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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COURT DISGORGEMENT SECURITIES EXCHANGE COMMISSION UNITED STATES LITIGATION CROSS BRUCE FRANKLIN CIVIL CALIFORNIA PAY JUDGEMENT SURRENDER CUSTODY PORTION COURT-ORDERED DISGORGEMENT PREJUDGMENT GRANTING COMMISSION SUMMARY JUDGMENT ANTIFRAUD PROVISIONS FEDERAL SECURITIES LAWS ILLGOTTEN GAINS LOS ANGELES FRANKLIN FAIL WARRANT ARREST COMPLIES PAYING DETAILED SHOWING |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15120 / October 11, 1996
SECURITIES AND EXCHANGE COMMISSION v. CROSS FINANCIAL SERVICES,
INC., OWEN R. FOX, CARROLL E. SIEMENS, BRUCE FRANKLIN, MICHAEL J.
COLELLO AND DOUGLAS S. CROSS, Civil Action No. 94-4228 RAP(Ex)
(C.D. Cal. June 23, 1994).
The Securities and Exchange Commission announced that on
September 27, 1996, the Honorable Richard A. Paez of the
Central District of California issued an Order Adjudging
Defendant Bruce Franklin In Civil Contempt And Directing
Franklin To Repatriate All Foreign Assets. The Court found
that Franklin had failed to pay any but a small portion of
the $2,392,986.21 in Court-ordered disgorgement or
$204,611.06 in prejudgment interest. In granting the
Commission summary judgment on September 7, 1995, the Court
had found that Franklin and others had violated the
registration and antifraud provisions of the federal
securities laws, and ordered them to disgorge their ill-
gotten gains.
The Court ordered that Franklin surrender himself within ten
days of service of its Order to the custody of the United
States Marshal's Service in Los Angeles, California. Should
Franklin fail to surrender, the Court will issue a warrant
for his arrest. The Court further ordered that Franklin
will remain in custody until he complies with the Court's
disgorgement judgment by either paying the ordered
disgorgement and interest or providing the Court with a
categorical and detailed showing which demonstrates his
inability to pay the ordered disgorgement and interest. See
also Litigation Releases 14649 (September 21, 1995); 14715
(November 9, 1995).
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