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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES ACT EXCHANGE COMMISSION COMPLAINT ADVISERS COURT THEREUNDER INVESTMENT ADVISERS PAY GEOFFREY PAUL ADAMS DISTRICT AMOUNT SALE SHARES GPA GROWTH UNITED STATES FUND REPRESENTING COMMISSIONS PLUS PRE-JUDGMENT PAYMENT ORDER ADAMS CIVIL PENALTY POOR FINANCIAL CONDITION POOLED BROKERAGE ACCOUNTS MATERIAL MISREPRESENTATIONS OMISSIONS MATERIAL FACT CONNECTION PROCEEDS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 15424 / July 28, 1997
SECURITIES AND EXCHANGE COMMISSION v. GEOFFREY PAUL ADAMS, et al.,3:96
CV-
0300-H, USDC, ND/TX (Dallas Division)
The Securities and Exchange Commission ("Commission") announced
that
on July 16, 1997, in United States District Court for the Northern
District
of Texas, a Final Judgment of Permanent Injunction and Other
Equitable
Relief was entered against Geoffrey Paul Adams ("Adams"). Without
admitting
or denying the allegations in the Commission's complaint, Adams
consented
to enjoined from future violations of the anti-fraud provisions of
the
federal securities laws (Section 17(a) of the Securities Act of 1933,
Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5
thereunder, and Sections 206 and 207 of the Investment Advisers Act of
1940
("Advisers Act"), and Rule 206(4)-2 thereunder), and recordkeeping
and
customer disclosure requirements for registered investment advisers
(Section 204 of the Advisers Act and Rules 204-1, 204-2, and 204-3
thereunder.)
The Court also ordered Adams to pay disgorgement in the amount
of
$273,262.16, representing commissions and other fees received by Adams
from
the conduct alleged in the complaint, plus pre-judgment interest of
$76,296.77. However, payment of all but $29,164.77 was waived based
on
Adams's demonstrated financial inability to pay the full amount. The
Court
did not order Adams to pay a civil penalty based on his poor
financial
condition.
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