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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15109 / October 4, 1996
UNITED STATES v. GRANT R. CURTIS; LEO J. MANGAN, a/k/a Lee
Mangan, Todd Thomas, Donald Thomas, Mark Barron, Mike Barron,
Mark Powers, Kevin Selcser, and Guy Fulkerson; TIMOTHY H. MASLEY;
PEDRO GOMEZ, a/k/a Pedro Gomes and Pedro DeBrito; RAY IRANGY,
a/k/a Ray Irngy, Ray Irngi, Ray Irangi and Ray Irni; JAMES W.
NEAREN, (OCTOBER 2, 1996) UNITED STATES DISTRICT COURT FOR THE
EASTERN DISTRICT OF NEW YORK
The United States Securities and Exchange Commission ("SEC")
announced today that in connection with a coordinated
investigation, on October 2, 1996, the United States Attorney for
the Eastern District of New York obtained an indictment from a
federal grand jury charging
GRANT R. CURTIS ("Curtis"), age 36, of Danville, California;
LEO J. MANGAN ("Mangan"), age 40, of Lindenhurst, New York
and Pompano
Beach, Florida;
TIMOTHY H. MASLEY ("Masley"), age 35, of Lindenhurst, New
York and
Guilford, Connecticut;
PEDRO GOMEZ ("Gomez"), age 37, of Branford, Connecticut and
Waterbury,
Connecticut;
RAY IRANGY ("Irangy"), age 50, of Brooklyn, New York; and
JAMES W. NEAREN ("Nearen"), age 43, of Lighthouse Point,
Florida
with one count of conspiracy to commit securities fraud and two
counts of securities fraud.
This criminal prosecution involves a scheme to avoid the
registration requirements of the Securities Act of 1933 through
the sale of securities purportedly in reliance on the Regulation
S exemption from such requirements. Regulation S provides a
limited exemption from the federal registration requirements for
stock sold to overseas purchasers. Regulation S provides no
SNIPPETS:
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
The United States Securities and Exchange Commission announced today that in connection with
GRANT R. CURTIS, age 36, of Danville, California;
LEO J. MANGAN, age 40, of Lindenhurst, New York and Pompano
Beach, Florida;
TIMOTHY H. MASLEY, age 35, of Lindenhurst, New York and Guilford, Connecticut;
PEDRO GOMEZ, age 37, of Branford, Connecticut and Waterbury, Connecticut;
RAY IRANGY, age 50, of Brooklyn, New York;
with one count of conspiracy to commit securities fraud and two counts of securities fraud.
This criminal prosecution involves a scheme to avoid the registration requirements of the
Regulation S provides a limited exemption from the federal registration requirements for
Regulation S provides no exemption, however, for transactions designed as a scheme to avoid
Comprehensive is a public company with offices in West Babylon, New York, and was formerly
The indictment further charges that the control by Curtis, Mangan and Masley was not
This stock was generally issued at a discount to market price and in some cases pursuant to
Some of these recipients did not exist, were not aware that they were being issued stock, or
the defendants prepared or directed the preparation of fraudulent documents to effect such
In furtherance of the conspiracy, the defendants prepared or caused to be prepared fraudulent
The indictment further charges that within weeks of the termination of defendant Nearen's
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