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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES COMMISSION UNITED STATES SALE APC INVESTORS EXCHANGE COMMISSION BRUCE PREPAID CELLULAR COMPLAINT ALLEGES MISREPRESENTATIONS PAY SOLD APC NUMEROUS MATERIAL MISREPRESENTATIONS INVESTOR FUNDS RISK CONTROL ALIAS RECIDIVIST SECURITIES VIOLATOR UNREGISTERED BROKER DEALER SELLING ADMITTING DENYING ALLEGATIONS ENTRY PERMANENT INJUNCTION DISGORGEMENT |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15755 / May 22, 1998
SECURITIES AND EXCHANGE COMMISSION v. BRUCE K. BAUMANN,
SACV-98-438 AHS (EEx ) (C.D. Cal.).
The Commission announced that on May 21, 1998, it filed and settled an
action in United States District Court against Bruce K. Baumann
(Baumann).
Baumann was a sales agent with Affordable Prepaid Cellular, Inc. (APC),
an
entity which was previously enjoined by the Commission for the
fraudulent
sale of securities in its prepaid cellular telephone business. The
Commission s complaint alleges that Baumann, a resident of San
Clemente,
California, fradulently offered and sold APC s securities to investors
in
several states. The complaint further alleges that Baumann made
numerous
material misrepresentations in his offer and sale of securities,
including
misrepresenting the use of investor funds, the risk of investment, and
the
identity of the control person of APC, whom Baumann knew to be using
an
alias and who was a recidivist securities violator. Baumann also acted
as
an unregistered broker or dealer in selling the securities.
Baumann consented, without admitting or denying the Commission's
allegations, to the entry of a permanent injunction against him, and
agreed
to pay $12,000 in disgorgement, with all but $4,300 waived, and no
civil
penalties assessed, based on his demonstrated inability to pay.
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