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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
HOLCOMB SHELL SECURITIES REGISTRATION PROVISIONS COMPLAINT VIOLATION IMT STOCK EXCHANGE COMMISSION BROKER-DEALER INTERACTIVE MEDICAL TECHNOLOGY PERMANENT INJUNCTION OFFERING SHARES CALIFORNIA WILLIAM CLARK PRESIDENT CONNECTION RELEVANT TIME PERIOD AGE ALLEGES FUTURE VIOLATION ACT CIVIL PENALTIES ADMITTING DENYING ALLEGATIONS THEREIN ENTRY JUDGMENTS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15441 / August 13, 1997
SECURITIES AND EXCHANGE COMMISSION v. INTERACTIVE MEDICAL
TECHNOLOGIES
LTD., WILLIAM E. SHELL, AND CLARK M. HOLCOMB,
97 Civ. 6027 (S.D.N.Y. August 13, 1997)
The Securities and Exchange Commission filed a Complaint today
charging Interactive Medical Technology, Inc. ("IMT"), Dr. William E.
Shell, the former president of IMT, and Clark M. Holcomb with violating
the
registration provisions of the federal securities laws in connection
with
their offering of approximately 2.5 million shares of IMT common stock
to
the public during 1992 and 1993. Holcomb was also charged with acting
as
an unregistered broker-dealer in connection with this public offering
of
IMT stock.
IMT is a corporation with its principal offices in Santa Monica,
California. During the relevant time period, IMT was engaged in the
development of, among other things, dietary supplements. Shell, age
53, is
a founder of IMT and a medical doctor with a cardiology practice in
Beverly
Hills, California. During the relevant time period, Shell served as
IMT's
president, chief executive officer and chairman of the board. Holcomb,
age
47, is a licensed real-estate agent who resides in Westlake Village,
California.
The Complaint alleges that from approximately April 1992 through
at
least June 1993, IMT, Shell and Holcomb raised approximately $5
million
from the sale of IMT stock to approximately 300 investors. No
registration
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