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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
ASSET FREEZE COMMISSION ACCOUNTING MOTION VIOLATING ALLEGES CONTROLS CIVIL ACTION DEFENDANT COURT BAHAMAS TRUST GENIE TOTAL PRODUCTS SECURITIES EXCHANGE COMMISSION LITIGATION CONTEMPT STOCK PRELIMINARY INJUNCTION LIVING EXPENSES TRANSACTIONS SALES ORDERING SALES RELIEF DEFENDANT COURT-APPOINTED RECEIVER ROBERT RECEIVER ROBERT WING WORTH REGISTERED BROKER-DEALER PERSONAL LIVING EXPENSES ENTRY |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 16329 / October 5, 1999
Securities and Exchange Commission v. Capital Acquisitions, Inc, et
al., Civil Action No. 2 97-0977S (D. Utah)
On October 4, 1999, the Commission filed a motion seeking a contempt
citation against a defendant in a pending civil action for violating a
federal court asset freeze. The motion alleges that defendant Clealon
Mann violated the asset freeze order by attempting to sell stock owned
by a company that he controls. The asset freeze is part of a
preliminary injunction that the Commission obtained on January 13,
1998, freezing Mann's assets for anticipated disgorgement of
ill-gotten gains should the Commission ultimately prevail on the
merits of its case against Mann. The motion seeks a finding that Mann
violated the preliminary injunction, an order to show cause why Mann
should not be held in civil or criminal contempt, and an order
compelling Mann to file an accounting of his living expenses and
transactions in a foreign trust.
Mann allegedly violated the asset freeze by ordering sales of stock
owned by Genie Total Products, Inc. Mann allegedly controls Genie
Total Products, which is also a relief defendant in this case. Assets
controlled by Mann and Genie Total Products are also subjects of an
order of attachment obtained by the court-appointed receiver Robert
Wing. Mann ordered the sales, worth more than $77,000, through the
account of a Bahamas trust that he allegedly controls at a registered
broker-dealer.
The asset freeze allows Mann to use assets for his personal living
expenses subject to an accounting before the Court. As part of its
motion, the Commission asked the Court to order Mann to produce such
an accounting, and in particular to account for all transactions
handled through the Bahamas trust since the entry of the asset freeze.
For further information on this case, please see Litigation releases
16083 (March 9, 1999), 15868 (September 2, 1998), 15670 (March 13,
1998), and 15601 (December 23, 1997).
_________________________________________________________________
Modified 10/08/1999
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