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The Syron File

Asensio & Company, Inc. (“Asensio”) encountered a variety of industry participants in connection with its short-selling and investment research. The obvious motivation behind the Asensio research reports was profit. Still, the legislative, regulatory and journalistic communities all benefited from the work of Asensio. Former Chairman of the American Stock and Options Exchange (“AMEX”) Richard Syron was one of the more prominent regulatory figures Asensio exposed through its investment research.

During its work on Hemispherx Biopharma (“HEB”), Asensio discovered important regulatory issues in relation to the company’s listing on the AMEX. On October 12, 1998 Asensio notified Mr. Syron of information relating to Hemispherx’s fraudulent stock promotion. The communication was dismissed by an AMEX official working for Mr. Syron. The AMEX claimed it needed “harder” evidence.

The report Asensio submitted to Mr. Syron included, among other things, an FDA violation notice to Hemispherx CEO Dr. William Carter. The notice instructed Dr. Cater to stop spreading information relating to the safety and effectiveness of Ampligen, a drug that had not received FDA approval. The Asensio report to the AMEX clearly presented evidence that Hemispherx is nothing more than a vehicle by which stock promoters, including the AMEX, reap profits from a virtually valueless company.

On June 1, 1998 Richard Syron left his position with the AMEX to become the CEO of Thermo Electron Corporation (“TMO”). Though the fraudulent activity committed by HEB insiders did not convince the AMEX to cease relations with the company, a 2001 congressional investigation found that the AMEX used its discretionary authority to override its listing guidelines more often than was appropriate and deferred the delisting of companies for “excessive” time periods. This investigation resulted from the work of Asensio. After the AMEX dismissed claims from Asensio that Hemispherx engaged in questionable activities, Asensio appealed to John D. Dingell, the Ranking Member of the Committee on Energy and Commerce. The findings described above are the product of the investigation initiated by Congressman Dingell.

At least four of the AMEX officials were involved in the HEB stock scam. Syron’s unwillingness to censure HEB stems from his relationship with TMO, an HEB shareholder. George Hatsopoulos, the founder of TMO, greatly influenced Syron’s early career, helping him to secure his position with the AMEX and eventually naming him CEO of TMO. Hatsopoulos’ position in HEB made it impossible for Syron to objectively review the evidence Asensio collected to expose the company. The Asensio investigation of HEB revealed important problems within the AMEX itself. Officials could not properly evaluate companies in which they possessed an interest.

The reports included in the Syron File describe events related to both the HEB stock scam and the AMEX officials that permitted the scam to take place. Syron could not effectively regulate HEB because of his intimacy with HEB insiders. Though many view short-selling as a disruptive force in the marketplace, the publications and advocacy work of short-sellers like Asensio provide many observable benefits to the securities industry. Without the indefatigable efforts of Asensio, AMEX would not have properly identified the problems surrounding HEB’s listing.

NY Times Learns About Mr. Syron’s Trip to Washington from Short Sellers.

August 06, 2007 The below is an extract from this past Saturday’s New York Times’ article titled “Markets Fall as Lender Woes Keep Mounting.” The article discussed the mortgage market’s current difficulties and its potential toll on the economy as explanation for Friday over 27% stock market decline. The article was authored by Vikas Bajaj.
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December 23, 2003 - Who is watching over Freddie Mac?

Attached please find an article titled "Freddie Mac's Misstep" written by Christopher Byron in today's New York Post newspaper that discusses Freddie Mac's recent accounting scandal and its recent appointment of Richard Syron as Chairman and CEO.
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January 28, 2002 NASD's AMEX censured, floor chief barred and Chairman resigns

The American Stock Exchange's ("AMEX") failure to delist Hemispherx Biopharma, Inc. ("HEB")(Price: $3.92), a criminally organized AMEX listed company, led to a congressional investigation. On December 20, 2001 the findings of the AMEX investigation were released to the public. The investigation found that the AMEX used its discretionary authority to override its listing guidelines more often than was appropriate and deferred the delisting of companies for "excessive" time periods. The investigation concluded that ongoing concerns about the weakness in AMEX operations and the potentially negative impact of exchange practices on public confidence warrant continued monitoring of the AMEX listing program. Congress' decision to investigate the AMEX and the investigation's damaging findings fully support Asensio & Company, Inc.’s ("Asensio") public assertions that the AMEX failed to protect the investing public from the HEB stock fraud. In fact, certain AMEX leaders were integrally involved in the HEB fraud.