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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES EXCHANGE COMMISSION FUNDS INVESTORS UNITED STATES DISTRICT JUDGEMENT KITTAY COMPLAINT PURCHASE MONIES ESTATE MICHAEL KITTAY WILLIAM TROWER JAMES OSBORN UNBEKNOWNST PAID INVESTOR FUNDS PURCHASE AGREEMENT CONSTRUCTIVE TRUST ADMITTING DENYING ALLEGATIONS ENTRY PAY AMOUNT IBG DISGORGEMENT FUND SETTLEMENT LIT NOS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16617 \ July 3, 2000
Securities and Exchange Commission v. Internet Broadcast Group et al.,
Civil Action No. 96-2226 (SSH) (D.D.C.)
The Securities and Exchange Commission announced that on June 19,
2000, the Honorable Stanley S. Harris, United States District Court
Judge for the District of Columbia entered a Final Judgment as to
Relief Defendants Able Private Cable and Satellite Corp. (Able),
Martha Kittay (personal representative of the estate of Michael
Kittay), William Trower and James Osborn (Relief Defendants). The
Commission's complaint, which was filed on September 26, 1996, alleged
that the Relief Defendants received funds from the defendants which,
unbeknownst to Relief Defendants, had been unlawfully raised from
investors. More specifically, the complaint alleged that the Relief
Defendants were paid investor funds for the purchase of Able by
defendants, and that upon defendants' default under the purchase
agreement, the Relief Defendants retained the monies in a constructive
trust for the benefit of investors.
Without admitting or denying the Commission's allegations, the Relief
Defendants consented to the entry of the final judgment which requires
them, jointly and severally, to pay the amount of $50,000. These
monies will be deposited into the IBG Disgorgement Fund in settlement
of the Commission's claim.
See also Lit. Rel. Nos. 15074, 15383 and 15778.
_________________________________________________________________
Modified 07/05/2000
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