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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
HARRIS COMMISSION EXCHANGE DISTRICT ACT STATES DISTRICT COURT GEORGIA COMPLAINT UNAUTHORIZED TRANSFERS PERMANENT INJUNCTION LITIGATION DEAN UNITED STATES DISTRICT NORTHERN DISTRICT MISAPPROPRIATION FUNDS UNAUTHORIZED SECURITIES TRANSACTIONS MONEY ENJOINING FUTURE VIOLATIONS JUDGEMENT DENYING ALLEGATIONS CONTINUATION RELIEF ROBERT STRAUSS VICE PRESIDENT PORTFOLIO MANAGER |
SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 16672 / August 31, 2000
SECURITIES AND EXCHANGE COMMISSION v. DEAN H. HARRIS, United States
District Court for the Northern District of Georgia, Civil Action No.
1 00-CV-2269
A complaint was filed by the Commission on August 30, 2000, in the
United States District Court for the Northern District of Georgia
against Dean H. Harris, a former registered representative with the
Atlanta office of a broker-dealer.
The complaint alleges that from April 1995 through August 1997, Harris
acted with others to cause the misappropriation and fraudulent
transfer of over $13 million in funds and securities from State Mutual
Insurance Company (State Mutual), of Rome, Georgia, through
unauthorized securities transactions and unauthorized transfers of
money. Harris received kickbacks of approximately $1.3 million for his
role in these unauthorized securities transactions and unauthorized
transfers of money.
The complaint seeks a permanent injunction enjoining Harris from
future violations of Section 17(a) of the Securities Act of 1933 and
Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5
thereunder.
Harris, without admitting or denying the allegations made against him,
has consented to a judgment of permanent injunction which enjoins him
from future violations of Section 17(a) of the Securities Act and
Section 10(b) of the Exchange Act and Rule 10b-5. The Commission has
filed a proposed final judgment with the court.
This action is a continuation of the Commission's investigation
concerning the misappropriation of funds and securities of State
Mutual. The Commission has previously obtained a permanent injunction
and other relief against Robert J. Strauss, State Mutual's vice
president and portfolio manager. See Litigation Rel. No. 16378.
_________________________________________________________________
Modified 09/01/2000
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