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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 15731 / May 4, 1998
ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 1033 / May 4, 1998
SECURITIES AND EXCHANGE COMMISSION V. ARTHUR L. TOLL, BRUCE B.
EDMONDSON, GERALD LEVINSON AND ELLIOT S. FISHER, 98-CV-2325 (RSG)
(E.D. Pa.)
NEW YORK -- The Securities and Exchange Commission announced the
filing of a complaint on May 4, 1998 in United States District Court
for the Eastern District of Pennsylvania, alleging securities fraud
and other violations by the former officers and directors of Regal
Communications Corporation. Regal, now defunct, was a public company
based in Fort Washington, Pennsylvania, where it engaged in telephone
"900" services and television infomercial marketing. Named as
defendants were
! Arthur L. Toll, 51, a resident of Ambler, Pennsylvania and Regal's
former chief executive officer, chairman of the board of directors,
and majority shareholder;
! Bruce B. Edmondson, 54, a resident of Brandon, Florida and Regal's
former chief financial officer and member of the board of directors
and its audit committee;
! Gerald Levinson, 67, a resident of Ambler, Pennsylvania and a former
member of Regal's board of directors and its audit committee; and
! Elliot S. Fisher, 56, a resident of Fort Washington, Pennsylvania
and a former member of Regal's board of directors and its audit
committee, in-house legal counsel, and corporate secretary.
The Commission's Complaint alleges as follows
From March 1992 through December 1993, Toll, Edmondson, Levinson and
Fisher (collectively, the "Defendants") each knowingly or recklessly
made materially false and misleading statements, and omitted to state
material information, in numerous periodic reports and registration
statements that they signed and that Regal filed with the Commission.
During the time that these reports and registration statements were
publicly available, Regal's stock traded over the NASDAQ. In addition,
Regal used the false reports and registration statements in connection
SNIPPETS:
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
NEW YORK -- The Securities and Exchange Commission announced the filing of a complaint on May
Arthur L. Toll, 51, a resident of Ambler, Pennsylvania and Regal's former chief executive
Bruce B. Edmondson, 54, a resident of Brandon, Florida and Regal's former chief financial
Gerald Levinson, 67, a resident of Ambler, Pennsylvania and a former member of Regal's board
Elliot S. Fisher, 56, a resident of Fort Washington, Pennsylvania and a former member of
From March 1992 through December 1993, Toll, Edmondson, Levinson and Fisher (collectively,
During the time that these reports and registration statements were publicly available,
In addition, Regal used the false reports and registration statements in connection with a
The Defendants allegedly engaged in the following fraudulent conduct that resulted in the
Edmondson and Toll, Regal's chief executive officer, supported these fictitious items with
They then caused the private companies to funnel a substantial portion of the money back to
Fisher also arranged for another of the private companies to obtain approximately $1.6
The Defendants violated Section 17of the Securities Act of 1933, Sections 10and 13of the
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