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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
TAMRES COMPLAINT SECURITIES INDIANA ASSET ENHANCEMENT PROGRAM COMPLAINT ALLEGES PURCHASE DISTRICT COURT FUNDS HOMES EXCHANGE ACT FICTITIOUS PRIME BANK MATERIALS YIELD INSURANCE ACCORDING PAY LOW ENTRY HIGH YIELD TRADING FEDERAL RESERVE EUROPEAN INSURANCE COMPANY HINTOCKS CIRCLE CARS PURCHASE PERSONAL ITEMS PAY PERSONAL EXPENSES FURNISH PURCHASE CORPORATE BOXES TICKETS INDIANA PACERS |
Securities and Exchange Commission
Litigation Release No. 16369 / November 23, 1999
, U.S. District Court for the Southern of Indiana, Civil Action No. I
P99 - 1767 C - Y/G (S.D. Ind. November 16, 1999)
On November 19, 1999, the Honorable Richard L. Young of the U.S.
District Court for the Southern District of Indiana issued an order
freezing the assets of Donald Barry Tamres of Carmel, Indiana. Three
days prior, the SEC filed a complaint alleging that Tamres operated a
fictitious Prime Bank investment program in which he misappropriated
approximately $2.8 million from 25 investors.
The Complaint alleges that Tamres violated the federal securities laws
through a fictitious Prime Bank investment called the Asset
Enhancement Program. The Complaint alleges that Tamres described the
investment in offering materials as a "low entry" "high yield trading
program" in which an approximate $35,000 initial investment would
yield $1,750,000 in six weeks. Tamres also, in the materials, claimed
that the program was associated with the Federal Reserve and is
guaranteed by an insurance policy issued by "a top 4 European
Insurance Company." According to the Complaint, approximately 25
investors invested a total of about $2.8 million in the Asset
Enhancement Program. In fact, this type of investment program does not
exist. The Complaint alleges that Tamres misappropriated the
investors' funds.
According to the Complaint, Tamres, instead of using the funds raised
to invest in the Asset Enhancement Program or similar investments,
used the funds to, among other things 1) purchase several homes,
including the property and home located at 3552 Hintocks Circle; 2)
purchase several cars; 3) purchase personal items; 4) pay personal
expenses; 5) furnish the homes; 6) purchase corporate boxes and
tickets to the Indiana Pacers; and 7) pay returns to other investors.
The Complaint alleges that Tamres violated Sections 5(a) and 17(a) of
the Securities Act of 1933 and Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 under the Exchange Act.
_________________________________________________________________
Modified 11/26/1999
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