From: utzoo!decvax!harpo!eagle!wb2!houxz!houxi!houxa!houxk!houxj!wapd
Newsgroups: net.invest
Title: First Jersey Securities
Article-I.D.: houxj.206
Posted: Wed Jan 26 17:13:33 1983
Received: Sat Jan 29 09:11:38 1983


	There was an article in the business section of the Sunday
New York Times (Jan 23 1983, I guess) about First Jersey Securities.
Basicly, it said that the owner has been in trouble with the SEC
several times, with previous ventures and with this one.  Suspicious
stuff is going on, like 220,000 pages of documents disappearing
from a locked room at the SEC.  Also, they have been accused of
high-pressure sales tactics and giving suspicious recommendations
that border on deception of their customers.

	What got me was their "high-pressure" line and their
way of getting recommendations, because I got such a call and several
other people at BTL got calls from them.  At first I thought that
BTL might have given out my name to them, but maybe it was related
to a change of my voter registration at the time.

	Anyway, the article said (according to a former employee of theirs)
that on the 10th of every month, headquarters would come down and
say "we've got a hot tip on stock XXX;  call all of your customers".
All 100 people in the room would start making phone calls, saying
"we've got a hot tip on a stock and there may be a great opportunity
in the next few days.  Where can I get hold of you in the next 48 hours ?".

	The funny thing is that my call went exactly that way.
It was "a hot tip on an oil stock" and "was I interested if something
happened in the next day or so ?".  I said I wanted to see lots of
literature and think about their company first, and would they mail
me something ?  Two months later, no literature, no other calls.

	Has anyone else "heard the call" ?

						Bill Dietrich
						houxj!wapd