SEC v JAMES RUSSELL CLEVELAND - Legal Case Documents


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SEC v JAMES RUSSELL CLEVELAND

Keywords & Phrases

CaseNo: LR-15112, Defendant: James Russell Cleveland, Plaintiff: SEC, State: TX Texas, UniqueCaseRef: SEC>LR-15112, Cleveland, Texas, Securities, District, United States, Exchange Commission, Indictments, Funds, Investors, Complaint Alleges, Customers, James Russell Cleveland, Judicial District, Burleson, Washington, County, Civil, Purchase, Owners, States District Court, Houston, Central Texas Securities, Purchase Municipal Securities, Market Prices, Bonds, Falsified Confirmations, Account Statements, Misuse, Misappropriation , ContentID: 120242946

Case Documents

1996-10-07

SEC LITIGATION RELEASE
[ see first page and extracted highlights below ] ItemID: 106040

1 pages
TXT

Total Documents: 1 document , 1 page. CAUTION. PLEASE NOTE THAT THIS IS A ONE PAGE CASE.

Price: $ 19.95

IVESLCD01 KGI0001

1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS

TEXAS
SECURITIES
DISTRICT
UNITED STATES
EXCHANGE COMMISSION
INDICTMENTS
FUNDS
INVESTORS
COMPLAINT ALLEGES
CUSTOMERS
JAMES RUSSELL CLEVELAND
JUDICIAL DISTRICT
BURLESON
WASHINGTON
COUNTY
CIVIL
PURCHASE
OWNERS
STATES DISTRICT COURT
HOUSTON
BUSINESS
CENTRAL TEXAS SECURITIES
PURCHASE MUNICIPAL SECURITIES
MARKET PRICES
BONDS
FALSIFIED CONFIRMATIONS
ACCOUNT STATEMENTS
MISUSE
MISAPPROPRIATION

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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


LITIGATION RELEASE NO. 15112 / October 7, 1996

THE STATE OF TEXAS v. JAMES RUSSELL CLEVELAND
21st Judicial District, Cause No. 12319, Burleson Co., Cause No.
11526, Washington Co.

     The Securities and Exchange Commission ("Commission") and
the District Attorney for the 21st Judicial District, Texas,
announced that grand juries in Burleson County and Washington
County returned indictments against James Russell Cleveland of
Brenham, Texas, on September 4, 1996, and September 24, 1996,
respectively. The indictments charge that Cleveland unlawfully
and deceptively appropriated funds belonging to investors with
the intent to deprive the owners of their property.

     The indictments are based on the same activities alleged in
a civil action filed by the Commission in United States District
Court, Houston, Texas, on May 22, 1996. The Commission's
complaint alleges that Cleveland, individually, and doing
business as Central Texas Securities, took in at least $4.8
million from his customers to purchase municipal securities at
below market prices, but never purchased the bonds for the
investors. In fact, the complaint alleges, Cleveland used funds
received from new investors to pay off previous customers, and
used falsified confirmations and account statements to conceal
his misuse and misappropriation of customers' funds. The
Commission's civil case against Cleveland is continuing.

SNIPPETS:

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission and the District Attorney for the 21st Judicial

The indictments charge that Cleveland unlawfully and deceptively appropriated funds belonging

The indictments are based on the same activities alleged in a civil action filed by the

The Commission's complaint alleges that Cleveland, individually, and doing business as

In fact, the complaint alleges, Cleveland used funds received from new investors to pay off


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