| 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.. !!
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| 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.
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| 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.
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