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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
INVESTMENTS FUND TERESA DISTRICT COURT ADVISORY CLIENTS WHARTON INVESTMENTS INVESTMENT ADVISORY DISGORGEMENT FUND SECURITIES EXCHANGE COMMISSION BAIER INVESTMENT ADVISORY FIRM SUED FERNANDEZ DEFRAUDING RESIDENTS PHILIPPINES MISAPPROPRIATING MISREPRESENTING SOUTHERN DISTRICT YORK COMPENSATE VICTIMS FRAUD PORTION OUT-OF-POCKET LOSS ELIZABETH BAIER NORTHEAST REGIONAL OFFICE CLAIM FORM COMPLAINT |
Litigation Release No. 16608 / June 26, 2000
Securities and Exchange Commission v. Teresa V. Fernandez (S.D.N.Y.)
96 Civ. 8702 (JES) U.S. District Court, S.D.N.Y.
Claims Fund for Clients of Teresa V. Fernandez
and Wharton Investments, Inc.
The staff of the Securities and Exchange Commission seeks to identify
individuals who lost money at the hands of Teresa V. Fernandez, who
acted through Wharton Investments, Inc., a registered investment
advisory firm, from approximately 1983 through approximately September
1995.
In 1996, the SEC sued Fernandez for defrauding her advisory clients,
most of whom were residents of the Philippines, by misappropriating
their funds and/or misrepresenting the status of their investments. As
a result of consent judgments entered in the case in 1996 and 1999,
Fernandez has deposited approximately $600,000.00 with the District
Court for the Southern District of New York to compensate the victims
of Fernandez's fraud (the "Disgorgement Fund").
You may be eligible to receive a portion of the Disgorgement Fund if
you
* Were an investment advisory client of Fernandez and/or Wharton
during some or all of the period beginning October 1983 through
September 1995; and
* Suffered an out-of-pocket loss on your investments with Fernandez.
If you wish to make a claim against the Disgorgement Fund, you should
promptly contact Elizabeth Baier of the SEC's Northeast Regional
Office to obtain a claim form. You may reach Ms. Baier at
212-748-8273, or by e-mail at . Claim forms must be completed and
submitted by July 15, 2000.
For further information about the SEC's complaint against Fernandez,
see (November 19, 1996).
_________________________________________________________________
Modified 06/30/2000
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