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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES COMMISSION DEFENDANTS EXCHANGE COMMISSION OHIO COMPLAINT MONG LIBERTY BELL MCKENZIE MATTHEW DISTRICT ACT ALLEGES SALE LIBERTY BELL ASSOCIATION DISTRICT COURT SOUTHERN DISTRICT ENJOIN VIOLATIONS PROMULGATED THEREUNDER MATERIALLY FALSE MISLEADING STATEMENTS STATE MATERIAL INFORMATION INVESTOR PROCEEDS RISKS COMMISSIONS PAID INVESTOR FUNDS PAY PONZI-LIKE FASHION |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 15094 / September 30, 1996
SECURITIES AND EXCHANGE COMMISSION V. TED E. MONG, ET AL.,
Case No. C2-96-989 (S.D. OHIO)
The Commission announced that on September 30, 1996, it
filed a complaint for permanent injunction and other
equitable relief, including disgorgement and civil
penalties, against Ted E. Mong ("Mong"), Liberty Bell
Association, Inc. ("Liberty Bell"), and McKenzie Matthew,
Inc. ("McKenzie Matthew") in the U.S. District Court for the
Southern District of Ohio. The Commission's complaint seeks
to enjoin the Defendants from violations of Section 17(a) of
the Securities Act of 1933, Sections 10(b) and 15(a) and (c)
of the Securities Exchange Act of 1934, and Rules 10b-5 and
15c1-2 promulgated thereunder. The Commission's complaint
alleges that from in or about November 1993 through in or
about June 1995 the Defendants raised approximately $1.2
million from the offer and sale of securities to at least
one hundred investors in Ohio and elsewhere. During the
offer and sale of the securities, the Defendants made
materially false and misleading statements and omitted to
state material information to investors concerning the use
of investor proceeds, the risks involved in making the
investment, the return on the investment and the commissions
paid to the Defendants. In addition, the Commission alleges
that the Defendants used new investor funds to pay earlier
investors in a Ponzi-like fashion.
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