SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 15435 / August 7, 1997
SECURITIES AND EXCHANGE COMMISSION v. STEVEN H. SCHIFFER, JOANN R.
SCHULZ,
GARY S. KRAMER, JONATHAN SOLOW, FRANK J. CANNATA, and PETER G. MINTZ,
97
Civ. 5853 (RO) (S.D.N.Y. August 7, 1997)
Today, the Securities and Exchange Commission ("Commission") filed
a
Complaint in the United States District Court for the Southern District
of
New York, alleging market manipulation, insider trading, the making
of
false and misleading statements in Commission filings, and the sale
of
unregistered securities, all in violation of the federal securities
laws.
All of these activities related to Phoenix Laser Systems, Inc.
("Phoenix"),
a now-defunct company that was in the business of developing a laser
workstation to perform eye surgery.
The defendants are: Steven H. Schiffer (former chairman and
chief
executive officer of Phoenix), Joann R. Schulz (Phoenix's former
president
and chief operating officer), Gary S. Kramer (former investment
relations
representative of Phoenix), Jonathan Solow (formerly Phoenix's vice
president, secretary, and director), Frank J. Cannata (a stockbroker
and
consultant to Phoenix), and Peter G. Mintz (a stockbroker and analyst,
who
covered Phoenix for his firm).
According to the Complaint, between May 1992 and August 1992,
Schiffer, Kramer, Solow, Cannata, and Mintz, manipulated Phoenix's
common
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION v. STEVEN H. SCHIFFER, JOANN R. SCHULZ,
GARY S. KRAMER, JONATHAN SOLOW, FRANK J. CANNATA, and PETER G. MINTZ,
Complaint in the United States District Court for the Southern District of New York, alleging
All of these activities related to Phoenix Laser Systems, Inc., a now-defunct company that
According to the Complaint, between May 1992 and August 1992, Schiffer, Kramer, Solow,
Based on this activity, the Complaint alleges that these defendants violated the antifraud
Administration applications, the number of orders for Phoenix's product, and anticipated
million shares of Phoenix stock directly for approximately $4.2 million, and he sold
S transactions described below, for approximately $11 million, thereby avoiding losses of
Similarly, between December 1991 and September 1993, while in possession of such material,
Based on this activity, the Complaint alleges that Schiffer and Schulz violated the antifraud
The Complaint also requests that the Court order Schiffer, Schulz, Kramer, and Cannata to
|
