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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES IMT EXCHANGE COMMISSION JUDGEMENT IMT STOCK REGISTRATION PROVISIONS UNITED STATES LITIGATION TECHNOLOGIES WILLIAM CIV DISTRICT PERMANENT CONSENT OFFERING SHARES COMPLAINT ENJOIN VIOLATION ORDER SHELL PAY PENALTY SALE INVESTORS REGISTRATION STATEMENT ANTIFRAUD PRIOR OFFERING LIT DEFENDANTS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15701 / April 8, 1998
SECURITIES AND EXCHANGE COMMISSION v. INTERACTIVE MEDICAL
TECHNOLOGIES LTD., WILLIAM E. SHELL, AND CLARK M. HOLCOMB,
97 Civ. 6027 (JSM) (S.D.N.Y.)
The Securities and Exchange Commission announced that on
March 23, 1998, the United States District Court for the Southern
District of New York entered a Final Judgment of Permanent
Injunction By Consent against William E. Shell in connection with
an offering of approximately 2.5 million shares of IMT common
stock to the public during 1992 and 1993. Without admitting or
denying the allegations of the Commission's Complaint, Shell has
consented to the entry of a final judgment which will (i)
permanently restrain and enjoin Shell from future violation of
the registration provisions of the federal securities laws
(Sections 5(a) and 5(c) of the Securities Act of 1933); and (ii)
order Shell to pay a penalty of $35,000.
The Commission's Complaint alleged that from approximately
April 1992 through at least June 1993, Shell and others raised
approximately $5 million from the sale of IMT stock to
approximately 300 investors. No registration statement was in
effect with respect to these shares of IMT stock. Shell was
previously enjoined from violating the antifraud and registration
provisions, based upon a prior offering of IMT securities. See
SEC v. Interactive Medical Technologies, Ltd., 92 Civ. 6409
(S.D.N.Y. 1992), Lit. Rel. No. 13354.
Final judgments have previously been entered against each of
the other defendants. See Litigation Release No. 15441.
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