LegalCaseDocs.com
shopping cart  
  |     
Search
 

 
New Visitors


 VeriSign Secure Site

 Get Adobe Reader

SEC v ONE OR MORE UNKNOWN PURCHASERS OF CALL OPTIONS and COMMON STOCK OF USCS INTERNATIONAL, INC Click to find out why . . .



Keywords & Phrases
CaseNo: LR-16044, CourtCode: DIS, CourtName: UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF, Defendant: One or More Unknown Purchasers of Call Options and Common Stock of USCs International, Inc., Plaintiff: SEC, State: NY New York, UniqueCaseRef: SEC>LR-16044, Settlements, Trading, Exchange, Securities, Exchange Commission, Purchasers, Judgement, District, United States, Unknown, Common Stock, Insider Trading, Complaint, Okhman, Mashevich, Consents, Entry, Enjoin, Violating, Exchange Act, Thereunder, Trading Profits, Pay, Civil Penalty, Disgorged Funds, Distribution Pursuant, Plan, Staff , ContentID: 120242068

Case Documents
1 1999-01-25 SEC LITIGATION RELEASE
[ see first page and extracted highlights below  ] ItemID: 105161
2 pages
TXT
Total Documents: 1 document , 2 pages
Price: $ 19.95


IVESLCD01 KGI0001
 
 

 Forgot your password?


1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS
COURT
DEFENDANTS
TRADING
EXCHANGE
SECURITIES
EXCHANGE COMMISSION
PURCHASERS
JUDGEMENT
DISTRICT
UNITED STATES
UNKNOWN
COMMON STOCK
INSIDER TRADING
COMPLAINT
OKHMAN
MASHEVICH
CONSENTS
ENTRY
ENJOIN
VIOLATING
EXCHANGE ACT
THEREUNDER
TRADING PROFITS
PAY
CIVIL PENALTY
DISGORGED FUNDS
DISTRIBUTION PURSUANT
PLAN
STAFF
                  UNITED STATES SECURITIES AND EXCHANGE COMMISSION

             LITIGATION RELEASE NO.  16044 / January  25, 1999

             SEC v. ONE OR MORE UNKNOWN PURCHASERS OF CALL OPTIONS AND
             COMMON STOCK OF USCS INTERNATIONAL, INC.,  No. 98-Civ-6327
             (S.D.N.Y.) (September 8, 1998)

             SEC ANNOUNCES SETTLEMENTS WITH PREVIOUSLY “UNKNOWN
             PURCHASERS

                  The Securities and Exchange Commission announced that
             on January 25, 1999,  Final Judgments were entered by the
             United States District Court for the Southern District of
             New York which reflect settlements reached with the two
             previously “unknown„ defendants in this insider trading
             case.  The Commission’s Complaint, filed on September 8,
             1998, alleged that the then “unknown purchasers„ had engaged
             in illegal insider trading by secretly purchasing call
             options and common stock of USCS International, Inc. through
             a Swiss account just hours before it was announced that DST
             Systems, Inc. had agreed to acquire USCS in a merger.

                  On September 8, 1998, the Court froze the proceeds of
             the defendants’ trading, approximately $2 million, which
             were about to be transferred out of the country.  Nine days
             later, after the defendants failed to comply with a Court
             Order directing them to identify themselves, the Court
             entered a preliminary injunction, continuing the asset
             freeze indefinitely.  Thereafter, defendants identified
             themselves as Igor Okhman of Studio City, California and
             Frank Mashevich of Vancouver, British Columbia.  Shortly
             after the Commission began limited discovery, the defendants
             offered to settle the action without admitting or denying
             the substantive allegations of the Complaint.

                  Okhman consented to the entry of a Final Judgment which
             would (1) enjoin him from violating Section 10(b) of the
             Securities and Exchange Act of 1934 and Rule 10b-5
             thereunder, (2) order that he disgorge alleged illegal
             trading profits of $190,454; and  (3) order that he  pay a
             civil penalty of $190,454.  Mashevich submitted an offer of
             settlement in which he consents to the entry of a Final
             Judgment which would (1) enjoin him from violating Section
             10(b) of the Exchange Act and Rule 10b-5 thereunder; (2)
             order that he disgorge alleged illegal trading profits of
             $164,837 ; and (3) order that he pay a civil penalty of
             $164,837. The settlements provide that the disgorged funds
             be deposited with the Court for distribution pursuant to a
SNIPPETS:
  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION
  • ONE OR MORE UNKNOWN PURCHASERS OF CALL OPTIONS AND
  • COMMON STOCK OF USCS INTERNATIONAL, INC., No. 98-Civ-6327
  • United States District Court for the Southern District of
  • New York which reflect settlements reached with the two
  • previously “unknown„ defendants in this insider trading
  • The Commission’s Complaint, filed on September 8,
  • alleged that the then “unknown purchasers„ had engaged
  • Frank Mashevich of Vancouver, British Columbia.
  • Okhman consented to the entry of a Final Judgment which
  • Securities and Exchange Act of 1934 and Rule 10b-5
  • and order that he pay a
  • civil penalty of $190,454.
  • settlement in which he consents to the entry of a Final
  • Judgment which would enjoin him from violating Section
  • 10of the Exchange Act and Rule 10b-5 thereunder;
  • The settlements provide that the disgorged funds
  • plan to be submitted by the SEC for the Court’s approval.
  • The Commission’s staff is continuing its investigation.
  •    |