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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES COMPLAINT ALLEGES EXCHANGE CARACO VIOLATIONS EXCHANGE ACT ACCOUNTS EXCHANGE COMMISSION THEFTS STOLE FUNDS MATERIALLY FALSE MISLEADING FINANCIAL STATEMENTS CREDIT THEREUNDER PERMANENT MARK JOSEPH CIVIL PROVISIONS FEDERAL SECURITIES LAWS ASSETS BROTHER BOOKS INVENTORY SALES REPORT BANK ACCOUNTS OPERATING |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 15470 / September 4, 1997
ACCOUNTING AND AUDITING ENFORCEMENT
RELEASE NO. 950 / September 4, 1997
SECURITIES AND EXCHANGE COMMISSION v. MARK K. CURRY AND JOSEPH H.
CURRY,
(Civil Action No. 97-74524) (E.D. Mich.)
The Securities and Exchange Commission ("Commission") filed today
a
complaint against Mark K. Curry ("M. Curry") and Joseph H. Curry ("J.
Curry") alleging violations of the antifraud and recordkeeping
provisions
of the federal securities laws arising from their undisclosed theft
of
corporate assets belonging to Caraco Pharmaceutical Laboratories,
Ltd.
("Caraco"). The complaint alleges that during 1993 and 1994 M. Curry,
then
Caraco's controller, and his brother, J. Curry, stole at least $889,000
of
Caraco's corporate funds. As part of an elaborate effort to conceal
their
thefts, they falsified Caraco's books and records and M. Curry made
materially false and misleading statements to Caraco's auditors. M.
Curry
also prepared false and misleading financial statements that
materially
understated Caraco's revenues and overstated its inventory and/or cost
of
sales in order to conceal the missing Caraco funds. Caraco included
those
materially false and misleading financial statements in Caraco's
registration statement for its initial public offering of securities,
it
its annual report for 1993, and in quarterly reports for 1994.
The complaint alleges that M. Curry and J. Curry stole Caraco's
assets
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