SEC v JURY MATT HANSEN, FERGUS SLOAN and CHRISTIE HANSEN


\|

Keywords & Phrases

CaseNo: LR-15393, CourtCode: DIS, CourtName: ON JUNE 1997, THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN, Defendant: Jury Matt Hansen, Fergus Sloan and Christie Hansen, Plaintiff: SEC, State: NY New York, UniqueCaseRef: SEC>LR-15393, Sloan, Securities, Consent, Brokerage Firms, Exchange Commission, Civ, Scheme, Accounts, Complaint, Clearing Agent, Fergus Sloan, Judgments, Pay, Free-riding, Purchase, Stock, United States, Christie, District, Permanent Injunctions, Prior, Disgorgement, Profits, Individual Defendants, Cash Accounts, Allegations, Act, Regulation, Governors, Reserve , ContentID: 120242667

Case Documents

1997-06-24

SEC LITIGATION RELEASE
[ see first page and extracted highlights below ] ItemID: 105761

4 pages
TXT

Total Documents: 1 document , 4 pages

Price: $ 19.95

IVESLCD01 KGI0001

1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS

SECURITIES
CONSENT
BROKERAGE FIRMS
EXCHANGE COMMISSION
CIV
SCHEME
ACCOUNTS
COMPLAINT
CLEARING AGENT
FERGUS SLOAN
JUDGMENTS
PAY
FREE-RIDING
PURCHASE
STOCK
UNITED STATES
CHRISTIE
DISTRICT
PERMANENT INJUNCTIONS
PRIOR
DISGORGEMENT
PROFITS
INDIVIDUAL DEFENDANTS
CASH ACCOUNTS
ALLEGATIONS
ACT
REGULATION
GOVERNORS
RESERVE






                   UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15393 / June 24, 1997

     SECURITIES AND EXCHANGE COMMISSION v. JURY MATT HANSEN, FERGUS SLOAN,
ET
     AL., 89 Civ. 5242 (RO) (S.D.N.Y.)

     SECURITIES AND EXCHANGE COMMISSION v. JURY MATT HANSEN, FERGUS SLOAN,
     CHRISTIE HANSEN, ET AL., 95 Civ. 9143 (RO) (S.D.N.Y.)

          The Securities and Exchange Commission ("Commission") announced
that
     on June  , 1997, the United States District Court for the Southern
District
     of New York entered Final Judgments of Permanent Injunctive and Other
     Relief on Consent against Jury Matt Hansen ("Hansen") and Fergus
Sloan
     ("Sloan") and a Final Judgment of Disgorgement on Consent against
Christie
     Hansen ("C. Hansen"), in two actions arising out of alleged "free
riding"
     schemes orchestrated by Sloan and Hansen.  "Free-riding" is a scheme
which
     involves purchasing stock in an account at one brokerage firm,
without
     having the funds to pay for it, and financing the purchase by selling
the
     same stock through another brokerage firm on the same day.

          In case 89 Civ. 5242 (RO), the Commission's Amended Complaint
alleged
     that, from approximately January 1985 through July 1989, Hansen and
Sloan
     opened at least 250 accounts at approximately 100 brokerage firms in
     approximately 76 assumed names to conduct a "free-riding" scheme.
The
     scheme reaped over $4 million in profits for Hansen and Sloan and,
when
     they refused to honor certain unprofitable stock transactions, caused
     hundreds of thousands of dollars in losses to the brokerage firms
through
     which they traded.

SNIPPETS:

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

AL., 89 Civ.

SECURITIES AND EXCHANGE COMMISSION v. JURY MATT HANSEN, FERGUS SLOAN, CHRISTIE HANSEN, ET

The Securities and Exchange Commission announced that on June, 1997, the United States

and a Final Judgment of Disgorgement on Consent against Christie

"Free-riding" is a scheme which involves purchasing stock in an account at one brokerage

5242, the Commission's Amended Complaint alleged that, from approximately January 1985

The scheme reaped over $4 million in profits for Hansen and Sloan and, when they refused to

During a four year period, Hansen, Sloan and the other individual defendants traded over $260

Without admitting or denying the allegations in the Commission's Complaints, Hansen and Sloan

Regulation X promulgated by the Board of Governors of the Federal Reserve

Hansen and Sloan also consented prior to participating in the purchase or sale of any

9143 and their respective Final Judgments, thus providing the Clearing Agent with prior


\|