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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
NORSUL FOWLER EXCHANGE ACT REPORT SECURITIES NORSUL OIL MINING WAYNE COMPLAINT DISTRICT COURT ANNUAL REPORT VIOLATION REPORTING PROVISIONS COMMISION ORDER BECOMING MARIETTA GEORGIA-BASED COMPANY PRESIDENT CHIEF OPERATING OFFICER MATTER DOCKET NUMEROUS QUARTERLY REPORTS AUDITED FINANCIAL STATEMENTS CEASE FUTURE VIOLATIONS ACCOUNTANT COMPLAINT ALLEGES FILINGS PENALTY |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 16066 / February 18, 1999
Securities and Exchange Commission v. Norsul Oil & Mining, LTD.
and Wayne E. Fowler
Case No. 1:99CV00376 (filed February 17, 1999)
On February 17, 1999, the Commission filed a complaint in
the United States District Court for the District of Columbia
against Norsul Oil & Mining, LTD. and Wayne E. Fowler alleging
that Norsul, a Marietta, Georgia-based company, and Fowler,
Norsul’s president and chief operating officer, have failed to
comply with a Commission order issued on August 7, 1996 (In the
Matter of Norsul Oil & Mining, LTD. and Wayne E. Fowler, 62 SEC
Docket 249) (the "Commission Order"). The Commission Order found
that Norsul had failed to file an Annual Report on Form 10-K for
four years (1990, 1992-94), as well as numerous Quarterly Reports
on Form 10-Q, and had not filed audited financial statements with
its Annual Report for six fiscal years (1985-91) in violation of
Section 13(a) of the Securities Exchange Act of 1934 ("Exchange
Act") and Rules 12b-25,13a-1, 13a-11 and 13a-13. The Commision
Order ordered: (i) Norsul and Fowler to cease and desist from
future violations of the reporting provisions of the Exchange
Act; (ii) Norsul to retain an accountant within 30 days of the
Commision Order becoming final; and (iii) Norsul to take steps to
comply with the reporting provision of the Exchange Act within 90
days of the Commision Order becoming final. The complaint
alleges that since the Commision Order became final Norsul and
Fowler have made no filings with the Commission, nor have they
taken any other actions to comply with the Commision Order. The
complaint seeks a court order compelling Norsul and Fowler to
comply with the Commision Order and a penalty against Fowler.
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