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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
LEDFORD ECO2 SECURITIES EXCHANGE COMMISSION CHARLES EXCHANGE ACT TIRE PERMANENT INJUNCTION TIRE RECOVERY SYSTEM SPM FLA DISTRICT FLORIDA VIOLATIONS THEREUNDER CIVIL COMPLAINT STOCK PYROLYSIS PROCESS RECYCLE SCRAP TIRES CARBON BLACK STEEL METHANE GAS BY-PRODUCTS ACCORDING ISSUING PRESS NEGOTIATIONS PURCHASE FUTURE REVENUES ECO JET SYSTEMS |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16381 / December 8, 1999
FINAL JUDGMENT OF PERMANENT INJUNCTION ENTERED AGAINST CHARLES D.
LEDFORD
SECURITIES AND EXCHANGE COMMISSION v. CHARLES D. LEDFORD, Case No.
99-CV-27 SPM (N.D. Fla.)
The Commission announced that on September 23, 1999, the Honorable
Stephen P. Mickle of the United States District Court for the Northern
District of Florida entered a permanent injunction against Charles D.
Ledford, with his consent, permanently enjoining him from violations
of Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder, and
directing him to pay a civil penalty in the amount of $25,000.
Securities and Exchange Commission v. Charles D. Ledford , Civil
Action No. 99-CV-27 SPM (N.D. Fla.).
The Commission's Complaint alleged that from at least March 1995
through early 1997, Ledford caused ECO2, Inc. ("ECO2"), to issue false
and misleading press releases designed to attract new investors to
ECO2 and artificially inflate the price of ECO2's publicly traded
stock, a penny stock within the meaning of Sections 15(b)(6) and
3(a)(51) of the Securities Exchange Act of 1934 ("Exchange Act").
ECO2, a Delaware company formerly headquartered in Hawthorne, Florida,
established to provide solid waste tire management services to
governmental, commercial and industrial entities through sales of a
"tire recovery system" that purportedly utilized a pyrolysis process
to recycle scrap tires into oil, carbon black, steel and methane gas
by-products. According to the Commission's complaint, Ledford violated
Section 10(b) of the Exchange Act and Rule 10b-5 thereunder by issuing
press releases regarding negotiations between ECO2 and various
entities for the purchase of ECO2's tire recovery systems, and at
least one press release regarding present and future revenues of an
ECO2 subsidiary, ECO Jet Systems, Inc.
_________________________________________________________________
Modified 12/13/1999
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