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[posting]28897545[/posting]Hier mal der Text aus dem Link vom user Slickrick. Also, wer einmal betrügt..... http://www.sec.gov/news/digest/08-15.txt ENFORCEMENT PROCEEDINGS SEC INSTITUTES PROCEEDINGS AGAINST 2 MORE FORMER L.C. WEGARD & CO. BROKERS On, August 15, the Commission issued an Order Instituting Proceedings against Joseph Orlando and Victor Samaha, the respondents. In the Order, the Division of Enforcement alleges that after a jury trial each Respondent was convicted of one count of conspiracy to commit securities fraud, a felony, and seven substantive counts of securities fraud, all felonies, and that judgments of conviction have been entered against them. In the criminal cases, the U.S. Attorney for the District of New Jersey alleged in the indictment that the Respondents, while employed as stockbrokers and in various supervisory positions at L.C. Wegard & Co., Inc., a broker dealer whose registration was subsequently revoked, participated in a conspiracy to commit securities fraud by inducing unsuspecting investors to purchase speculative high risk securities through the use of fraudulent and deceptive sales practices, and by concealing such practices from regulatory authorities. The Respondents worked in various offices of L.C. Wegard located in Pennsylvania, New Jersey, and Rhode Island. This is the third administrative proceeding instituted by the Commission against individuals convicted in the conspiracy, one consented to the imposition of remedial sanctions against him and thirteen others had the imposition of sanctions against them by default. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide the Respondents an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate and in the public interest. (Rel. 34-46358; File No. 3-10865) AMENDED LITIGATION RELEASE ISSUED CONCERNING $15 MILLION "PUMP AND DUMP STOCK FRAUD CASE A summary which appeared in the August 13th issue of the Digest concerning SEC v. Environmental Solutions Worldwide, Inc., et al., has been amended as follows: SEC FILES CIVIL LAWSUIT IN $15 MILLION "PUMP AND DUMP" STOCK FRAUD CASE The Commission announced today that on August 7 it filed a complaint against Environmental Solutions Worldwide, Inc. (ESWW), of Telford, Pennsylvania, formerly of Markham, Ontario, Canada, and related persons, alleging that they perpetrated a massive stock fraud in the Nasdaq Over- The-Counter securities market. The complaint alleges that the defendants issued ESWW stock to various insiders through a sham private offering, and then "pumped" the market with a fraudulent promotional campaign designed to artificially prime the market for ESWW stock. The promotional campaign had the intended effect: the price of ESWW stock soared by about 250%, from $2 to $7 per share. Concurrently, two of the defendants, Teodisio V. Pangia, of Kleinburg, Ontario and New York City, and Satbal Singh a/k/a Spal Singh, of Toronto, Ontario, sold approximately $15 million of ESWW stock into the unsuspecting market. The other defendants in the case are: * Jalon Investments, Ltd., Gata Investments, Ltd., and Altea Investments, Ltd., three Guernsey companies controlled by Pangia. * Zoya Financial Company, Ltd., a promotional firm controlled by Singh. * Adam Michael Oliver of Otterville, Ontario, ESWW's former sole officer and director. * Michael W. Smith, a Canadian attorney residing in London, Ontario. * Bengt Odner, of the United Kingdom, ESWW's current chairman. * Michael Bergman, of Jersey City, New Jersey, and his promotional firm, Access 1 Financial, Inc., which hyped ESWW stock. * Eugene Foo, of Toronto, Ontario, who helped facilitate the sham private offering. Specifically, the Commission's complaint alleges that from October 1998 through June 2000, Pangia, Smith, and Singh orchestrated a pump-and-dump scheme using fraudulent press releases, millions of spam e-mails, and a paid analyst report to prime the market for ESWW stock. The promotional documents falsely claimed that ESWW had developed a revolutionary catalytic converter that, unlike any other catalytic converter, dramatically reduced toxic emissions, including nitrous oxide, a greenhouse gas believed to be a cause of global warming. These claims were false and contrary to ESWW's own test results. The promotional documents, including supposedly independent analyst reports, which Pangia paid Mark Bergman to publish, also contained unrealistic and unsupported share price projections for ESWW stock ranging from $15 to $125 per share. The complaint additionally alleges that Oliver served as an officer and director in name only, and that he, in fact, was merely a nominee for Smith, and that Odner repeated the false information about ESWW's test results in statements to the investing public. The complaint also alleges that Pangia, Smith, Singh, and Foo orchestrated a sham private offering in which millions of unregistered ESWW shares were issued to themselves. These shares were dumped into the inflated market from the fraudulent promotional campaign described above. Pangia and Singh realized approximately $15 million from these stock sales. The complaint seeks injunctions against all the defendants, officer and director bars against Pangia, Smith, Oliver, and Singh, disgorgement of ill-gotten gains plus pre-judgment interest from Pangia, Jalon, Gata, Altea, Singh, Bergman, and Access 1, and civil penalties against Pangia, Jalon, Gata, Altea, Smith, Oliver, Singh, Zoya, Bergman, Access 1, Odner, and Foo. Simultaneous with the filing of the complaint, the Commission filed settlement documents with the Court as to defendant Foo in which he agreed, on a neither admit nor deny basis, to the entry of an order of permanent injunction against future violations of the securities registration provisions found in Sections 5(a) and 5(c) of the Securities Act. Foo also agreed to pay a $50,000 civil penalty. [SEC v. Environmental Solutions Worldwide, Inc., et al., Cause No. 1:02-CV- 1575 JDD (D.C.)] (LR-17673A) |
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| aus der Diskussion: | Environmental Solutions Worldwide - unbekannte Perle! |
| Autor (Datum des Eintrages): | RioReiser (19.04.07 13:19:52) |
| Beitrag: | 121 von 259 (ID:28897826) |
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