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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES COMMISSION INVESTORS ALLEGES DEFENDANTS COMPLAINT EXCHANGE SILVER SALE ACT TRANS-AMERICAN EARP CALIFORNIA VIOLATIONS CONNECTION PARTNERSHIP UNITS OFFERING MATERIAL FACTS LARRY DAVID CIVIL UNITED STATES DISTRICT SEEKING MONEY SOLD ACTING DIRECTORS BROKERS |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 14835 / March 5, 1996
SECURITIES AND EXCHANGE COMMISSION v. TRANS-AMERICAN OSTRICH
TRADERS, INC., LARRY R. EARP, and DAVID P. SILVER, Civil Action
No. 96-1559 RMT (MCx)(C.D.Cal. March 5, 1996).
The Securities and Exchange Commission ("Commission")
announced the filing today of a Complaint in the United States
District Court for the Central District of California seeking
permanent injunctions, disgorgement, prejudgment interest
thereon, and civil money penalties against Trans-American Ostrich
Traders, Inc. ("Trans-American"), Larry R. Earp ("Earp"), and
David P. Silver ("Silver") for violations of the federal
securities laws in connection with the offer and sale to the
public of securities in a series of partnerships purportedly
organized for the purpose of acquiring, raising, and breeding
ostriches ("Ostrich Partnerships"). Securities in 17 such
Ostrich Partnerships were offered and sold. The Commission
alleges that the 17 partnership offerings constituted a single
public offering. The Commission also is seeking an order barring
Earp and Silver from acting as officers or directors of any
public company. Trans-American is located in Thousand Palms,
California. Earp and Silver are California residents.
Specifically, in its Complaint, the Commission alleges that
the defendants violated Sections 5(a) and 5(c) of the Securities
Act of 1933 ("Securities Act") by offering and selling to the
public unregistered securities in the Ostrich Partnerships. The
Complaint also alleges that the defendants each violated Section
17(a) of the Securities Act and Section 10(b) of the Securities
Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder,
by making untrue statements of material facts and by omitting to
state material facts in connection with the offer and sale of the
Ostrich Partnership securities. In addition, the Complaint
alleges that defendants Earp and Silver violated Section 15(a) of
the Exchange Act by acting as brokers in connection with the sale
of the Ostrich Partnership securities without being registered
with the Commission as brokers.
The Commission alleges in its Complaint that, beginning in
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