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Conference nyoss1::market_investing

Title:Market Investing
Moderator:2155::michaud
Created:Thu Jan 23 1992
Last Modified:Thu Jun 05 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1060
Total number of notes:10477

244.0. "Wealth Building Letter" by MRKTNG::SAXENA () Tue Jul 14 1992 13:57

    
	Hello, Fellow Investors. I thought this information might be of
interest to you folks.

	Recently I received a sample issue of the Wealth Building Letter.
Looks interesting! I have seen many investment newsletters and most of them
tend to focus on just one area of investment, either stocks, mutual funds or
special situations. As a result investors have to subscribe to multiple
newsletters for different portions of their portfolio.

	But the Wealth Building Letter seems different. It provides
information and recommendations about large and small capitalization stocks,
diversified mutual funds, sector funds, closed-end equity funds and special
situations including equity & index options. In addition to the numerous
model portfolios, critical information about various market indicators and
key indices is also provided.

	The subheading reads - "Strategies for Wealth Accumulation,
Financial Independence and Early Retirement". According to their literature,
investment selections are based on an eclectic combination of fundamental,
sentiment and technical factors. State-of-the-art computerized financial
models are used for profitable security selection and accurate market
timing.

	Although a sample issue costs $15, for a limited time they are
offering free samples to anyone who requests it. If interested, you can
write to them at Vital Info, P.O. Box 380, Hopkinton, MA 01748. Or call
(508) 881-8057. Please do NOT send me mail about this.
T.RTitleUserPersonal
Name		DateLines
244.1[moved here by moderator, see also note 456.15]SHRCTR::SRINIVASANFri Jan 24 1997 07:2515
    Yesterday I received a brochure from a company called VITAL INFORMATION
    in Cary NC offering me to sell some stock service news letter and other
    services. From the picture of the CEO in the Booklet, I quickly
    recognized that this guy used to work as programmer at Digital in a
    group known as ESG. He used to go by the name " SANJAY SAXENA" Now he
    calls himself JAY SAXENA. 

    I also recall reading a news item in the Boston Globe few years ago
    that some one by name Jay saxena ( former Digital Employee was arrested 
    for fraud for several hundred thousands of dollars ( promising the 
    investors unusually high returns ). I also recall the news item saying 
    that this guy did not have formal education in finance and has never 
    traded more than few stocks here and there !!
     
    In case you received similar booklet, watch out.. !!
244.2SHRCTR::SRINIVASANFri Jan 24 1997 13:122
    Moderator moved my note to 244.1. I just happened to note that the
    base noter 244.0 is the same guy who used to be in Digital ;-)))
244.3More from SEC on the base noter !!SHRCTR::SRINIVASANSat Jan 25 1997 06:2323
    Guess ! what I found through Altavista. This guy is a disgrace to 
    thousands of hard working Asian Indian community in America...

The SEC Commission instituted several significant cases involving investment
advisers and investment companies. The Commission alleged that Sanjay Saxena, a
registered investment adviser and the publisher of a weekly investment
newsletter, raised at least $3.2 million through the sale to at least 165
investors of interests in
an unregistered investment pool (SEC v. Saxena[47]). Saxena promised annual
returns in excess of 50 percent, and further promised that he would repay
one-quarter
of any trading losses. While the pool was incurring substantial losses, Saxena
represented to his investors that their investments were profitable. After the
Commission commenced its investigation, Saxena represented that he would repay
investors in full; however, he failed to repay at least $656,000 to at least 45
investors, who were sent false monthly statements indicating that their
investments were profitable while their funds were in fact being used to repay
other investors.
Saxena consented to the entry of an injunction and an order requiring him to
pay a total of $774,793.04, representing disgorgement and prejudgment and
postjudgment interest. In related administrative proceedings, Saxena consented
to the entry of an order barring him from association with any regulated
entity.
244.4NEWVAX::BUCHMANRosalie's UncleFri Jan 31 1997 14:5810
    Interesting that the base note seems to say "Hey, guys, I found this
    neat newsletter that you might be interested in," with no indication
    that the noter's own company puts out the newsletter. I wonder how many
    other electronic venues were used for this insincere form of
    advertising. One of the many faces of a fraud ...
    
    You got this brochure just recently? I wonder if the SEC would be
    interested in hearing that this guy is still in operation. Maybe just
    publishing a newsletter falls outside the restrictions laid on him.