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COPYRIGHT 2005 All rights reserved. Reproduced by permission of The Condé Nast Publications Inc.
Allen Wolfson was a Renaissance man, in his own way. Between 1999 and 2002, he was involved in the stock-market rise of at least seven companies. Freedom Surf made wet suits and surf apparel. Learner's World ran a day-care center. Stem Genetics did stem-cell research. Rollerball International made inline skates. Hytk produced and transported natural gas. The only thing connecting these companies was Allen Wolfson--that, and the fact that they were scams.
Some people, like Andrew Fastow, the former chief financial officer of Enron, can con investors out of tens of millions of dollars while working at one company. Wolfson had to be more industrious. He had to keep moving. He was what's called a stock promoter--someone who takes shares in a worthless company, inflates their price by means of chicanery and hype, and then dumps them before the...
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