An article posted last night on the Fortune magazine website titled “The ParkerVision Party” provides further information about the tainted cast of characters behind the ParkerVision, Inc. (NASDAQ: PRKR) (Price: $25.25) fraud. The author of the article, Bethany McLean, discloses that Jack Ferraro, a money manager for 20 years at Neuberger Berman, has been suspended for possible improprieties relating to ParkerVision and other small-cap stocks. Mr. Ferraro, who received options to purchase a total of 305,000 ParkerVision shares as compensation for brokering two placements with Swiss-based Banca del Gottardo, has publicly recommended the stock without disclosing his interest. Neuberger Berman has been one of the most active market makers in ParkerVision stock.
The article also mentions two other deals involving Mr. Ferraro and Banca del Gottardo that were penny stock failures: Ferrara Food Co. Inc. (OTC: FRRF), which plunged in 1996 from $9 a share to one cent; and Vasomedical Inc. (OTC: VASO), which has fallen from $8.25 to $1. Banca del Gottardo’s Francesco Bolgiani, a ParkerVision director, was a director of Ferrara Food and is currently a director of Vasomedical. In addition to these we have discovered two more failed penny stock promotes involving Mr. Ferraro and Banca del Gottardo: Showscan Entertainment Corp. (OTC: SHOW), which has gone from $13 to 8 cents; and Intellicall, Inc. (OTC: ICL), which has gone from $18.50 to $1. Mr. Ferraro was also involved in Enamelon, Inc. (OTC: ENML), which has gone from $27.50 to $1; and Accumed International, Inc. (OTC: ACMI), which has gone from $33.75 to $1.63. The Fortune article is posted at www.pathfinder.com/fortune/1999/11/08/new.html.
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