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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
TRAINOR CELENTANO COMPLAINT COMMISSION ALLEGES SECURITIES AMERICA VALORES MEDICAL DIAGNOSTIC PRODUCTS DISTRICT INVESTORS DEFENDANTS KAREN LOSORDO DIANE DANIEL GERALDINE TRAINOR CIVIL COLUMBIA MEDICAL DIAGNOSTIC TEST DIAGNOSTIC TEST KITS SHAM TRANSACTIONS CONTRACTS VIOLATIONS REPORTING MPI LICENSE SOUTH AMERICA LATIN AMERICA FINANCIAL STATEMENTS |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 15786 / June 18, 1998
Accounting and Auditing Enforcement
Release No. 1046 / June 18, 1998
SEC v. William P. Trainor, Vincent D. Celentano, Medical Diagnostic
Products, Inc. (f/k/a Novatek International, Inc.), Karen Losordo,
Diane M.
Trainor, Daniel J. Trainor, Geraldine Trainor and Mary N. Celentano
(Civil
Action No. 98-CV01533) (EGS) (USDC/DC)
The Commission today filed a Complaint in the United States District
Court
for the District of Columbia against Medical Diagnostic Products, Inc.
(f/k/a Novatek International, Inc. Novatek ), a Columbia Maryland
based
company that purports to distribute medical diagnostic test kits,
William
P. Trainor and Vincent D. Celentano. The Commission s Complaint
alleges
that Trainor and Celentano committed a massive fraud on investors by,
among
other things, orchestrating a series of sham transactions among Novatek
and
other companies that they controlled, followed by their issuing a
series of
press releases which announced that Novatek had entered into highly
profitable contracts with a variety of other entities. No such
contracts
existed. The Complaint also names Karen Losordo, Diane M. Trainor,
Daniel
J. Trainor, Geraldine Trainor and Mary N. Celentano as relief
defendants.
The Complaint alleges that the defendants violated the antifraud and
reporting provisions of the Securities Exchange Act of 1934,
specifically
Sections 10(b), 13(a), 13(b)(2)(A) and (B), 13(b)(5), 13(d) and 16(a)
and
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