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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES JOHNSTON COMMISSION HONEY COMPLAINT INVESTORS EXCHANGE COMMISSION PERMANENT VIOLATIONS FINANCING SALE FLORIDA AIRCRAFT PHOENIX CONTINENTAL CORPORATION MICHAEL ROBERT DISTRICT PERMANENT INJUNCTIONS ENJOINS ACT SELLING OFFERING INVESTORS FUNDS LAWS DISCLOSE HISTORY SECURITIES INDUSTRY DEFENDANTS MISREPRESENTED PHOENIX FINANCIAL POSITION |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15480 / September 8, 1997
Securities and Exchange Commission v. Phoenix Continental
Corporation,
Michael T. Honey, and Robert Johnston, Civil Action No. 97-6600-Civ
Davis
The Securities and Exchange Commission ( Commission ) announced
that
on May 28, 1997, the Federal District Court for the Southern District
of
Florida entered permanent injunctions against Phoenix Continental
Corporation ( Phoenix ), Michael T. Honey ( Honey ), and Robert
Johnston
( Johnston ), and appointed a Special Master to marshal the assets of
Phoenix. The Order enjoins Phoenix, Honey, and Johnston from future
violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of
1933,
and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b
5
thereunder. Phoenix, Honey, and Johnston consented to the entry of
the
permanent injunctions without admitting or denying the Commission s
allegations.
Phoenix, a Florida Corporation with its principal offices in
Pembroke
Pines, is engaged in the business of refurbishing, leasing, selling,
and
financing the sale of used aircraft in the small to medium size range
to
corporations and individuals. Honey, of Boca Raton, Florida, is Phoenix
s
president, and Johnston, of Bloomfield Hills, Michigan, is Phoenix s
vice-
president. Phoenix represented that money raised through the sale of
promissory notes ( Notes ) was to provide the financial base from
which
borrowers could finance aircraft leases and purchases.
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