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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
BUFFO COMMISSION INVESTORS FELONY INFORMATION LASER LEASING SECURITIES NOTWELL OFFERINGS SCHEMES UNITED STATES EXCHANGE COMMISSION UTAH COMPLAINT ALLEGES LITIGATION CIVIL PETE BUFFO WAYNE NOTWELL DEFENDANTS PONZI MONEY OFFICERS ISSUERS DISCLOSE MISREPRESENTED FACTS PERTAINING BUSINESS PROCEEDS COMMISSIONS PAID SALES AGENTS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 16083 / March 9, 1999
Securities and Exchange Commission v. Capital Acquisitions,
Inc,
et al., Civil Action No. 2:97-0977S (D. Utah)
U.S. v. Pete Buffo and Wayne Notwell, Criminal Action No. 2:99
0063W (D. Utah)
On March 9, 1999, Pete Buffo entered a plea of guilty to
criminal securities fraud charges in connection with two
investment schemes. The Felony Information was filed on
February
24, 1999, by the United States Attorney in Salt Lake City,
Utah,
against Buffo and Wayne Notwell, alleging that the defendants
perpetrated a "Ponzi" scheme in violation of the federal
securities laws. The Felony Information concerns schemes
perpetrated under the names of Capital Acquisitions, Inc. and
the
Laser Leasing companies, which are also the subjects of a
civil
case brought by the Securities and Exchange Commission. The
Commission filed its complaint against Notwell, Capital
Acquisitions, and others in December 1997, and then amended
the
complaint in September 1998 to add Buffo, Laser Leasing, and
related entities. According to the Commission’s amended
complaint, Notwell, Buffo, and others raised approximately $31
million from over 600 investors through offerings of Capital
Acquisitions and Laser Leasing promissory notes. On the
Commission’s motion, the Court appointed a receiver for
Capital
Acquisitions, Laser Leasing, and related companies in
September
1998.
The Felony Information alleges that Buffo was primarily
responsible for the Capital Acquisitions and Laser Leasing
offerings, and that Notwell worked with Buffo by administering
money raised in the offerings and holding positions as
officers
in the issuers. The offerings were alleged to be Ponzi
schemes,
in that money sent to investors as a return on investment
actually derived from funds obtained from other investors.
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