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According to insidercow.com, insiders and/or 10% owners recently bought shares in the following smallcaps:

* U.S. Energy Systems (USEY). Marc S. Brody d/b/a FPA bought another 15,000 shares at $4.26. He is the third largest shareholder. USEY has a nice chart.

* Smart Online Solutions (OTC:SOLN). Swiss trading operation Atlas Capital SA bought 400,000 shares at $2.50 in July, just as they did in March. Smart Online closed at $2.00 Friday, down from over $10 in January before the stock was halted pending a fraud investigation, then kicked off the Nasdaq. No word on the SEC investigation but the company's audit committee this month reported that it found no fraud, just lack of internal controls. Smart insider buying? I doubt it -- just looks like averaging down to me.

* Remedent (OTCPK:REMI). The investing duo of Austin Marxe and David Greenhouse keep bought a few more chunks of buying shares of this small dental products company. To see some of the other companies Marxe/Greenhouse are buying, look here.

* Patient Safety Technology (NYSEARCA:PST). Recently returned CEO Milton Ault and related investment companies have purchased more shares of the surgical device company. Here's the rub: Ault has used his position as the Chief Investment Officer of Ault Glazer Bodnar Invesetment Management to put his managed accounts into...guess what...millions of shares in his own company (see footnote). I don't know if that's legal or not, but it sure seems like a conflict of interest.

* NTS Realty Holdings (NYSEMKT:NLP). Director and 10% ownder J.D. Nichols just keeps buying. Nice chart. The Company owns twenty-nine properties, comprised of nine multifamily properties, sixteen office buildings and business centers, three retail properties and one ground lease. The properties are located in and around Louisville and Lexington, Kentucky, Fort Lauderdale, Florida, Indianapolis, Indiana, Atlanta, Georgia, Richmond, Virginia and Nashville, Tennessee. Worth investigating.

* Northwater Resources (NWRS-OLD). President Raptis Athanasios is stepping up purchases, but he sold a much larger chunk earlier this year. Would need to investigate that transaction in detail before even considering this microcap mining company.

* I.C. Isaacs & Co. (ISAC) (past article). 10% owner Jeff Feinberg keeps buying shares of this US licensor of Girbaud jeans. Director Jon Hechler has been a seller. Chart looks like it might break out.

* Hartmarx Corp. (HMX). 10% owner Traco International NV bought another 50,700 shares of the suit maker, which is lurking around 52-week lows. The company just lowered 2006 guidance, so Traco must be counting on long-term improvements.

* Gigamedia (NASDAQ:GIGM). Hedge fund Sansar Capital Management is buying Gigamedia shares in size. This stock has had a great run over the past year, but may be setting up for another up leg. Just checked the market cap -- at $384M this one's not even a microcap anymore, but since it was for most of the past year I'll leave it on the list.

* Advanced Nutraceuticals (ANII). Director Randall Humphreys is buying shares ahead of the de-listing transaction.

Disclosure: I have no position in any of the above-listed companies. Not a recommendation to buy or sell any securities.

Source: A List of Insider Purchases at Smallcaps