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January 1, 1999

All-Tech Investment Accused Of Massive Securities Fraud

By Staff reports

All-Tech Investment Group, the electronic day-trading firm headed by Harvey Houtkin, has been accused of securities violations, including unauthorized trading and deceptive marketing techniques.

In an administrative complaint filed last month by Massachusetts securities regulators, the well-known SOES day-trading firm, founded by the charismatic Houtkin, is also accused of commingling customer funds and of forging signatures to open bogus accounts.

Earlier, regulators in Massachusetts filed complaints against two other day-trading firms operating in the state.

As part of the case accusing All-Tech of deceptive marketing at its office in Watertown, Mass., regulators point to a message on the firm's web site from Houtkin: "Some people claim I have found the key to financial independence Electronic Day Trading."

For its part, All-Tech claims it has received only one written complaint against the Watertown office. Furthermore, the firm said it is upset regulators did not contact All-Tech before the complaint was filed so that the issues raised could be resolved.

The allegations against All-Tech were triggered by an announced visit by regulators to the Watertown office, as well as follow-up investigations.

The complaint claims that the office manager misused customer funds to cover margin calls, moving money between accounts without customer knowledge. All-Tech said the manager has since resigned.