UNITED STATES SECURITIES AND EXCHANGE
Litigation Release No. 15764 / June 2, 1998
SECURITIES AND EXCHANGE COMMISSION V. TITAN PETROLEUM CORP., MAGNUM
PETROLEUM ENTERPRISES, INC., MAGNUM OIL & PETROLEUM, INC., NATALE L.
MONTOZZI AND PHILIP LEITNER Civil Action No. 1: 98-1111-CIV-KING
(S.D.
Fla.)
The Securities and Exchange Commission announced that a complaint
for
injunctive and other relief was filed by the Commission on May 19,
1998, in
the United States District Court for the Southern District of Florida
against defendants Titan Petroleum Corp. ( Titan ), Magnum Petroleum
Enterprises, Inc. ( Magnum Petroleum ), Magnum Oil & Petroleum, Inc.
( Magnum Oil ) (Magnum Petroleum and Magnum Oil collectively Magnum
),
Natale L. Montozzi ( Montozzi ) and Philip Leitner ( Leitner ). The
complaint seeks to permanently enjoin the defendants from further
violations of Section 17(a) of the Securities Act of 1933 and Section
10(b)
of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The
Commission also seeks an order requiring accountings by the defendants
and
the disgorgement of all ill-gotten gains or unjust enrichment with
prejudgment interest and an order freezing the assets of the
defendants.
The Commission s complaint alleges that from April 2, 1997
through
September 24, 1997, Titan and its principals, Montozzi and Leitner,
fraudulently raised at least $654,770 by selling undivided, fractional
working interests in three separate oil and gas well drilling programs
to
sixty -five investors. The complaint alleges, among other things, that
the
Titan offering documents represented that the amount of each
SNIPPETS:
UNITED STATES SECURITIES AND EXCHANGE
SECURITIES AND EXCHANGE COMMISSION V. TITAN PETROLEUM CORP., MAGNUM PETROLEUM ENTERPRISES,
The Securities and Exchange Commission announced that a complaint for injunctive and other
Natale L. Montozzi and Philip Leitner.
The complaint seeks to permanently enjoin the defendants from further violations of Section
The Commission s complaint alleges that from April 2, 1997 through September 24, 1997, Titan
The complaint alleges, among other things, that the Titan offering documents represented that
of expenses not provided for in the offering documents, including, large undisclosed payments to
The complaint alleges, among other things, that Magnum does not hold the necessary sublease
successor to Titan and that Montozzi is president of all three corporations, that all three
On May 20, 1998, the Honorable James Lawrence King, United States District Judge for the
On May 27, 1998, the court issued a preliminary injunction and other relief as to defendants
On the same day, defendant Leitner consented to the entry of, and the Court entered, a
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