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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
JUDGE INVESTOR SECURITIES COMMISSION ASSETS UNITED KINGDOM JUDGE CHESNEY INJUNCTION EXCHANGE COMMISSION LITIGATION FRANCISCO CALIFORNIA RELIEF CITADEL INVESTOR PROCEEDS FRAUDULENT ACCOUNTING HIGH COURT COMPLAINTS DISCLOSE NORTHERN DISTRICT SAN FRANCISCO DIVISION INVESTORS NATIONWIDE FRAUDULENT OFFERINGS EXISTENCE PRIME BANK DEBENTURE BANK DEBENTURE INSTRUMENTS ESCROW ACCOUNT RISKS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 15468 / September 2, 1997
SECURITIES AND EXCHANGE COMMISSION v. Richard Warren & Associates,
Inc.,
et. al., Civil Action No. C-97-3050MMC (USDC ND CA/San Francisco
Div.)
The Commission announced today that on August 28, Judge Maxine
Chesney
granted a preliminary injunction against Richard Warren & Associates,
Inc.
(RWA), and Richard E. Warren (Warren), both formerly located in
Fremont,
California and now located in London, United Kingdom. Judge Chesney
ordered that the assets of RWA, Warren and of relief defendant
Citadel
Enterprises Ltd. (Citadel), an Isle of Man entity believed to hold at
least
$700,000 in investor proceeds fraudulently obtained by RWA and Warren,
be
frozen pending determination of the matter on the merits. Judge
Chesney's
Order also directed appointment of a receiver, an accounting and
repatriation of assets. Judge Chesney and Judge William Ingram
previously
issued temporary restraining orders granting similar relief.
The Commission also announced today that on August 26, the
Chancery
Division of the High Court of Justice of England and Wales granted
the
Commission's petition for a "mareva injunction" against RWA and Warren.
The injunction freezes the assets held world-wide by RWA and Warren
and
requires RWA and Warren to disclose all such assets to the High Court.
The Commission's complaints, filed on August 19 in the Northern
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