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Mountlake Terrace firm charged with fraud by SEC

Published 9:00 pm Wednesday, September 27, 2000

Herald staff

MOUNTLAKE TERRACE — The U.S. Securities and Exchange Commission charged a software company here with fraud for claiming it had bought software for $10 million in cash and stock when it had only $138.

YourBankOnline.com allegedly inflated the value of the software in both press releases and its SEC filings, the federal agency charged Wednesday. That resulted in a brief spike in the company’s stock.

The stock was valued between $2 and $5 per share in the agreement, even though it was trading at just 20 to 50 cents. The actual value of the deal was worth about $800,000, according to the SEC complaint. No cash traded hands, the SEC said, adding that the company only had $138.

After the deal was announced, YourBankOnline.com issued a number of press releases lauding the new software, sending its stock price up to $32 per share. It closed at 81 cents Wednesday in electronic bulletin board trading.

A call to YourBankOnline.com President Pakie Plastio, also charged in the case, was not returned Wednesday.

  • Test pilot lauded: Capt. Suzanna Darcy, a test pilot for the Boeing 777 assembled in Everett, received the Outstanding Leadership Award from the Women in Aerospace organization in Washington, D.C., Wednesday. Darcy, of Kirkland, was the first woman to join Boeing’s elite design and testing group.

  • Daily rates: When we expanded our stock listings earlier this year, we eliminated the list of currency exchange rates. A number of you called to say you wanted it back, especially to see how far your dollar will stretch on your next visit to Canada. The complete list returns today and will appear in this space Tuesday through Saturday.

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