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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES COMMISSION INVESTORS EXCHANGE COMMISSION COMPLAINT RANCHO MIRAGE REAL ESTATE ACT HAROLD SALE COSTS COMPLAINT ALLEGES FRAUDULENT ACTIVITIES OFFERING REGISTRATION PROVISIONS TOBIN INVESTMENT CORPORATION ELDERLY INVESTORS NATIONWIDE PROMISSORY NOTE FUND LAS VEGAS CONSTRUCTION COSTS SALES AGENTS UNDISCLOSED PAYMENT OPERATING COSTS VIOLATIONS THEREUNDER PERMANENT DISGORGEMENT PREJUDGMENT |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No.15414 / July 16, 1997
SECURITIES AND EXCHANGE COMMISSION v. HAROLD E. TOBIN, Civil Action No.
97-
5124 IH (SHx) (C.D. Cal.)
The Securities and Exchange Commission filed a Complaint today
in
federal district court in Los Angeles against Harold E. Tobin
("Tobin"), a
resident of Rancho Mirage, California. Tobin, who is 57 years old, was
the
president, founder, and sole shareholder of defunct Tobin Investment
Corporation ("TIC"), which was located in Huntington Beach, California.
The Commission alleges that Tobin fraudulently raised $4,952,505 from
90
mostly elderly investors nationwide from September 1994 until January
1995
through the offer and sale of promissory note investments. The money
raised from investors was to be used to fund a Las Vegas, Nevada
residential real estate development project called "Rancho Mirage."
The
Rancho Mirage project was never developed, and most of the money raised
in
the offering was used to pay: (a) construction costs associated with
other
real estate projects being developed by Tobin and financed by TIC;
(b) interest to investors in other real estate projects being developed
by
Tobin and financed by TIC; (c) interest to investors in the Rancho
Mirage
project; (d) an undisclosed 3% commission to TIC sales agents; and (e)
an
undisclosed payment of 5% to TIC for "operating costs."
The Complaint alleges that Tobin violated the securities
registration
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