|
|
|
|
|
Readers Tell All
Subject: Cabot News Letter I subscribed to the Cabot Market News Letter and the very first Pick Of The Month was a company by the name of Centennial Technologies which looked like an unbelievably good investment. Earnings came in at about 57% so I bought all of the stock that I could. I took money market funds,I sold good Mutual Funds, I even sold IBM to invest in this company. I had never seen increases like this. Sounded too good to be true. Well, after the SEC investigated the company they found that it was too good to be true. Trading was suspended for CTN on the N.Y.S.E and the CEO was arrested for numerous crimes such as fraud, insider trading, and many other things. I really can't blame Cabot or Centennial (the company) because this was a classic case of a CEO using his job to manipulate the accounting figures to make this gain in earnings appear to be legit. Well, now the company is still trading at about 2 to 3 dollars a share OTC and a new CEO is running the company, but I am still holding all these shares I paid 21 for in february 1997. The only thing I can figure out to do is hold all of these shares and hope for a bull market, some excellent management, and a whole lot of luck. I would rather tear up the certificates than to sell this stock for 2 dollars a share. Well he almost pulled off a billion dollar heist, but as it stands all his assets are frozen and I think the company has sold off aquisitions and managed to find a financial lender with FAITH so I will ride it out with them and hope for the best. The point is that even someone with the access of The Cabot Market Letter can still have things hidden from them, but at least in this case the CROOKS were caught. Back to Halloween '97: Readers Tell All
|
||||||||
|
|||||||||
