SEC v AMERICAN GROWTH CAPITAL CORP., AMERICAN GROWTH FUND I, et al


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Keywords & Phrases

CaseNo: LR-15457, CourtName: APPOINTMENT OF A PERMANENT RECEIVER. THE COURT FOUND, OVER THE, Defendant: American Growth Capital Corp., American Growth Fund I, LP, Growth Capital Resources Corp., Capital Growth Fund I, LP., Donna L. Snyder, Charles E. Duquette, Robert K. Kelly, Hugo v. Cianciulli, William M. McNary, Emanuel B. Nedwick, Jerome L. Glazov, and Christopher A. Paulick, Plaintiff: SEC, State: WA Washington, UniqueCaseRef: SEC>LR-15457, Growth, American Growth, Fund, Commission, Investment, Management, Exchange Commission, Permanent Receiver, Securities, Duquette, Paez, District, Judge, Appointing, Snyder, Purports, Emerging Growth Companies, Holding, Opposition, Prevail, Merits, Misuse, Misappropriation, Shell Companies, Paying Undisclosed Commissions, Selling Expenses, Undisclosed Compensation, Undisclosed Management Fees , ContentID: 120242605

Case Documents

1997-08-21

SEC LITIGATION RELEASE
[ see first page and extracted highlights below ] ItemID: 105699

2 pages
TXT

Total Documents: 1 document , 2 pages

Price: $ 19.95

IVESLCD01 KGI0001

1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS

AMERICAN GROWTH
FUND
COMMISSION
INVESTMENT
MANAGEMENT
EXCHANGE COMMISSION
PERMANENT RECEIVER
SECURITIES
DUQUETTE
PAEZ
DISTRICT
JUDGE
APPOINTING
DEFENDANTS
SNYDER
PURPORTS
EMERGING GROWTH COMPANIES
HOLDING
COURT
OPPOSITION
PREVAIL
MERITS
MISUSE
MISAPPROPRIATION
SHELL COMPANIES
PAYING UNDISCLOSED COMMISSIONS
SELLING EXPENSES
UNDISCLOSED COMPENSATION
UNDISCLOSED MANAGEMENT FEES






                    SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C.

     Litigation Release No. 15457/ August 21, 1997

     SECURITIES AND EXCHANGE COMMISSION v. AMERICAN GROWTH CAPITAL CORP.,
     AMERICAN GROWTH FUND I, LP, GROWTH CAPITAL RESOURCES CORP., CAPITAL
GROWTH
     FUND I, LP, DONNA L. SNYDER, CHARLES E. DUQUETTE, ROBERT K. KELLY, HUGO
V.
     CIANCIULLI, WILLIAM M. MCNARY, EMANUEL B. NEDWICK, JEROME L. GLAZOV,
AND
     CHRISTOPHER A. PAULICK, Civil Action No. 97-5993 RAP (JGx) (C.D.
Cal.).


          The Securities and Exchange Commission announced, on August 21,
1997,
     that the Honorable Richard A. Paez, U.S. District Judge in the
Central
     District of California, issued an Order appointing a permanent
receiver
     over American Growth Capital Corp. and American Growth Fund I, LP.
     American Growth Capital is an investment adviser based in Las Vegas,
     Nevada.  American Growth Fund is an investment fund, managed by
American
     Growth Capital, that purports to invest in emerging growth companies.
The
     Fund has approximately $7.3 million under management, with over 300
     investors.

          Judge Paez issued this Order after holding a hearing regarding
     appointment of a permanent receiver.  The Court found, over the
Defendants'
     Opposition, that the Commission had demonstrated that it was likely
to
     prevail on the merits, and thus that a permanent receiver was both
     necessary and appropriate.  The Commission showed that Defendants
Snyder
     and Duquette fraudulently managed American Growth Capital and
American
     Growth Fund, including misuse and misappropriation of at least
$1,778,000

SNIPPETS:

SECURITIES AND EXCHANGE COMMISSION v. AMERICAN GROWTH CAPITAL CORP.,

District of California, issued an Order appointing a permanent receiver over American Growth

American Growth Capital is an investment adviser based in Las Vegas,

that purports to invest in emerging growth companies.

Fund has approximately $7.3 million under management,

Judge Paez issued this Order after holding a hearing regarding appointment of a permanent

The Court found, over the Defendants'

Opposition, that the Commission had demonstrated that it was likely to prevail on the merits,

The Commission showed that Defendants Snyder and Duquette fraudulently managed American

including misuse and misappropriation of at least

in investor funds by investing in shell companies, and by paying undisclosed commissions and


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