13/2014
                                            75the cover page of this thread Started: 12/14/2013 is dedicated to asensio along ravenseye11/13/2014
                                            74The question in the post you responded to was this: "And who is this WhoreJorj X Mckie-1/10/2014
                                            73reread your question i did answer ravenseye-1/10/2014
                                            72I don't think you are providing me with an answer to any of my questions. Jorj X Mckie11/9/2014
                                            71thought to look for an answer for you, started with this year regsho.finra.orgravenseye-1/9/2014
                                            70eh kevin do you want us to believe asensio did no wrong too? lma(zz)o For Relearavenseye-1/9/2014
                                            69your posts kevin are reasons why people NEED to do their own research because evravenseye11/9/2014
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