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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
CALIFORNIA LASER GERANIO EXCHANGE COMMISSION JUDGMENTS COMPLAINT ACT DISGORGEMENT DEFENDANTS SECURITIES REGISTRATION PROVISIONS PAY SALE FUNDS NICHOLAS CALIFORNIA LASER COMPANY DISTRICT PERMANENT VIOLATIONS ANTIFRAUD REPRESENTING INVESTORS DENYING ALLEGATIONS FRAUDULENT UNREGISTERED COMMON STOCK RAISING INVESTORS NATIONWIDE THREE-DIMENSIONAL IMAGE PROJECTORS PAY UNDISCLOSED SALES THEREUNDER |
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16628 / July 14, 2000
SECURITIES AND EXCHANGE COMMISSION v. NICHOLAS L. GERANIO; CALIFORNIA
LASER COMPANY, Civil Action No. 99-4702 WJR (AIJx) (C.D. Cal.)
The Securities and Exchange Commission ("Commission") announced that
the United States District Court for the Central District of
California has entered Final Judgments of Permanent Injunction and
Disgorgement ("Final Judgments") against defendants Nicholas L.
Geranio ("Geranio") and California Laser Company ("California Laser"),
on July 10 and March 7, 2000, respectively. The Final Judgments
permanently enjoin Geranio and California Laser from future violations
of the antifraud and securities registration provisions of the federal
securities laws. The Final Judgments also order Geranio and California
Laser to pay disgorgement in the amounts of $252,506 and $1,963,989,
respectively, representing their ill-gotten gains, but waive payment
of disgorgement due to their demonstrated inability to pay. Geranio
and California Laser consented to the entry of the Final Judgments
without admitting or denying the allegations in the Complaint.
The Commission alleged in its Complaint that, from January 1998 to
April 1999, Geranio and California Laser engaged in the fraudulent
offer and sale of unregistered common stock, raising over $2.3 million
from approximately 500 investors nationwide. Geranio and California
Laser represented that investor funds would be used for the
development, manufacture and sale of three-dimensional image
projectors. The Complaint further alleged that the defendants misused
some of the funds raised to pay undisclosed sales commissions and that
Geranio misappropriated some of the funds for his own use. The
Complaint alleged that the defendants violated the antifraud
provisions of Section 17(a) of the Securities Act of 1933 ("Securities
Act"), Section 10(b) of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder and the securities registration provisions of
Sections 5(a) and 5(c) of the Securities Act.
_________________________________________________________________
Modified 07/17/2000
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