WebSecure Inc, the Saugus, Massachusetts that recently had to restate its first quarter in 1996, that ended in November last year has been delisted from Nasdaq. The reason for that restatement was an unusual one. WebSecure licensed software from a Dublin, Ireland company called Manadarin trading co Ltd. WebSecure then ‘sold’ the software on, recording first quarter revenues of $887,000, of which $792,000 came from the mystery products that WebSecure supposedly licensed. Once WebSecure restated its figures there was almost no sales left. Some of those deals were initiated by one of WebSecure’s founders, Emmanuel Pinez, also the founder and CEO of Centennial Technologies Inc. Centennial was delisted in March, after it was discovered the company has been falsely reporting its figures for more than a three and a half years. Pinez was later arrested and charged with insider trading. WebSecure doesn’t return calls to the press.
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