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


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Keywords & Phrases

CaseNo: LR-15445, 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: CA California, UniqueCaseRef: SEC>LR-15445, American Growth, Fund, Investment, Management, Exchange Commission, Duquette, Order Appointing, Paying, Securities, Snyder, Paez, District, Judge, Temporary Receiver, California, Investment Adviser, Las Vegas, Nevada, Purports, Emerging Growth Companies, Filing, Parte, Supporting Documents, Defendants Snyder, Misuse, Misappropriation, Shell Companies, Selling Expenses, Undisclosed Payments, Undisclosed Management Fees , ContentID: 120242615

Case Documents

1997-08-18

SEC LITIGATION RELEASE
[ see first page and extracted highlights below ] ItemID: 105709

2 pages
TXT

Total Documents: 1 document , 2 pages

Price: $ 19.95

IVESLCD01 KGI0001

1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS

FUND
INVESTMENT
MANAGEMENT
EXCHANGE COMMISSION
DUQUETTE
ORDER APPOINTING
PAYING
SECURITIES
SNYDER
PAEZ
DISTRICT
JUDGE
TEMPORARY RECEIVER
CALIFORNIA
INVESTMENT ADVISER
LAS VEGAS
NEVADA
PURPORTS
EMERGING GROWTH COMPANIES
FILING
PARTE
SUPPORTING DOCUMENTS
DEFENDANTS SNYDER
MISUSE
MISAPPROPRIATION
SHELL COMPANIES
SELLING EXPENSES
UNDISCLOSED PAYMENTS
UNDISCLOSED MANAGEMENT FEES







     Litigation Release No. 15445/ August 18, 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 18,
1997,
     that the Honorable Richard A. Paez, U.S. District Judge in the
Central
     District of California, issued an Order appointing a temporary
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 as a result of the Commission's
filing an
     Ex Parte Application for an Order Appointing a Temporary Receiver
over
     American Growth Capital and American Growth Fund.  The Commission's
     Application and supporting documents 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 in
     investor funds through:  (1) investing $905,250 in shell companies;
(2)
     paying $198,850 in undisclosed commissions and other selling expenses;
(3)

SNIPPETS:

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

that the Honorable Richard A. Paez, U.S. District Judge in the Central

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

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

that purports to invest in emerging growth companies.

Fund has approximately $7.3 million under management,

Judge Paez issued this Order as a result of the Commission's filing an

Ex Parte Application for an Order Appointing a Temporary Receiver over American Growth

The Commission's Application and supporting documents showed that Defendants Snyder and

Fund, including misuse and misappropriation of at least $1,778,000 in investor funds through:

paying $198,850 in undisclosed commissions and other selling expenses;

paying $448,900 in undisclosed payments to themselves and to a company owned and controlled


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