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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES EXCHANGE EXCHANGE COMMISSION PERMANENT INJUNCTION ALLISON RECEIVER COURT ACT RETIREMENT SAVINGS ACCOUNTS CUSTOMERS LITIGATION QUALIFIED PENSIONS DISTRICT JUDGMENTS DEFENDANTS MISAPPROPRIATING CLIENTS REGISTERING BROKERS ASSETS DEALER REGISTRATION PROVISIONS FEDERAL SECURITIES LAWS DISGORGEMENT LYNX LAND MINING COMPANY ALTER-EGO RELIEF DEFENDANT RECOVER DISSIPATED ASSETS |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 15403 / July 2, 1997
SECURITIES AND EXCHANGE COMMISSION v. QUALIFIED PENSIONS, INC., ET
AL.,
Civil Action No. 95-1746 (LFO)(D.D.C.)
The Securities and Exchange Commission ("Commission") announced
that
the United States District Court for the District of Columbia entered
Final
Judgments of Permanent Injunction against defendants Jerry G. Allison
("Allison") and Qualified Pensions, Inc. ("QPI") on June 17, 1997 and
June
4, 1997, respectively. As previously announced, the Commission
alleged
that QPI and Allison defrauded investors by misappropriating millions
of
dollars in retirement savings that were entrusted to QPI by its clients
to
be maintained in Individual Retirement Accounts ("IRA") and other
retirement savings plans, and executed securities transactions for
their
clients without registering as brokers. Subsequently, the Court
appointed
Receiver of QPI, Robb Evans, has determined that as of September 13,
1995,
the date that this action was filed, there was a shortfall of over
$11.4
million in cash that had been on deposit in QPI customer accounts.
The
Receiver, among other things, has been pursuing assets misappropriated
from
QPI and winding down the business of QPI.
The Permanent Injunction against Allison was entered by default
on
motion of the Commission. QPI, by the Receiver, consented to the entry
of
a Permanent Injunction against it without admitting or denying the
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