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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
HDG EDWARDS DISTRICT EXCHANGE COMMISSION UNITED STATES HDG INVESTMENT CORPORATION DISTRICT COURT PAUL COLORADO JUDGMENTS ENJOINING FUTURE VIOLATIONS ACT PAY AMOUNT COMMISSION ANNOUNCED ENTRY PRAGUE ANTIFRAUD PROVISIONS FEDERAL SECURITIES LAWS FRAUDULENT SCHEME PRIME BANK COURT ORDER THEREUNDER PAY DISGORGEMENT PLUS PREJUDGMENT THEREON POST JUDGMENT PAY CIVIL MONEY CIVIL MONEY PENALTIES |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16353 / November 16, 1999
UNITED STATES SECURITIES AND EXCHANGE COMMISSION v. HDG INVESTMENT
CORPORATION and PAUL J. EDWARDS, U.S. District Court, District of
Colorado, No. 99-K-911
The Commission announced entry of default judgments by the United
States District Court for the District of Colorado enjoining HDG
Investment Corporation ("HDG") and Paul J. Edwards ("Edwards"), both
of Prague, Czech Republic, from future violations of the antifraud
provisions of the federal securities laws. The Commission's complaint
alleged that from at least June 1998 to May 1999, HDG and Edwards
raised $305,000 from investors in a fraudulent scheme to offer and
sell unregistered "prime bank" securities throughout the United
States.
In the court order, HDG and Edwards are enjoined from future
violations of Section 17(a) of the Securities Act of 1933 and Section
10(b) of the Exchange Act of 1934, and Rule 10b-5 thereunder. They are
ordered to pay disgorgement of $305,000, plus prejudgment interest
thereon in the amount of $24,332.64, and post judgment interest. Each
was also ordered to pay civil money penalties in the amount of
$110,000.
_________________________________________________________________
Modified 11/16/1999
SNIPPETS:
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