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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
GOLDBERG GLOBENET STOCK EXCHANGE COMMISSION COMPLAINT IPO INTERNET FRAUD RONALD CIVIL SELL MISLEADING AUCTION SITES POSTINGS VIOLATIONS ACT REPRESENTATIONS SELL SHARES PROFIT COMPLAINT CHARGES THEREUNDER SEEKING PERMANENT INJUNCTION FUTURE VIOLATIONS CIVIL PENALTIES ADVICE SAVING INVESTING AVOIDING FRAUD ONLINE REPORT SUSPICIOUS ACTIVITY ENFORCEMENT COMPLAINT |
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16678 / September 5, 2000
SECURITIES AND EXCHANGE COMMISSION v. RONALD J. GOLDBERG, Civil Action
No. 1 00-CIV-2297 (N.D. Ga.)
The Securities and Exchange Commission ("Commission") announced that
on September 1, 2000, it filed a complaint against Ronald J. Goldberg
("Goldberg"), an inmate at the United States Penitentiary in Atlanta,
Georgia, for attempting to sell securities on the Internet through
fraudulent means. From February through May, 2000, Goldberg directed
an associate to post at least four false and misleading advertisements
for the offer or sale of the stock of GlobeNet Capital Corp.
("GlobeNet") on the eBay and Yahoo! auction sites. The auction site
postings stated, among other things, that a GlobeNet initial public
offering ("IPO") was expected in the second (or third) quarter of
2000, and that following the IPO, GlobeNet stock would begin trading
at between $22-$23 per share. Goldberg's postings were false and
misleading because Goldberg had no reasonable basis to represent
either the timing of an IPO of GlobeNet stock or the price at which
the stock might trade following an IPO. Goldberg made the
representations in order to sell shares of GlobeNet stock at a profit.
The Commission's complaint charges that Goldberg's scheme violated
Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act
and Rule 10b-5 thereunder. The Commission is seeking a permanent
injunction against future violations as well as civil penalties.
For more information about Internet fraud, visit . For more advice on
saving, investing, and avoiding fraud online, visit . To report
suspicious activity involving possible Internet fraud, visit the SEC's
Enforcement Complaint Center at .
_________________________________________________________________
Modified 09/06/2000
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