 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
SEC LITIGATION RELEASE
|
EXTRACTED KEY WORDS
SECURITIES COMMISSION EXCHANGE DISTRICT GEORGIA COMPLAINT ACT DISTRICT COURT ROBERT UNITED STATES NORTHERN DISTRICT COMPLAINT ALLEGES TRANSFERS FALSIFYING MONEY PERMANENT INJUNCTION ENJOINING FUTURE VIOLATIONS SERVING OFFICER JUDGEMENT STRAUSS RECEIVED KICKBACKS STOCK UNAUTHORIZED SECURITIES TRANSACTIONS THEREUNDER ADMITTING DENYING ALLEGATIONS ORDER BARRING |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16360 / November 17, 1999
SECURITIES AND EXCHANGE COMMISSION v. ROBERT J. STRAUSS, United States
District Court for the Northern District of Georgia, Civil Action
No.199-CV-2965
A complaint was filed by the Commission on November 16, 1999, in the
United States District Court for the Northern District of Georgia
against Robert J. Strauss, a former vice president and portfolio
manager of State Mutual Insurance Company (State Mutual), of Rome,
Georgia.
The complaint alleges that from April 1995 through August 1997,
Strauss fraudulently transferred over $16 million in funds and
securities from State Mutual, of which Strauss misappropriated
approximately $5.8 million. Strauss concealed his conduct by, among
other things, falsifying entries on State Mutual's books and records,
falsifying reports to State of Georgia regulatory authorities, and by
making false representations to State Mutual's internal and external
auditors. In addition, the complaint alleges that Strauss received
kickbacks of approximately $3.2 million in money and/or stock for the
unauthorized securities transactions and unauthorized transfers of
money.
The complaint seeks a permanent injunction enjoining Strauss from
future violations of Section 17(a) of the Securities Act of 1933 and
Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5
thereunder. In addition, the Commission seeks that Strauss be barred
from serving as an officer or director of any publicly held company.
Strauss, without admitting or denying the allegations made against
him, has consented to a judgment of permanent injunction which enjoins
him from future violations of Section 17(a) of the Securities Act and
Section 10(b) of the Exchange Act and Rule 10b-5 and an order barring
him from serving as an officer or director of any publicly held
company. The Commission has filed a proposed final judgment with the
court.
_________________________________________________________________
Modified 11/18/1999
SNIPPETS:
|
|
|
| | | |
|
|
