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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES COMMISSION TAXIN NETWORK EXCHANGE COMMISSION LITIGATION EDWARD CONSENT JUDGEMENT VIOLATIONS ACT TOUTING INTERNET COMPENSATION KIMBA PAY PENALTIES LARGE-SCALE EFFORT UNLAWFUL TOUTING TAXIN RECEIVED COMPENSATION MICROCAP STOCKS RADIO PROGRAM INTERNET NEWSLETTER CHRONICLE PROPERLY DISCLOSING ENTRY ADMITTING DENYING ALLEGATIONS COMPLAINT |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16094 March 22, 1999
SECURITIES AND EXCHANGE COMMISSION v. EDWARD B. TAXIN and
THE TAXIN NETWORK, INC., 98 Civ. 7661 (KMW) (S.D.N.Y.)
he Commission announced that a final consent judgment
has been entered in the Commission’s action against Edward
B. Taxin and the Taxin Network. On March 11, 1999, Judge
Kimba M. Wood permanently enjoined Taxin and his company
from further violations of Section 17(b) of the Securities
Act of 1933, and ordered them to pay $30,000 in penalties.
The Commission’s action, commenced on October 27, 1998,
was part of a large-scale effort by the Commission to
address unlawful touting of securities over the Internet.
The Commission alleged that Taxin received compensation for
touting certain microcap stocks on a radio program, the
Financial Hour, and in an Internet newsletter, the
Investor’s Chronicle, without properly disclosing the
receipt of such compensation, in violation of Section 17(b)
of the Securities Act. Taxin and the Taxin Network
consented to the entry of the final judgment without
admitting or denying the allegations in the Complaint.
For further information, see Litigation Release No.
15955.
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