portland independent media center  
images audio video
newswire article reporting united states

government | political theory

SEC,Schwab,Chris Cox,Hillary Clinton & Barbara Boxer Aid CIA'S In-Q-Tel penny stock fraud

Before beginning any criticism of Barbara Boxer for anything whatsoever it would be unfair to not to praise her for her stance against the Bush Regime's Iraq war from the very beginning.Below is a list of the sad minority of Senators who had the courage or common sense not to place that decision in the hands of the mad man some call 'president', George W Bush.Of course the far right hypocrite Hillary Clinton is another story.She who cries of a 'far right conpiracy' against her and hubby Bill Clinton,is one.
SEC,Schwab,Chris Cox,Hillary Clinton & Barbara Boxer Aid CIA'S In-Q-Tel penny stock fraud

Before beginning any criticism of Barbara Boxer for anything whatsoever it would be unfair to not to praise her for her stance against the Bush Regime's Iraq war from the very beginning.Below is a list of the sad minority of Senators who had the courage or common sense not to place that decision in the hands of the mad man some call 'president', George W Bush.Of course the far right hypocrite Hillary Clinton is another story.She who cries of a 'far right conpiracy' against her and hubby Bill Clinton,is one.

Hillary Clinton and Barbara Boxer Aid CIA'S In-Q-Tel penny stock fraud

Below,United States Senate members who voted against Busholini's invasion of Iraq .

In the Senate, the 21 Democrats, one Republican and one Independent who courageously voted their consciences in 2002 against the War in Iraq were:

Daniel Akaka (D-Hawaii) Jeff Bingaman (D-New Mexico) Barbara Boxer (D-California) Robert Byrd (D-West Virginia) Lincoln Chaffee (R-Rhode Island) Kent Conrad (D-North Dakota) Jon Corzine (D-New Jersey) Mark Dayton (D-Minnesota) Dick Durbin (D-Illinois) Russ Feingold (D-Wisconsin) Bob Graham (D-Florida) Daniel Inouye (D-Hawaii) Jim Jeffords (I-Vermont) Ted Kennedy (D-Massachusetts) Patrick Leahy (D-Vermont) Carl Levin (D-Michigan) Barbara Mikulski (D-Maryland) Patty Murray (D-Washington) Jack Reed (D-Rhode Island) Paul Sarbanes (D-Maryland) Debbie Stabenow (D-Michigan) The late Paul Wellstone (D-Minnesota) Ron Wyden (D-Oregon)


Not even that Mormon penny stock touter and fraud, Senator Bob Bennett of Utah, could out do Hillary in hiding self righteously behind the U.S. flag and pseudo patriotism, (the first and last refuge of scoundrels),and voting to deny ,even levy fines and prison sentences, against any who would dare burn a U.S. flag in protest or dismay(unless they live outside the U.S. where such freedom of expression is not prohibited) at what the likes of Hillary Dillary Clinton sow upon this country and world that we all must reap. And are reaping at present. :

Hillary Clinton's drift


But we suppose the question between now and, say, 2008 the next presidential sweepstakes is how far Clinton will go to make herself red-state ready? An ominous sign is her teaming up with Sen. Bob Bennett, R-Utah, to sponsor constitutionally suspect legislation that would criminalize flag-burning. To our knowledge, it's the first time Clinton, a lawyer, has gotten so far in front of legislation written for the sole purpose of placating the politically gullible.

The Bennett-Clinton bill, which looks to skirt settled free-speech protections, would prohibit destroying a flag with the intent of causing violence; threatening someone by burning a flag; or damaging a flag that is federally owned or that belongs to someone else on federal land. But there's no need to carve out such special protection for the flag. Committing any one of those acts with a flag, a newspaper, or even a rolled-up copy of the First Amendment would most assuredly be covered by most any local criminal mischief or assault statute.

Indeed, to pile on with these unnecessary special protections smells of pandering to those citizens who confuse actual liberty and actual democracy with the symbols of such ideals: to wit, our flag. The latter is, and always has been, bigger than protests, even those featuring angry matches. Surely, Clinton knows this just as she must also know this is no burning issue in New York or anyplace else that has real-life problems. We hope she reconsiders, before her drift from left reaches the abyss.


I suppose in retrospect it should come as no surprise that Hillary Clinton would turn a blind eye to penny stock fraud and show little sympathy to victims of such scams after she and Bill befriended Bill Clinton' s fellow Rhodes scholar James Dale Davidson who was and is one. J.D.Davidson who had earlier ties to the Reagan and Poppy Bush administrations later turned on Bill and accused him of killing Vince Foster, even using ex DIA William Colby' s name on the letter head of his Agora Inc.' s ' Strategic Investment' penny stock mail fraud ops to do it .Colby was paid to lend his name to Davidson' s penny stock promotions - BUT NOT TO THAT ACCUSATION THAT HE NEVER DID PERSONALLY CLAIM HE BELIEVED UP TO THE TIME OF HIS MYSTERIOUS DEATH BY DROWNING A YEAR LATER.

The link below will explain that incident in James Dale Davidson's or his right wing ghost wrtier ,Christopher Ruddy's,own words and it will shock you to note that Ruddy was actually expecting or predicting Colby's death a month BEFORE it actually occured ! Is the far right psychic ?

William Colby's Death Mystery

Christopher Ruddy


I speak from experience when I state Hillary has done nothing about Senator Bennett's and Patrick Byrne's NCANS penny stock fraud.She and her office was contacted by me in early 2005 when the NCANS fraud began with an ad-letter to W Bush in the Washington Post warning him of the supposed dangers of 'naked short selling' or share counterfeitting to the stock market! This is really a scam to divert attention of investors or suckers from the massive manipulation or 'pump and dump' of penny stocks by con artists such as Patrick Byrne, James Dale Davidson and so many more criminals, American and other, who have taken over the U.S. penny stock market apparently with the SEC's blessing and have used it for out and out fraud against investors and avoidence of taxes as well as money laundering for unknown causes ! Patrick Byrne and his Geico billionaire father Jack funded a million dollar + anti-John Edwards and anti-John Kerry
dirty tricks campaign including donations to Swift Boat Catpains against John Kerry! In my opinion this money was NOT theirs but that of defrauded investors !

Since then the fraud has grown and although Hillary Clinton would have every reason to know that it is a fraud and Patrick Byrne and probably James Dale Davidson,who supported Bill Clinton in his first presidential campaign is behind it,she has chosen to do nothing ! Personally I believe that the over $1million used in the Byrne's smear campaign against John Edwards to be really not theirs,but money they made off stock fraud.

The information about the money spent by Jack and Patrick Byrne in their anti-Democrat smear campaign against Kerry and Edwards of 2004 is from Carol Remond of the Wall Street Journal.The conclusion that it has bought poitical favor and,so far, immunity to run stock scams and make death threats on Yahoo
stock message boards and the internet and run penny stock promotion websites with protection from Utah Senator Bob Bennett and the Republcans in power is mine.

And this from Davidson's far right newsmax will hint at Davidson's involvement in 'cooking the books' and his penny stock scams during Bush senior's term in office and his involvement and ego clash with his fellow Rhodes scholar,Bill Clinton,again written by Davidson's ghost writer Christopher Ruddy who has also worked for Richard Mellon Scaife's paper and Rupert Murdoch's New York Post.:

Economist: Inflation Rate Is Double Official Number
Christopher Ruddy and Ryan Troup
March 14, 2000


Jan. 20, 1993, and Bill Clinton was not president 24 hours when he saw James Dale Davidson at one of several Washington Inaugural Balls. Clinton quickly waved past the salutations and congratulations. "Jim," he said, "You may able to help me."

Davidson, a Clinton campaign donor, a financial writer, then head of the National Taxpayers Union and someone who had known Clinton for years from annual retreats at the Hilton Head Renaissance weekends, nodded with agreement.

"I think the Bush people were cooking the economic numbers in the months before the election," Clinton said, continuing, "Do you think you could put together a report for me on how they did it?"

Davidson agreed but the thought went racing through his mind, "This man's not president for one day and he's already trying to figure out how to fix the books."


I suspect Davidson is behind Hillary's Utah Republican pal,Bob Bennett' s and his favorite constituent Patrick Byrne' s, ' anti-naked short selling' fraud.This was started by Davidson as a group called NAANSS or National Association Against Naked Short Selling in 2002,located in an office in Blaine, Washington to be near his Canadian allies in the fraud no doubt.It may have included money laundering as well as illegal pump and dump fraud that caused uneducated investors to lose up to 100% of their investment in a supposed cancer cure.

Also Refco has been a known penny stock and thus no doubt a money laundering operation for years. Surely Hillary Dillary Clinton knew.:

Hillary's Bull Market
Was that $100,000 profit from cattle futures a bribe?


On February 8,2005 the J.D.Davidson anti-naked short selling fraud reappeared with a 100 thousand dollar ad in the Washington Post that was traced first to the British Virgin Islands,a known penny stock and money laundering haven,before the controversy led Utah Senator Bob Bennett ' s pal Patrick Byrne and his unidentified partner ,who I believe is James Dale Davidson,to transfer their penny stock website and bank account to San Diego, home of Titan Corp,Brent Wilkes,convicted Congressman Randy ' Puke' Cunningham and a number of Washington D.C. funded scandals and scoundrels coincidentally.This as you may recall is also where some of the Saudi 911 terrorists were located as well.Coincidence ?...

Brent Wilkes ,investigated for bribing San Diego's corrupt former congressman Randy ' Duke' Cunningham,donated a large sum of money to the failing campaign coffers of Katherine Harris,who as Florida Secretary of State conspired with Jeb Bush
to steal votes from Florida's liberal Jewish and much larger black population in 2000.

Congress bribery probe could deepen

 link to www.boston.com

Daniel Hopsicker,the only journalist to investigate the
World Trade Center and 9/11 connection to Huffman Aviation,while the New York Times slept or dreamt of 'WMDS' in Iraq, has made the startling discovery of a San Diego Titan Corporation connection to Lebanese terrorist suspect Makrim Majid Chams - he was a Titan Corp employee ! And it's all in SEC filings that Chris 'WMDS in Iraq' Cox who W Bush appointed as SEC Chairman of cover-ups,could have easily found !

You can read about NCANS or National Coalition Against Naked Short Selling an Overstock.com and penny stock fraud funded stock promotion internet site funded by Patrick Byrne,et.al., to promote a far right stock fraud, with overseas money laundering connections,I believe, by doing a google search of,
'senator bennet cheetah club' and locating a sandiego.indymedia expose by me.As I have pointed out since that Washington Post one page ad-letter to W Bush et.al. first appeared in February 2005 James Dale Davidson is involved as usual in this penny stock fraud or the perpetrators,Bob Bennett,Patrick Byrne et.al. plagiarized the fraud from Davidson' s NAANSS scam and J.D. Davidson and Patrick Byrne's pal,David Patch' s,  http://www.investigatethesec.com. , right down to the scam of encouraging naive investors to buy paper stock certificates to protect from internet or 'digital' share countefeitting supposedly by brokers or the DTCC while insiders to the fraud manipulate the share price and dump more worthless shares on the market.Even ex Clinton Commerce Secretary Robert
Shapiro has been part of this fraud !

Of course there should be no need to appeal to Hillary Clinton Barbara Boxer or any other Senator or Congress person in the first place if the Republian and fraud controlled SEC or Securities Exchange Commission weren't corrupt and broken just as it was before the known penny stock fraudster W Bush became president.Only now it is much worse.

The SEC and its Chairman Chris ' WMDs' Cox and John Reed Stark and ex SEC attorney Brent Baker know who is behind NCANS besides Byrne,I' m sure.
Brent Baker of Uah SEC covered up for James Dale Davidson and Porter Stansberry of Agora Inc. and their
fraudulent pumps and dumps and claims of 'naked shorting' for Endovasc and Genemax.He now has a cushy private job with Patrick Byrne coincidentally,
fraudulently claiming Byrne's Overstock.com pump and dump scam is being 'naked shorted' by a 'Sith Lord' !. Coincidence ?

Gary Weiss who wrote the 'MafiaOn Wall Street ' series for Business Week in the1990s has been the only journalst to take serious intrest in the fraud being pepetrated by Patrick Byrne et.al..The link to his blog site is :



Daniel Hopsicker who's been the only investigative journalist to report on the Venice,Florida Huffman Aviation flight shool of Jeb Bush friend Wally Hilliard that hosted Mohamed Atta and trained the Saudis involved has discovered penny stock connections in and around this tragedy. Rather than trying to repeat or
copy his investigaton I provide a link.:

Airplanes Owner in 5.5 Ton Cocaine Bust Includes Tom DeLay Appointee,Floridas Saudi Terrorist Training Flight School Connected.....


As I try to explain further below in indymedia post
link titled,'John Negroponte,Homeland Security, SEC,Chris Cox,Makram Chams,Titan Corp,9/11,etc.'
after a discussion of Utah Senator Bennett, as well as Christopher Cox and his SEC is that what Makram Chams, Mohamed Atta,et.al., reaped on 9/11,as well as drug running that continues to be associated with the same Venice,Florida airport owned by Jeb Bush's pal Wally Hilliard where Mohamed Atta trained or bided his time waiting for 9/11, could very well have been paid for with the penny stock fraud and corruption that Bennett and Cox allow if not encourage ! Also that John Negroponte's Homeland Security and Christopher Cox 's SEC could have located Mr. Makram Chams at any time through the Homeland Security's corp whore,Titan Corporaton of San Diego. Mr.Cox could have done so through SEC fiings !

John Negroponte,Homeland Security, SEC,Chris Cox,Makram Chams,Titan Corp,9/11,etc.


Below is my letter to Barbara Boxer that I was moved to write in reponse to Christopher Byron's New York Post article of May 15 about the CIA's In-Q-Tel stock fraud operation,Hillary Clinton,Barbara Boxer and me.
Only some action by Barbara Boxer to finally distance herself from this fraud will restore my complete respect for her.This would require some effort at 'repentance' from encouraging all such penny stock frauds,the CIA's or otherwise, in the future and the investigaton of past penny stock fraud the SEC has allowed to occur,including Charles Schwab's past involvement in the Stanford University and James Dale Davidson connected Endovasc fraud that appears to have aided money laundering in terrorist suspect money laundering regions such as Kuala Lumpur and the UAE's Dubai that I have proof of. No wonder ex SEC Commissioner and Stanord Law prfessor who ha hadhiswn conflictsof interest with Oracle and has recenty resiged from hisposition here cheers the SEC
on in its hrets tosubpeona jouralistssch as Carol Remond who was the only business reporter to investigate the fraudulent Endovasc scam that both Stanford Unversity and itsresearchersHeeschen and Cooke illicitly profited from. And it also benefitted James Dale Davidson through a CharesSchab account that dumped 'up to 30 million' worthless shares from a harles Schwab account as Davidson
lied about Endovasc's potential and aatent that didn't even exist and the worthless shares were dumped on deceived investors from that Schwab account and the cash probably moved offshore pehapsthrough OMof Bermudawho hwa workedmany apenny stock pump and dump op with and who Davidson was also once a substantial share holder in.

While Hillary Clinton's involvement in aiding and abetting the CIA' s Ionatron penny stock fraud and illegal pump and dump scam seems transparent,that is it has connections to her big political contributer,the
Blank & Rome law firm located in New York and elsewhere - the equivalent of taking bribe as far as I'm concerned ! The claim made against Barbara Boxer made simultaneously by the poster on freerepublic may or may not be correct or fair but I do believe Barbara Boxer should publcally answer the accusations.

Perhaps Barbara,unlike Hillary, is truly naive as to the damages penny stock frauds such as Ionatron have on the naive investing public,myself included.Maybe she is unaware that her name and reputaion is on the line and used by these CIA connected penny stock touts to promote or 'pump' up th price of their shares to dump in mass,like counterfeit money,on investors and make there investment worthless as worthless shares inundate the market ! If the U.S. government or the Congress truly feels this unproven technology really works they had better find a way of funding it that does not defraud investors as scams run by known penny stock fraudster such as those behind Ionatron aways do.

I post this from the the freerepublic.com,not because I respect this right win digital rag generally but ecause this bt f anti-Hillary bias has more than a ring of truth.
That is say it is indeed a fact th

below from freerepublic.com :

Anyone following Hillary closely would realize immediately why she made this statement. She is in the pocket of Ionatron, a company who has hired a relative of Bill's buddy John Podesta to push a fantasy weapons system to the pentagon. The Pentagon says this 'joint improvised explosive defeat fund' is merely largess for Clintonites and their friends........read this is you do not believe me.........Ionatron, Inc. and its subsidiaries engage in the development and marketing of Directed Energy Weapon technology products and other products based on its Laser Induced Plasma Channel (LIPC) for the agencies of the U.S. Government focused on national security. The LIPC technology is designed as a line of sight weapon, which enables the propagation of various forms and quantities of electrical energy to be aimed and directed at a target or between two points. It also provides a counter-Improved Explosive Device (IED) vehicle, known as Joint IED Neutralizer.........now read this........ http://www.nypost.com/business/60897.htm....

This has helped the company land a contract to build 12 of its devices for testing by the Pentagon. Yet although a Marine Corps unit in Afghanistan is said by Pentagon officials to have begun some testing on its own, formal testing for actual deployment in combat has not yet begun.

One reason: No one has yet developed tactics for how these Jeep-sized devices, operated by remote control, might be used to patrol the thousands of miles of roadways traveled by U.S. military vehicles every day. In recent Senate testimony, Secretary of the Army Francis Harvey said formal field testing would not begin until these issues are ironed out.

Faced with such objections, Ionatron's supporters have begun spinning the Pentagon's apparent wariness into a tale of petty inter-service rivalries between the Army and the Marine Corps, suggesting that the lives of U.S. troops are being lost in the process.

To that end, two high-profile Senate Democrats have lately picked up the message, adding their own voices to those of House and Senate Republicans in calls for quick deployment of the Ionatron devices before even more lives are lost.

What role, if any, the lobbyists at Blank & Rome may have played in getting the Ionatron story on the radar screens of the two Senate Democrats isn't known, but a role of some sort may easily enough be surmised, considering who the two senators in fact are: New York's own Hillary Rodham Clinton and Barbara Boxer of California.

Both senators have longstanding ties to a Blank & Rome lobbyist named Heather Podesta, who has hooks of her own into the federal Democratic power loop.

PODESTA is the wife of a Democratic Party operative named An thony Podesta, who managed Sen. John Kerry's failed presidential run in 2004. And Anthony Podesta's brother, John Podesta, was White House chief of staff for ex-President Clinton....Is it any wonder why we are losing confidence in our gov't when our national security and that of our brave soldiers is sacrificed for the green and political aspirations of people like Hillary Clinton. h

1 posted on 04/26/2006 10:50:01 AM PDT by milwguy
[ Post Reply | Private Reply | View Replies ]

Dear Barbara Boxer,

I(Tony Ryals)was mentioned as well as Hillary Clinton and yourself in an article by Chris Byron,(Rupert Murdoch's only real journalist or business reporter),in
the NY Post recently.I used to live in Santa Cruz,California but can't even return for a visit
from Guatemala due to a penny stock fraud perpetrated by JAMES DALE DAVIDSON
AND A BIOTECH FRAUD CALLED ENDOVASC THAT STANFORD UNIVERSITY PROFITED FROM.Charles Schwab ,my 'broker',provided the Schwab account to dump 'up to 30 million' worthless shares from.They still refuse to divulge the holders of that fraudulent pump and dump account!

Anyway I was indeed greatly disappointed to see you fell for the CIA - Ionatron scam,and with Hillary Dilleery Clnton, and actually were responsible for funding their fraud.You see in doing so you not only filled the pockets of crooks with taxpayers money but also allowed the perpetraitors of said fraud to use your names to further promote or tout or 'pump' a penny stock to naive investors just as I was when
I 'invested' in Endovasc,because of Stanford's reputaton,only to find not only my own broker, Charles Schwab,was aiding a pump and dump scam but shortly there after worthless Endovasc shares wer being promoted by a Kuala Lumpur and Dubai connected boiler room(Bellador Group)not only for a pump and dump fraud but also,quiet possibly,for
money laundering as well because the SEC allows or encourages it to happen!You probably aided offshore criminal activity with your support of Ionatron as well !

I will soon be writing an article about your and Hillary's
involvement in the promotion of the Ionatron penny stock fraud.I am happy to quote you and get your side of the story or just report the facts as I know them.But when I become ready to post a story it goes fast as so many you can find about Utah Senator Bennett and James Angel of Georgetown University who has promoted J.D.Davidson's and Patick Byrne'e 'NAANSS' or 'NCANS'fraud,etc.,etc..

You could do a google search of those names plus mine and find what I write but you can also take the link to my indymedia article below my open letter to Byron posted on the offshorebusiness.com message board of David Marchant,'John Negroponte,Homeland Security, SEC,Chris Cox,Makram Chams,Titan Corp,9/11,etc.',and get an idea of the scam I am persuing that as you can see,inevitaly cross paths with the 9/11 tragedy.Yes it may be hard to separate penny stocks from paying at least a cameo role in 9/11.

Tony Ryals

In a spirit of generosity hard to believe from a Rupert Murdoch owned newspaper or anything else,the New York Post or Mr.Christopher Byron himself,has put the entire article mentioning Hillary Clinton Barbara Boxer me and refering to the CIA's In-Q-Tel penny stock pump and dump of Ionatron (i.e.-illegal) online ! It is even more outrageous when you cnsider the CIA incorporated their pnny stock scam In-Q-Tel that has 'invested in a number of penny stock pump and dumps for personal gain as 'non-profit' !

Perhaps Chris Byron has come to note the power of the internt and that if he publishes in Murdoch's closed NY Post and media world and no one sees he may as well as a writer perish.And in that he is correct. Welcome to cyber space Mr.Byron,a strange yet interesting world indeed !

Also as Chris Byron must have noted some of his fine investigative journalism has been co-opted in the past by a fraudulent Canadian penny stock site called RGM or something like that which may be connected to Hillary and Bill Clinton's old far right buddie James Dale Davdson,founder the of Steve Forbes connected National Taxpayers Union,the internet's 'national inquirer' called newsmax.com.Actually Davidson's newsmax makes the National Enquirer appear very intellectual and sophisticated by comparison.

JAMES dale Davidson s a Rhode schlar lke Clinton who keeps much of his ast a complet secret while lieing about his business expetse which seems to consit mainly of penny astock fraud and probable money laundering WITH BELTWAY CONNECTIONS THROUGH HIS FRAUDULENT AGORA INC LOCATED IN BALTIMORE BUT INVOLVING PENNY STOCK FRAUD MAINLY WITH U.S. PENNY STOCKS AROUND THE WORLS AND NOW PARTICULARLY THROUGH THE 'WORLD WIDE WEB'. It appears that he has been running these frauds wih impunity right in front of the SEC from Alexandria,Vrginia since at least 1979.

Genemax an infamous penny stock fraud pump and dump scam from around 2002 that may even include money laundering was probably named for James Dale Davidson's newsmax.com.So penny stocks can be used for far right Republican and fascist propaganda as is the case of newmax or even drug trafficking, money laundering, and even terrorism as our corrupt Securities Exchange Commission headed
by the W Bush apponted liar Christopher Cox who was himself involved with a huge fraud against retired folk in California himsef !


Christopher Byron




Email Archives
Print Reprint
Feeds Newsletters

May 15, 2006 -- IF former National Security Agency chief Michael Hayden hangs in there as President Bush's nominee to head the CIA and makes it to a Senate confirmation hearing, one of the panel's members should ask him this:
"Sir, please tell the committee how much further you anticipate allowing the CIA to expand its presence on Wall Street via the private venture capital firm known as In-Q-Tel, Inc."

Hayden came under withering fire in Washington last week as word spread that the ex-NSA chief had presided over the White House's post-9/11 surveillance program of monitoring domestic U.S. telephone calls. The White House, politically weakened from a year of setbacks both at home and abroad, may decide to withdraw Hayden from consideration and submit an alternative nominee burdened with less civil liberties baggage.

Yet whoever winds up in the CIA's top job will inherit a developing mess involving In-Q-Tel that was largely ignored by the agency's departing director, Porter Goss. Hints that all is not well with In-Q-Tel have begun seeping into view as this little-known domestic CIA front operation continues to funnel agency money into penny stock and micro-cap companies in Wall Street's murkiest back alleys.

Two In-Q-Tel CEOs have resigned from the six-year-old venture capital fund in just the last four months; the fund is being run on a day-to-day basis by a man from Washington's politically greased Carlyle Group who has been with In-Q-Tel for only a few weeks. Headhunters are said to be having trouble coming up with candidates for a permanent replacement.

And there are even reports, largely unconfirmed, that the Securities and Exchange Commision is looking into several penny stock promoters with ties to In-Q-Tel.

Launched in 1999 by CIA director George Tenet as a Wall Street venture fund to finance new technologies for the spy world, In-Q-Tel quickly found friends on Capitol Hill, where policymakers seized on the fund as a way to remind constituents that the ghost of Vietnam no longer walked the land. The attacks of 9/11 gave In-Q-Tel even more stature in Congress, where the fund came to be seen as an essential element in the war effort.

Yet the public's visceral reaction to last week's NSA revelations suggests that war or no war, a backlash against government snooping may be starting. And that in turn promises to crank up the heat under In-Q-Tel, where at least some of the fund's investments raise questions of judgment regarding how taxpayer money is being spent by the organization, as well as who it is choosing for business partners.

A year ago, this column drew back the curtain on a fishy In-Q-Tel in vestment, financed out of the black box budget of the CIA, in a defense-sector start-up called Ionatron Inc.

Run by a longtime Wall Street regulatory violator named Robert Howard, Ionatron used a cash infusion from In-Q-Tel to promote itself around Washington as the developer of a laser-equipped, remotely controlled device the size of a golf cart that could patrol the highways of Iraq, ferreting out and detonating insurgent land mines ahead of troop movements.

We warned in this space that the technology being trumpeted by Ionatron was not only unproven, but had been obtained by Howard and some midlevel researchers at Raytheon Corp. under highly irregular circumstances designed to persuade a West Coast laser researcher into turning over his research to Howard's group.

Nonetheless, Sen. Hillary Clinton and her Democratic colleague from California, Barbara Boxer, quickly embraced the Ionatron program, which eventually devoured more than $12 million in government funding before the Pentagon finally concluded last week that the devices are not reliable and cancelled plans to deploy them.

Ionatron's stock price has tumbled more than a third in the last three weeks, leaving the company's largest investor - prominent hedge fund SAC Capital Advisors, run by Steven A. Cohen of Connecticut - sitting with millions in paper losses.

SAC Capital has acknowledged that it is under investigation by the SEC in what appears to be a separate matter involving stock trading, and the SEC may soon start taking a look into the hedge fund's buying of Ionatron's shares.

In-Q-Tel's growing portfolio of investments includes a few successes. Yet the fund has more often poured money into companies that were barking dogs long before In-Q-Tel showed up, and have failed to improve since.

Consider a North Carolina outfit called ID Technologies Corp., which began life in 1994 as CardGuard International Inc. to promote a fingerprint identification system no one wanted to buy. In the four years that followed, the company racked up losses of $3 million on a mere $92,000 in revenues.

In 1998, the company changed its name to ID Technologies and added $2.5 million more to the loss column on barely $100,000 more in revenues.

Along the way, In-Q-Tel popped up with plans to invest $400,000 more in ID Tech, but the firm collapsed, leaving investors with $5.58 million in cumulative losses and a stock that now sells for a fraction of a penny per share.

Another In-Q-Tel investment, in a data software company called Convera Corp., may be headed in the same direction, bearing much greater losses. In 2004 the fund took a stake in Convera, which had yet to turn a profit while piling up more than $1 billion in cumulative losses since its founding in the mid-1980s.

By the end of 2005, a resulting bounce in Convera stock had topped out at $16, and the shares have since lost half their value. Last week they were trading below $8 on investor disenchantment with the perennial money loser's latest offering: an Internet search engine for extracting information from video files.

Because its funding comes from the CIA, In-Q-Tel has been an irresistible target for conspiracy theorists who charge that the CIA is somehow linked through it to every penny stock that goes south.

Last week, one left-leaning Web site reported that SEC investigators think the CIA-backed venture fund has been steering money into penny stock "pump and dump" firms in Israel, Dubai and Malaysia.

But a day's worth of phoning around traces these claims to a tireless complainant named Tony Ryals, who has been bombarding the SEC and Internet message boards for years with claims that he has uncovered a submerged world of In-Q-Tel-linked fraud stretching for Kuala Lumpur to the Middle East.

The alleged linkages are bewildering in their complexity and typically impossible to follow, but conspiracy buffs find them irresistible, since they seem to echo some of the CIA's worst excesses from 30 to 40 years ago, and by their nature, they can never be entirely disproved.

WHETHER the SEC has looked into Ryals' charges and found them baseless isn't known, but thanks to In-Q-Tel and the lengthening shadow of the CIA on Wall Street, the most improbable of such claims once again have a whiff of credibility.

Bottom line: There are many sensible ways the CIA could have gone about developing the technologies it needs, but funneling money into Wall Street via an outfit like In-Q-Tel was never one of them. So it will be a good thing for Wall Street - and for America, too - if the CIA's next spymaster simply shuts the operation down.

cbyron (at) nypost.com

CIA Gains in Hunt for VC CEO

In-Q-Tel downplays chatter about the spy agency's venture arm


The Post column also flagged comments by frequent Internet poster Tony Ryals, who accuses In-Q-Tel, variously, of participating in penny stock "pump and dump" schemes in a variety of countries, including Dubai, Malaysia, and Israel, with the blogger adding an allegation that the Securities and Exchange Commission was investigating In-Q-Tel.

Mr. Tighe said In-Q-Tel does not invest in public companies, and had no involvement in any of those countries mentioned. "That simply isn't accurate. We're open to innovation wherever it is coming from in the world, but we have no activity in those regions," he said.

He also denied the firm is under investigation by the SEC. Calls to the SEC on the topic drew the expected "no comment."

Mr. Tighe also said the venture firm has been well-insulated from Washington politics that have rocked the agency since the sudden resignation of CIA Director Porter Goss earlier this month.

"There's been no repercussions here, in part because we're structured as a formal year-by-year problem-set definition, and we get input from that from each of the agencies in the intelligence community," he said. "So our mission is clear, and pre-established. There's no changes or tweaking coming from the surface of the ocean, if you will. We run beneath all those tides."

May. 18, 2006
11:28 amSpy-Fund Story vs. Spy-Fund Story


TOPICSVenture Capital
As lawmakers on Thursday prepared to grill the man who may be the next director of the Central Intelligence Agency, the C.I.A.'s venture capital activities were stirring up a debate of their own.

As New York Post columnist Chris Byron tells it, In-Q-Tel, the C.I.A.-funded venture firm, is a stumbling, bumbling mess of an operation. It invests in money-losing companies, fools around with penny stocks and can't keep chief executives in their jobs, Mr. Byron wrote in his May 15 column.

Mr. Byron noted that the firm has lost two chief executives in the past four months and said it is having trouble finding a replacement.

On Wednesday, The Red Herring followed up on Mr. Byron's claims. It interviewed Donald Tighe, In-Q-Tel's vice president of marketing and communications, who said the firm has a list of promising candidates for the chief executive job. Furthermore, the company's portfolio has shown overall returns of more than 26 percent, he added. Some In-Q-Tel-backed companies do lose money, The Red Herring wrote in its unsigned article, "a situation not unknown to all venture firms."

In his column, Mr. Byron made reference to Tony Ryals, who, he wrote, "has been bombarding the S.E.C. and Internet message boards for years with claims that he has uncovered a submerged world of In-Q-Tel-linked fraud stretching for Kuala Lumpur to the Middle East."

According to Mr. Byron, Mr. Ryals' complaints earlier this month were picked up by a "left-leaning Web site" that "reported that S.E.C. investigators think the C.I.A.-backed venture fund has been steering money into penny stock 'pump and dump' firms in Israel, Dubai and Malaysia."

The firm's linkages "are bewildering in their complexity" and "typically impossible to follow," Mr. Byron wrote, "but conspiracy buffs find them irresistible." As does, apparently, at least one newspaper columnist.

Mr. Byron's declaration that In-Q-Tel "continues to funnel agency money into penny stock and micro-cap companies in Wall Street's murkiest back alleys" is also countered in The Red Herring. "In-Q-Tel does not invest in public companies," Mr. Tighe said. Further, it has "no involvement in any of those countries mentioned" by Mr. Ryals.

John Negroponte,Homeland Security,SEC,Chris Cox,Makram Chams,Titan


Titan Corp,Skyway Communications,9/11,Cocaine Trafficking,Torture and Bush's Bloody Murder


Mexico Drug Bust,Tom DeLay,A.Khashoggi, Jeb Bush,Wally Hilliard Terrorist Flight School


The SEC,Adnan Khashoggi, GenesisIntermedia and me


D.C.Terrorbaggers:J. D. Davidson,ex-CIA Woolsey,Asa Hutchinson,Tom McMillen,Don Nickles


Asa Hutchinson,ex Congressman Tom McMillen, Fortress America,offshore money laundering


Does NSA Serve SRA International's 'Cookies' ?


SEC Covers Up UAE Money Laundering with U.S. Stocks


John Reed Stark UAE,SEC,Georgetown University Stock fraud Academic fraud Cyber fraud


Ralph Lambiase,NASAA : James Dale Davidson invented 'anti-naked shorting' scam


SEC Commissioner Christopher Cox vows to bring James Dale Guckert/Jeff Gannon to Justice ?


James J. Angel,Georgetown University,lap dancers and cyber fraud mafia


Senator Bennett :Is Patrick Byrne's NCANS a Fraud ?




Clinton Undersecretary of Commerce Robert Shapiro aids James Dale Davidson's ,Attorney John M O'Quinn's stock fraud


Charles Schwab and Share-Money Laundering


India:SRA International,Mantas Inc.,CIA and Bellador Group


Did Israel President Moshe Katsav aid Muslim Terrorism or only fraud ?


Israel: Gal Lusky's 'IFA' Caught Up in Moshe Katsav,Mohamed Hadid, Michael Zwebner 'UCSY' scam ?


Ralph Lambiase,NASAA : James Dale Davidson invented 'anti-naked shorting' scam