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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMPLAINT SECURITIES COMMISSION INJUNCTION ALLEGES STOCK ANGEION EXCHANGE COMMISSION DISTRICT COURT AMOUNT DISGORGEMENT MANIPULATIVE DEVICES STEVE MINNESOTA ENTRY ADMITTING DENYING ALLEGATIONS SCHEME TRADES ACT APPEARANCE PROMULGATED THEREUNDER MATCHED TRADES WASH TRADES STOCK PARKING STOCK PRICE ANTIFRAUD SECURITIES LAWS |
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
Litigation Release No. 15452/August 21, 1997
Securities and Exchange Commission v. Steve McMichael, et al.,
(Civil Action No. 396-CV-405, May 2, 1996)
The Commission announced that on September 26, 1996, the United
States
District Court for the District of Minnesota entered an Agreed
Order
of Permanent Injunction (Injunction Order) against Defendant
Steve
McMichael (McMichael). McMichael consented to the entry of the
injunction without admitting or denying the allegations made
against
him in the Commission's Complaint, which was filed on May 2, 1996.
The Injunction Order left open the issue of the amount of
disgorgement
of ill-gotten gains owed by McMichael as a result of the illegal
conduct alleged in the Complaint.
On April 3, 1997, the District Court entered an Agreed Order
Waiving
Disgorgement against McMichael (Order). McMichael again consented
to
the entry of the Order without admitting or denying the
allegations
made in the Commission's Complaint. In the Order, the Court set
the
amount of disgorgement at $1,704,651.00, but waived payment of
that
amount based on McMichael's demonstrated inability to pay.
In its Complaint, the Commission alleged that from about 1989
until
June 1991, several individuals engaged in a fraudulent scheme
involving the common stock of Angeion Corporation (Angeion), a
Minnesota corporation, which was designed to create the appearance
of
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