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TOPIC: ABWG - AB WATLEY GROUP (PINK 0.021 x 0.03)

ABWG - AB WATLEY GROUP (PINK 0.021 x 0.03) 7 years 11 months ago #1491

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[Re: ABWG - AB WATLEY GROUP (PINK 0.021 x 0.03)]
thanks for the information
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ABWG - AB WATLEY GROUP (PINK 0.021 x 0.03) 10 years 5 days ago #1270

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[ABWG launches new campaign...]
NEW YORK--(BUSINESS WIRE)----
AB Watley Direct, Inc. a wholly owned subsidiary of AB Watley Group, Inc. (Pink Sheet: ABWG.PK) is launching a Global Marketing campaign directed at the most active traders in the online trading community. Using multiple media channels management will deliver a focused marketing strategy directed at the most coveted traders in the online trading community.

As part of their marketing efforts The Company will be offering incentives such as lower commissions and higher interest rates on deposits to any customer that opens a new account. With multiple clearing relationships, AB Watley can offer deep commission discounts to active traders. Our UltimateTrader(R) platform provides reliable timely executions, quotes and extensive technical analysis for both the seasoned professional and the novice trader.

AB Watley Group, Inc. has a long history as an innovator in the development and deployment of robust trading platforms. The Company is the creator of the UltimateTrader(R) trading platform and a pioneer of products for the active online trader. In April of 2002 the Company sold a license to the source code of AB Watley's Ultimate Trader(R)
trading platform to E*Trade Financial Corporation (NASDAQ: ETFC) for their active traders. E*Trade offers the resulting trading platform to its customers as the E*Trade Pro product.

Ralph Armenti, President of AB Watley Direct, Inc. stated, "In today's changing financial markets, A.B. Watley separates itself from its competitors by offering personalized customer service, along with the most up to date trading tools. We have the flexibility to facilitate the trading needs of the individual investor to the large Institutional trader, by offering competitive commissions and margin rates. We've maintained a loyal client base over the last several years through our commitment to customer satisfaction. For more information visit the company website www.abwatley.com or call our representatives at 888-733-9000."

With many alternative online trading brokers such as E*Trade, Inc. (ETFC), TDAmeritrade (AMTD), TradeStation Group, Inc. (TRAD) and Charles Schwab (SCHW) just to name a few, management would like to thank their loyal shareholders and clients for their continued support.
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ABWG - AB WATLEY GROUP (PINK 0.021 x 0.03) 10 years 5 days ago #1269

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[Shareholder update]
NEW YORK--(BUSINESS WIRE)---- (Pink Sheet: ABWG) - AB Watley Group, Inc. is providing a corporate update for shareholders and investors.

Over the past few years the Company has been managing a number of strategic issues relating to the overall success of AB Watley. While management's attention was directed toward the preservation of AB Watley and its assets over this time period, management feels it is now time to refocus their efforts on the growth and expansion of the Company.

The first step in that direction will be to inform the shareholders and investment community of the Company's financial status by providing audited financials. The Company's last quarterly filing was filed for the 2nd qtr. ending March 31, 2005. To meet the filing requirements with the SEC, the Company is currently preparing the documentation needed by our auditor to complete the missing filings. Once they are updated AB Watley will apply to be listed on the OTC Bulletin Board.

As of November 12, 2007, AB Watley Group, Inc. has 27,794,714 shares issued and outstanding. AB Watley Group, Inc. is the parent company for AB Watley Direct, Inc. a fully licensed online Broker-Dealer registered and in good standing with the NASD and SEC. AB Watley Direct, Inc. financials are audited by Lipner Sofferman & Company, LLP and are current with the SEC. Since inception, Direct has posted profitable earnings for AB Watley Group, Inc.

"Marketing our Ultimate Trader(R) and Watley Trader(R) to the active online trader at highly competitive rates will be our focus going forward", stated Steve Malin, Chairman of the Board. "We grew our company in the past by focusing on our target market; and we will continue to concentrate on those traders as they represent the most profitable segment of all traders," Mr. Malin continued.

In addition, management is exploring numerous opportunities in the Foreign Exchange (FOREX) trading markets. These markets are international and operate throughout the world 24 hours a day. Management feels confident that by adding a FOREX trading solution to their product offerings, it will result in an immediate positive impact on both their client base and earnings.

With many alternative online trading brokers such as ETrade, Inc. (ETFC, NASDAQ), TDAmeritrade (AMTD, NASDAQ), TradeStation Group, Inc. (TRAD, NASDAQ) and Charles Schwab (SCHW, NASDAQ) just to name a few, management would like to thank their loyal shareholders and clients for their continued support.

About AB Watley Group, Inc.

Headquartered in New York City, A. B. Watley Group Inc. (ABWG) is a cutting edge provider of online financial services through its wholly owned subsidiary, A.B. Watley Direct, Inc., a broker-dealer registered with the National Association of Securities Dealers, Inc. and a SIPC member. Offering a comprehensive range of services, and developed for the most demanding equities and options traders, ABWG is positioned to attract the most diverse range of investors and traders -- from the average investor to the most sophisticated retail and/or institutional stock trader.

CONTACT INFORMATION:
AB Watley Group, Inc
Investor Relations, 866-492-8539
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ABWG - AB WATLEY GROUP (PINK 0.021 x 0.03) 10 years 6 months ago #1198

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[8K filed today...]
On May 10, 2007 the jury in the U.S. District Court for the Eastern District of New York found our President and Vice Chairman, our former Chief Operating Officer, and the former Chief Compliance Officer of A.B. Watley, Inc., a former operating subsidiary of ours, not guilty on all counts brought against them with the exception of the first count charging conspiracy to commit securities fraud. With respect to that count, the court declared a mistrial after the jury deadlocked. The counts stemmed from a March 21, 2006 indictment charging the above named persons with conspiracy and securities fraud. The charges filed against the named persons and others by the United States Attorney’s Office for the Eastern District of New York resulted from its joint investigation with the Securities and Exchange Commission (“SEC”) into an alleged securities fraud scheme involving front-running at certain brokerage firms through the use of “squawk boxes,” internal communications systems used by brokers at large brokerage houses to communicate market information and institutional trade orders.

As previously announced, as the result of the joint investigation, on March 21, 2006 the Securities and Exchange Commission filed a civil injunctive action against us, our Chairman, our President and Vice Chairman, our former Chief Operating Officer, the former Chief Compliance Officer of A.B. Watley Inc. and other former A.B. Watley Inc. traders, along with others. The SEC proceeding was stayed pending the outcome of the jury trial. The SEC action seeks, among other things, disgorgement of alleged illegal profits, penalties and injunctive relief.

www.sec.gov/Archives/edgar/data/1035632/...07027687/v076361.htm
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ABWG - AB WATLEY GROUP (PINK 0.021 x 0.03) 10 years 6 months ago #1194

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["Squawk box" case ends with acquittals, mistrial]
NEW YORK (Reuters) - A U.S. jury acquitted three ex-brokers and four former day trading executives of fraud charges in a trial over whether they profited illegally through improper use of information broadcast over the brokerages' internal "squawk box" systems.

After five days of deliberations and a seven-week trial, a jury panel of six men and six women returned a partial verdict, saying it was impossible to reach a consensus on the conspiracy charge in the case.

Only one of the ex-brokers, Timothy O'Connell, was found guilty of witness tampering and making false statements, in connection with telling his assistant to lie to government investigators.

The remaining six defendants were found not guilty on all the charges in which the jury reached a consensus.

Judge I. Leo Glasser, who oversaw the case at U.S. district court in Brooklyn, declared a mistrial on the conspiracy charge after jurors told him they were "deadlocked, beyond redemption."

Prosecutors had accused former stock brokers at Merrill Lynch and Co. Inc. (MER.N: Quote, Profile, Research, Citigroup (C.N: Quote, Profile, Research and Lehman Brothers Holdings Inc. (LEH.N: Quote, Profile, Research of taking bribes in exchange for allowing day traders at the now-defunct broker-dealer A.B. Watley Inc. to listen to their firms' squawk boxes through open telephone lines.

They accused the Watley day traders of generating at least $650,000 from 2002 to 2004 in illegal trading profits by buying or selling ahead of the large orders they heard about on the boxes -- an illegal practice known as "front-running."

But during the trial, defense attorneys argued that the defendants were tricked into participating in the scheme by Watley's one-time chief executive, John Amore, and that the brokers had little or no training in how to use the squawk boxes.

Jurors said that was one of the issues that stumped them.

"I think it happened the way they (the prosecutors) said, but did they prove to me it happened? No," the jury foreman James Hiatt, 24, told reporters after the verdict.

"I didn't see intent," Hiatt continued. "That's a leap of faith I couldn't make."

Jurors said that they didn't believe the conspiring government witnesses, particularly Amore, and that they were frustrated the government had no direct record of what had played over the squawk boxes.

"There wasn't enough proof," said juror Jaime Bonura, 41, who is a teacher.

Prosecutors would not comment. The case, however, is credited with changing the way information about large institutional trades flows on Wall Street, legal experts have said. Since the case was brought the use of squawk boxes has been severely more limited at the large firms.

"The government pressed the envelope and they did the best they could and the jury did the right thing," said Roland Riopelle, a lawyer representing former A.B. Watley President Robert Malin.

The broker defendants include Kenneth Mahaffy, a former broker at Merrill and Citigroup's Smith Barney unit; O'Connell, who worked with Mahaffy at a Merrill branch in New York; and David Ghysels, who worked at a Lehman Brothers office in Florida.

The Watley defendants include Malin; Linus Nwaigwe, the firm's compliance director; its former chief operating officer, Michael Picone; and Keevin Leonard, who supervised Watley's traders.

O'Connell could still face up to 15 years in prison on the charges of witness tampering and making false statements.

Several defendants also face a civil lawsuit brought by the U.S. Securities and Exchange Commission.

www.reuters.com/article/ousiv/idUSN1044975720070511
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ABWG - AB WATLEY GROUP (PINK 0.021 x 0.03) 10 years 6 months ago #1193

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[Jury is deadlocked in trial - 05/09/2007]
NEW YORK (Reuters) - A U.S. jury is deadlocked in the trial of former day-trading executives and former brokers charged with orchestrating a securities fraud through the improper use of information broadcast over brokers' internal "squawk box" systems.

Prosecutors accused former stockbrokers at Merrill Lynch and Co. Inc. (MER.N: Quote, Profile, Research, Citigroup (C.N: Quote, Profile, Research and Lehman Brothers Holdings Inc. (LEH.N: Quote, Profile, Research of taking bribes in exchange for allowing day traders at the now-defunct broker-dealer A.B. Watley Inc. to listen to their firms' squawk boxes through open telephone lines.

The brokers and former Watley executives have denied wrongdoing.

In their fourth day of deliberations, the jury informed Judge I. Leo Glasser on Wednesday they were unable to reach a verdict in the trial. The judge sent the jury back for further deliberations, and said they could return with a partial verdict.

During the seven-week trial defense attorneys argued that the defendants were tricked into participating in the scheme by Watley's one-time chief executive, John Amore, and that the brokers had little or no training in how to use the squawk boxes.

Prosecutors charged that Watley day traders generated at least $650,000 from 2002 to 2004 in illegal trading profits by buying or selling ahead of the large orders they heard about on the boxes -- an illegal practice known as "front-running."

The former brokers facing charges are Kenneth Mahaffy, a former broker at Merrill and Citigroup's Smith Barney unit; Timothy O'Connell, who worked with Mahaffy at a Merrill Lynch branch in New York; and David Ghysels, who worked at a Lehman Brothers office in Florida.

Former A.B. Watley President Robert Malin; the firm's compliance director Linus Nwaigwe; Michael Picone, Watley's former chief operating officer; and Keevin Leonard, who supervised Watley's traders are also facing charges.

The charges include conspiracy, securities fraud, making false statements and witness tampering. If convicted, each defendant would face a maximum of 25 years in jail and fines of $250,000 on each of the conspiracy and securities fraud charges.

Several of the defendants also face a civil lawsuit brought by the U.S. Securities and Exchange Commission.

www.reuters.com/article/domesticNews/idU...0070509?feedType=RSS
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