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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE COMMISSION WILLIAMS FORMER PRESIDENT SETTLEMENT MARKET MANIPULATION DURANTE PUBLICLY TRADED COMPANY DISTRICT JUDGEMENT VALID REGISTRATION STATEMENT VIOLATION SECURITIES ACT SHARES ATSI CIVIL PROFIT COMPLEX MARKET MANIPULATION MARKET MANIPULATION SCHEME CIVIL PENALTY ORDER PERMANENTLY ENJOINING FUTURE VIOLATIONS DEFENDANTS MICROCAP FRAUD SWEEP PENDING ADMITTING DENYING COMPLAINT CIVIL ACTION SBA |
SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE No. 16673 / August 31, 2000
SECURITIES AND EXCHANGE COMMISSION V. EDWARD A. DURANTE, ET AL., No.
C99-3690 (SBA)(N.D. Cal.)
FORMER PRESIDENT OF PUBLICLY TRADED COMPANY SETTLES WITH SEC
The Securities and Exchange Commission ("Commission") announced that
on May 12, 2000, the Northern District Court of California entered
judgment against Thomas K. Williams. ("Williams"), the former
President of American Telecommunications Standards, Inc. ("ATSI"),
once a publicly traded company, and President of SynCom International,
Inc. ("SynCom"), for participating in the unlawful distribution of
securities without a valid registration statement on file, a violation
of Section 5(a) and 5(c) of the Securities Act of 1933. Williams
resides near Boulder, Colorado.
The Commission alleged that in February 1998, Williams agreed to
transfer 2.1 million shares of ATSI stock while an "affiliate" and
"control person" of ATSI. At the time, no valid registration statement
was on file with the Commission. Later, these shares were sold on the
market at a profit in a complex market manipulation scheme. As a
result of the settlement, Williams consented to pay a civil penalty of
$5,000 and an order permanently enjoining him from future violations
of Section 5(a) and 5(c) or the Securities Act of 1933.
This settlement is part of the Commission's market manipulation case
involving fourteen other defendants, which was filed as part of the
Commission's microcap fraud sweep. The case remains pending. Williams
consented to the judgment without admitting or denying the allegations
contained in the Complaint.
(SEC v. Durante, Civil Action No. C 99-3690 (SBA) (N.D. Cal., Aug. 2,
1999)) (LR-16237)
_________________________________________________________________
Modified 09/01/2000
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