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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
RELIEF DEFENDANTS INVESTOR FUNDS SECURITIES COMMISSION PARKER EXCHANGE COMMISSION MUSKEGON ICN INTERNET BROADCAST DISTRICT COMPLAINT ALLEGES PARTNERSHIP LITIGATION LICENSES CONNECTION SALE PARTNERSHIP UNITS PURPORTED GENERAL PARTNERSHIP WIRELESS CABLE SYSTEM MICHIGAN HARDWARE IBG PAID RIGHTS PAYMENTS REFUND CONSTRUCTIVE TRUST NOS |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 15778 / June 11, 1998
SEC v. INTERNET BROADCAST GROUP et. al., Civil Action No. 96-2226
(SSH)
(D.D.C.)
The Securities and Exchange Commission ("Commission") announced today
that
on May 29, 1998, The Honorable Stanley S. Harris, United States
District
Judge for the District of Columbia, granted the Commission s
application
for default judgment against relief defendants Greg E. Parker and
Interactive Communications Network, Ltd.(ICN), and ordered them jointly
and
severally to disgorge $172,250, plus prejudgment interest of $66,089.
The
Court found that these sums represented the amount of Internet
Broadcast
Group (IBG) investor funds received by relief defendants as a result of
the
the unlawful conduct of IBG and the other defendants.
The Commission s complaint, which was filed on September 26, 1996,
alleges
that IBG and the other defendants violated the federal securities laws
in
connection with the offer and sale to the public of securities
designated
as partnership units in IBG a purported general partnership formed
to,
among other things, develop a wireless cable system in Muskegon,
Michigan.
IBG was to acquire the licenses and certain hardware to operate the
system
from Parker and ICN. Toward that end, IBG paid $172,250 of investor
funds,
which was transferred to Parker and ICN. However, IBG investors
received
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