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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE ACT SILVER COMMISSION DEFENDANTS COMPLAINT OSTRICH PARTNERSHIP JUDGEMENT VIOLATING REGISTRATION PROVISIONS FEDERAL SECURITIES LAWS PERMANENT INJUNCTION LARRY EARP DISTRICT THEREUNDER MATERIAL FACTS SALE BROKER ACTING INVESTMENTS PARTNERSHIP UNITS PREJUDGMENT THEREON AMOUNT PLUS PREJUDGMENT BARS SILVER OFFICER PUBLIC COMPANY ADMINISTRATIVE PROCEEDINGS |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 15437 / August 11, 1997
SECURITIES AND EXCHANGE COMMISSION v. TRANS-AMERICAN OSTRICH
TRADERS, INC., LARRY R. EARP, and DAVID P. SILVER, Civil Action
No. 96-1559 RMT (Mcx)(C.D. Cal. March 5, 1996).
The Securities and Exchange Commission ("Commission") today
announced that on June 18, 1997, the Honorable Robert M.
Takasugi of the United States District Court for the Central
District of California entered a final judgment against defendant
David P. Silver ( Silver
).
In its Complaint filed on March 5, 1996, the Commission
alleged that Silver and the other defendants had violated the
securities registration provisions of the federal securities laws
(Sections 5(a) and 5(c) of the Securities Act of 1933
( Securities Act
)) by offering and
selling unregistered securities in a series of partnerships purportedly
organized for the
purpose of acquiring, raising, and breeding ostriches. Further,
the Complaint alleged that the defendants violated the anti-
fraud provisions of the federal securities laws (Section 17(a) of
the Securities Act and Section 10(b) of the Securities
Exchange Act of 1934 ( Exchange Act ), and Rule 10b-5 thereunder)
by making untrue statements of material facts and by
omitting to state material facts in connection with the offer and
sale of the unregistered ostrich partnership securities.
Finally, the Complaint alleged Silver and Larry R. Earp violated
the broker registration provision of the federal securities
laws (Section 15(a) of the Exchange Act) by acting as brokers
without being registered as such with the Commission.
The Commission further alleged in its Complaint that,
beginning in November 1993 and continuing into December 1994,
the defendants offered and sold to the public investments
designated as partnership units in 17 ostrich partnerships.
Defendants raised at least $7.45 million through the sale of the
ostrich partnership units to approximately 350 investors in
at least 40 states.
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