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Post# of 157299
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SEBASS

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SEBASS

Re: None

Monday, 01/23/2006 11:21:02 PM

Monday, January 23, 2006 11:21:02 PM

Post# of 157299
MOTLEY FOOL MENTIONED FRAUD BY GTE.

So i guess this time you can't say that i'm making this up or are you going to say now that Motley Fool is making it up and so was New York Post as well ? What is $ from Columbian deal ?

http://www.fool.com/news/commentary/2006/commentary06012310.htm?source=eptyholnk303100&logvisit=...

The quiet scandal
Nugold/ATC/CGI was the key character in what some in the Australian press called one of the biggest embezzlements and securities frauds in Australian history. According to ASIC, from March 2001 until September, 2002, the company was the subject of a very complex stock manipulation by an Australian securities dealer named Upul Samantha Anthony, who worked for Cogent Securities. During that time, Anthony stole more than $16 million from his employers and funneled $10 million directly into ATC/CGI and affiliates. Additional details reported from police records by writers for the Australian Financial Review (FR) shed even more light on the scheme.

Anthony sent $7 million of the pilfered money in "loans" to ATC/CGI in order to shore up the cash-hemorrhaging company, and he sent another $3 million to Nugold -- via another telecom, Futurstel -- where it was used to finance the purchase the remainder of ATC/CGI. (The rest of the money went toward trying to manipulate the penny stock's share price on the Australian market via Nugold/ATC/CGI stock purchases through various fronts.)

When Anthony finally came clean in September of 2002, ATC/GCI claimed it knew nothing about the scam. That's pretty tough to swallow, given that, according to FR, Anthony actually lived with two of ATC's founders, Andrew Boyd and Hastings Singh, and it doesn't appear that the company would have survived long without the money Anthony stole.

Anthony, who cooperated extensively with Australian securities investors, said he was promised a job at ATC/CGI, as well as a large slug of shares, if he could secure capital injections needed for ever-increasing amounts of network equipment for ATC's Hong Kong wing. According to the FR article of September 2004, the stolen $7 million that was paid directly to ATC/CGI simply disappeared without a trace.

And as Jack always says: "You can't handle the truth! Son"

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