AEGiS-AP: Executive Pleads Guilty to Fraud

Important note: Information in this article was accurate in 2000. The state of the art may have changed since the publication date.

Executive Pleads Guilty to Fraud

Associated Press - Thursday December 21, 2000

NEW YORK (AP) - The president of a Las Vegas, Nev., company pleaded guilty Thursday to securities fraud for issuing press releases last year claiming his company had developed an AIDS cure. Alfred Flores, 50, president of New Technologies & Concepts, entered the plea in U.S. District Court in Manhattan, admitting he issued the releases in June and July 1999.

The releases caused the stock of New Technologies' parent company, Uniprime Capital Acceptance Inc., to rise from 62 cents a share to $7.93 per share, only to collapse once the fraud was revealed, prosecutors said. Prosecutors said Flores boasted in press releases that he had conducted tests in 1990 on patients in Madrid that completely reversed the patients' HIV infections "with no reintroduction of the virus after nearly 18 months."

Flores actually was in prison at the time in Colorado after he was convicted in a murder conspiracy, the prosecutors said.

Flores, incarcerated since his August 1999 arrest, was scheduled to be sentenced April 6 by U.S. District Judge Kimba M. Wood. He faces up to 10 years in prison and a $1 million fine.

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