Investors Defrauded of $8 Million By Yankee Financial Group, NASD Alleges

NASD has filed a complaint charging Yankee Financial Group of Melville, New York its president and a former branch manager with engaging in high-pressure, boiler room type sales practices that defrauded investors. NASD already has permanently barred 11 other individuals for related fraudulent conduct.

NASD charges that the firm and its employees made misrepresentations, including baseless price predictions, relating to three highly speculative Over-The-Counter Bulletin Board (OTCBB) stocks: Silver Star Foods, Inc.; Western Media Group Corp; and Golden Chief Resources, Inc. NASD alleges that in many instances defendants targeted elderly investors and others for whom such stocks were "patently unsuitable."

Source: NASD News Release, October 17, 2003