 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
SEC LITIGATION RELEASE
|
EXTRACTED KEY WORDS
INVESTORS SECURITIES FREEMAN NOTES EXCHANGE COMMISSION DISTRICT DEFENDANTS UNITED STATES LITIGATION INVESTOR FUNDS JAMES STATES DISTRICT COURT NORTHERN DISTRICT CALIFORNIA DISGORGEMENT CONTROL CORPORATE DEFENDANTS PAYMENT PAY COMPLAINT ENTRY ACT PROCEEDS PROMISSORY BANK ACCOUNTS PAY EXORBITANT COMMISSIONS SATISFY UNRELATED BUSINESS PERSONAL EXPENSES OBLIGATIONS PRIOR INVESTORS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15795 / June 30, 1998
Securities and Exchange Commission v. James G. Freeman, et al.,
(United
States District Court for the Northern District of California, Civil
Action
No. C-96-2316).
The Securities and Exchange Commission announced that on April 29,
1998,
Magistrate Judge Bernard Zimmerman of the United States District Court
for
the Northern District of California entered an Order of Disgorgement
and
Other Relief against James G. Freeman (Freeman) and 18 companies
controlled
by Freeman, holding Freeman and the corporate defendants jointly liable
for
disgorgement of $10,823,727.74 in illegal profits, but waiving payment
of
all but $15,444.78 based on defendants' financial inability to pay.
Defendants consented, without admitting or denying the allegations in
the
Commission's complaint, to the entry of the Order. Freeman and 19 of
the
corporate defendants had previously consented to the entry of an Order
of
Permanent Injunction enjoining them from further violations of
Sections
5(a), 5(c), 17(a)(1), 17(a)(2) and 17(a)(3) of the Securities Act of
1933
and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b
5
promulgated thereunder. [See Litigation Release No. 15130, October
21,
1996] The April 29, 1998 Order concludes the litigation.
The Commission's Complaint, filed on June 25, 1996, alleged that,
among
other things, during the period from approximately April 1994 through
SNIPPETS:
|
|
|
| | | |
|
|
