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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
NORTHERN DISTRICT SECURITIES MEDIA VISION CALIFORNIA EXCHANGE COMMISSION ACCOUNTING MICHAEL HUMPHRESS DISTRICT COURT COMPLAINT ALLEGES CIVIL ACTION FRAUD VIOLATIONS ACT SENIOR SALES SETTLEMENTS AUTHORITIES INVESTIGATIONS RESTITUTION VICTIMS REMEDIES ACT PENALTIES PROHIBITING SERVING PUBLIC COMPANY PURSUANT PLEA AGREEMENT PLEAD GUILTY WIRE FRAUD POTENTIAL PRISON SENTENCE |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15389 / June 19, 1997
Accounting and Auditing Enforcement
Release No. 925 / June 19, 1997
SECURITIES AND EXCHANGE COMMISSION v. MICHAEL HUMPHRESS, United
States
District Court for the Northern District of California, Civil Action
No.
C97-2288-SI-ENE; UNITED STATES OF AMERICA v. MICHAEL HUMPHRESS,
United
States District Court for the Northern District of California,
Criminal
Action No. CR97-40111 DLJ.
The Securities and Exchange Commission and the Office of the
United
States Attorney for the Northern District of California today announced
the
filing of criminal and civil actions with the United States District
Court
for the Northern District of California against Michael Humphress,
former
Senior Vice President, Worldwide Sales at Media Vision Technology,
Inc.
(now known as Aureal Semiconductor)("Media Vision").
Humphress has settled both the civil and criminal actions, which
were
filed today in the Northern District of California. As part of the
settlements, he has agreed to cooperate with authorities in their
continuing investigations into securities fraud at Media Vision in 1993
and
1994. The SEC Complaint alleges that Humphress, along with other
senior
Media Vision officers, engaged in conduct designed to overstate the
sales
growth and profitability of Media Vision in 1993 and 1994 to the
investing
public. The complaint alleges that Humphress violated the antifraud
and
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