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Tuesday
Jun072011

Trading Suspended for 17 Companies Suspected in Microcap Fraud

Comstock/Thinkstock(WASHINGTON) -- The SEC on Tuesday suspended 17 microchip stocks with concerns about the the exactitude of public information about companies that trade in the over-the-counter (OTC) market.

The SEC's Office of Market Intelligence, several regional offices and its new Microcap Fraud Working Group worked together in a proactive effort to detect fraud involving microchip securities, the agency said in a release.  

"They may be called 'penny stocks,' but victims of microchip fraud can suffer devastating losses," Robert Khuzami, director of the SEC's enforcement division, said Tuesday.

Khuzami said the Microcap Fraud Group will continue to target transfer agents, brokers, attorneys, auditors and other "gatekeepers" who benefit from less-than-transparent practices.

The companies included in the suspension are:

-- American Pacific Rim Commerce Group (APRM), based in Citra, Fla.
-- Anywhere MD, Inc. (ANWM), based in Altascadero, Calif.
-- Calypso Wireless Inc. (CLYW), based in Houston.
-- Cascadia Investments, Inc. (CDIV), based in Tacoma, Wash.
-- CytoGenix Inc. (CYGX), based in Houston.
-- Emerging Healthcare Solutions Inc. (EHSI), based in Houston.
-- Evolution Solar Corp. (EVSO), based in The Woodlands, Texas.
-- Global Resource Corp. (GBRC), based in Morrisville, N.C.
-- Go Solar USA Inc. (GSLO), based in New Orleans.
-- Kore Nutrition Inc. (KORE), based in Henderson, Nev.
-- Laidlaw Energy Group Inc. (LLEG), based in New York City.
-- Mind Technologies Inc. (METK), based in Cardiff, Calif.
-- Montvale Technologies Inc. (IVVI), based in Montvale, N.J.
-- MSGI Security Solutions Inc. (MSGI), based in New York City.
-- Prime Star Group Inc. (PSGI), based in Las Vegas, Nev.
-- Solar Park Initiatives Inc. (SOPV), based in Ponte Verde Beach, Fla.
-- United States Oil & Gas Corp. (USOG), based in Austin, Texas.

Copyright 2011 ABC News Radio

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