SEC Sues Alleged Stock Cheaters

     PHOENIX (CN) – Alliance Transcription Services, a purported homeland security firm, and six of its directors or associates manipulated the price and trading volume of Alliance stock through misleading public statements, and made unregistered distributions of the stock, the SEC claims in Federal Court.

     The SEC sued Alliance and its CEO Clifford A. Lewis, 44, of Huntsville, Ala.; managing director and treasurer Richard A. Dabney, 40, of Rancho Palos Verdes, Calif.; director Raymond C. Dabney, 43, of Vancouver, B.C., Canada; Phillip M. Young, 84, of Phoenix, founder and chairman of First American Stock Transfer, Alliance’s transfer agent; Charles J. Smith, 60, of Reno, Nev.; and William D. O’Neal, 48, an attorney, of Fountain Hills, Ariz., who allegedly “issued numerous legal opinion letters that facilitated the unregistered distribution of securities by Alliance.”

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