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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
CLIENTS INVESTMENT SECURITIES COMPLAINT COMMISSION KUBASAKI DEFENDANTS EXCHANGE COMMISSION MORENO MONEY ACT PRELIMINARY INJUNCTION BUSINESS ASSETS CALIFORNIA ACCOUNTS REAL ESTATE DIABLO VIOLATING RELIEF UNITED STATES DEFRAUDING COMPLAINT ALLEGES ADVISORY MUTUAL FUNDS ACCORDING DISTRICT RECEIVER PURCHASE |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15430 / August 4, 1997
Securities and Exchange Commission v. Emmanuel A. Lagpacan, John A.
Moreno
and Kubasaki Associates, Inc., Civil Action No. C97-2849-CW (N.D.
Cal.)
The Securities and Exchange Commission announced today that it
has
obtained a preliminary injunction freezing the business assets of an
East
Bay investment adviser sued by the Commission in federal court for
defrauding his clients out of $4.4 million.
The Commission alleges in a lawsuit filed Friday that Defendant
Emmanuel Lagpacan, of Lafayette, California, fraudulently offered and
sold
approximately $4.4 million in phony securities to 73 of his clients
between
January 1990 and at least February 1997. The victims included
Lagpacan's
advisory clients as well as his clients from an earlier job as a
stockbroker. Lagpacan operates his investment advisory business under
the
name Money Matters, Financial Consultants & Accountants ("Money
Matters"),
in Walnut Creek, California. He previously was a registered
representative
at a local office of Waddell & Reed, Inc. ("Waddell"), a registered
broker-
dealer.
Also named as Defendants are a real estate company owned by
Lagpacan
called Kubasaki Associates, Inc. ("Kubasaki"), Lagpacan's assistant,
John
R. Moreno of Walnut Creek, and a real estate partnership run by
Moreno
called Diablo Asset Development LP ("DAD").
The complaint alleges that Lagpacan convinced clients to redeem
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