6 MEN CHARGED IN FRAUD : CASE COVERS FIRMS DORFMAN REPORTED ON.Byline: Floyd Norris The New York Times A former lawyer for the Securities and Exchange Commission and five other men have been indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. on charges of securities fraud involving two Nasdaq companies. The grand jury indictment, handed up in U.S. District Court in Brooklyn and announced Friday, arose out of an investigation relating to the broadcasts of Dan Dorfman, the financial commentator for the CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. cable channel. Dorfman was not mentioned in the indictment, but the charges appear to involve bullish reports that Dorfman broadcast about the two companies involved in the case. James W. Naren, a former SEC lawyer, was accused of giving other defendants confidential information on an investigation of them, then working to help them avoid being caught. The indictment says the fraud involved the stock of two small companies traded on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. : Alter Sales Co., now called ICIS ICIS Integrated Compliance Information System ICIS Institut Canadien d' Information sur la Santé ICIS International Conference on Information Systems ICIS Institute for Civil Infrastructure Systems ICIS Institute for Cooperation in Space Management Co. of Lighthouse Point, Fla., and Integrated Resources Technologies, which is now Comprehensive Environmental Systems, or CESI CESI Centro Elettrotecnico Sperimentale Italiano (Italy) CESI Chauffe-Eau Solaire Individuel CESI Centre d'Etudes Superieures Industrielles (French) CESI Canadian Educational Standards Institute , of West Babylon, N.Y. The men were charged with a scheme to issue stock in the companies secretly for low prices, then sell the stock to unwary investors in the United States. Named in the indictment were Naren, a 43-year-old resident of Lighthouse Point; Grant R. Curtis, 36, of Danville, Calif.; Leo Leo, in astronomy Leo [Lat.,=the lion], northern constellation lying S of Ursa Major and on the ecliptic (apparent path of the sun through the heavens) between Cancer and Virgo; it is one of the constellations of the zodiac. J. Mangan, 40, of Lindenhurst, N.Y.; Timothy H. Masely, 35, also of Lindenhurst; Pedro Gomez, 37, of Branford, Conn.; and Ray Irangy, 50, of Brooklyn, N.Y. The men were arrested Thursday and Friday in New York, Florida Connecticut and California. Naren was released on $250,000 bail after being arrested in Florida. The others were being held late Friday, with federal prosecutors opposing release on bail. Each of the six men was charged with two counts of securities fraud and one count of conspiracy. |
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