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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
FORSTER LUXEMBOURG LITIGATION HOMER EXECUTE JUDGEMENT DRESDNER BANK SECURITIES EXCHANGE COMMISSION UNITED STATES DISTRICT ASSETS FRAUDULENTLY REDEEMING VARIABLE ANNUITY CONTRACTS ANNUITY CONTRACTS BELONGING CLIENTS CFP AUTHORIZATION CONSENT MISAPPROPRIATING MONIES ACCOUNT NOS DEMANDE EXEQUATUR TRIBUNAL REQUESTING TRIBUNAL SEEKING FREEZE ORDER FREEZING |
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U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14858 / March 29, 1996
International Series Release No. 962 / March 29, 1996
SECURITIES AND EXCHANGE COMMISSION v. HOMER W. FORSTER, ET AL.,
Case No. 56.650 (Tribunal d'Arrondissement de et … Luxembourg)
The Commission announced that following a public hearing on
March 4, 1996, the Tribunal d'Arrondissement de et … Luxembourg
("Tribunal") issued an order declaring that the Grand Duchy of
Luxembourg is empowered to execute, as if stemming from
Luxembourg jurisdiction, the final judgment which the Commission
obtained against Homer W. Forster ("Forster") issued by the
United States District Court for the Northern District of
Georgia. That final judgment, obtained in SEC v. Homer W.
Forster, et al., Civil Action No. 1 94-CV-0084-JEC (N.D. Ga.),
ordered Forster to, inter alia, disgorge $1,604,708, plus
prejudgment interest in the amount of $56,656.
The Commission had sued Forster and the Center For Financial
Planning ("CFP"), a registered investment adviser of which
Forster was president and chief executive officer, for
fraudulently redeeming over $1.6 million in variable annuity
contracts belonging to six clients of CFP without their
authorization or consent. After misappropriating these monies,
Forster had some of the funds wired to an account which he
controlled at the Dresdner Bank in Luxembourg ("Dresdner Bank").
(See Litigation Release Nos. 13937, 13969, and 14313).
In September 1995, the Commission had filed a Demande En
Exequatur with the Tribunal requesting that the Tribunal order
the execution of the final judgment which the Commission had
obtained in the United States. At the same time, the Commission
also filed a Requˆte En Saisie-Arrˆt with the Tribunal seeking to
freeze those assets which Forster had transferred to the Dresdner
Bank. The Tribunal issued an order freezing those assets on
September 25, 1995. (See Litigation Release No. 14666).
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