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


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Keywords & Phrases

CaseNo: LR-15440, CourtCode: DIS, CourtName: THAT IT FILED SUIT, IN THE UNITED STATES DISTRICT COURT IN LOS, 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: IN Indiana, UniqueCaseRef: SEC>LR-15440, Growth, Investment, American Growth, Growth Fund, Complaint, Duquette, Act, Securities, Violation, Investment Company, Snyder, Commission, Complaint Alleges, Capital Resources, Exchange, Management, Charges, Las Vegas, Cianciulli, Glazov, Paulick, Investment Advisers, Nedwick, Sales, Misappropriation, Antifraud Provisions, Receiving, Disclose, Thereunder , ContentID: 120242620

Case Documents

1997-08-12

SEC LITIGATION RELEASE
[ see first page and extracted highlights below ] ItemID: 105714

4 pages
TXT

Total Documents: 1 document , 4 pages

Price: $ 19.95

IVESLCD01 KGI0001

1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS

INVESTMENT
AMERICAN GROWTH
GROWTH FUND
COMPLAINT
DUQUETTE
ACT
SECURITIES
VIOLATION
INVESTMENT COMPANY
SNYDER
COMMISSION
COMPLAINT ALLEGES
CAPITAL RESOURCES
EXCHANGE
MANAGEMENT
CHARGES
LAS VEGAS
DEFENDANTS
CIANCIULLI
GLAZOV
PAULICK
INVESTMENT ADVISERS
NEDWICK
SALES
MISAPPROPRIATION
ANTIFRAUD PROVISIONS
RECEIVING
DISCLOSE
THEREUNDER






                   UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15440 / August 12, 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 12,
1997,
     that it filed suit, in the United States District Court in Los
Angeles,
     against two Las Vegas-based investment advisers, and eight affiliated
     individuals, alleging fraud and other securities law violations in
     connection with the sale of investments in and/or the management of
two
     investment companies.

          The Commission's Complaint alleges that American Growth Capital,
an
     investment adviser formerly based in Orange County, California, and
now
     based in Las Vegas, Nevada, fraudulently managed American Growth Fund
I, an
     investment company with almost $7.4 million under management and over
300
     investors nationwide.  According to the Complaint, American Growth
Capital
     and American Growth Fund were both managed by Defendants Donna L.
Snyder
     and Charles E. Duquette (both of Las Vegas).  The Complaint alleges
that
     American Growth Capital, Snyder, and Duquette misused and
misappropriated
     at least $1.6 million of investor funds to pay for:  (1) $945,000 in
sham
     investments in shell companies (companies with no assets and that

SNIPPETS:

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

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

that it filed suit, in the United States District Court in Los Angeles, against two Las

The Commission's Complaint alleges that American Growth Capital, an investment adviser

According to the Complaint, American Growth Capital and American Growth Fund were both

the Complaint alleges that Defendants

The Commission's Complaint charges American Growth Capital, Snyder and Duquette with

Also named as defendants were Emanuel B. Nedwick, Jerome L. Glazov, and Christopher

Paulick, who sold and/or supervised sales of investments in American Growth Fund.

The Complaint alleges that these defendants committed fraud by failing to disclose to

The Complaint charges Nedwick, Glazov, and Paulick with violating the antifraud provisions of

Securities Act and Section 10of the Exchange Act and Rule 10b-5 thereunder.

in violation of Section 15of the Exchange Act.

And the Complaint charges American Growth Fund with unlawfully operating as an investment

According to the Complaint, Growth Capital Resources and Capital Growth Fund were managed by

The receiver will marshall and preserve the assets of these entities from further


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