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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
DEFENDANTS SECURITIES EXCHANGE ACT COMMISSION GEORGIA EDELKIND THIELE FUTURE VIOLATIONS COMPLAINT ALLEGES UNITED STATES SAGE TECHNOLOGY CIVIL DISTRICT INJUNCTION ENJOINS MATERIALS SAGE NOTES PHYSICS GEORGETOWN UNIVERSITY THIELE VIOLATED BROKER-DEALER VIOLATED BROKER-DEALER REGISTRATION BROKER-DEALER REGISTRATION REQUIREMENTS SELLING SAGE NOTES PERMANENT INJUNCTIONS RELIEF DISGORGEMENT PREJUDGMENT CIVIL PENALTIES |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14834 / March 5, 1996
SECURITIES AND EXCHANGE COMMISSION v. SAGE TECHNOLOGY, INC. ET
AL., Civil No. 1 96-CV-361-HTW (N.D. GA)
The Commission announced that on February 22, 1996, the
Honorable Horace T. Ward, United States District Judge for the
Northern District of Georgia, entered an Order of preliminary
injunction against Defendants Sage Technology, Inc. ("Sage"),
headquartered in Smyrna, Georgia, Jamie Edelkind ("Edelkind") of
Kennesaw, Georgia, and William R. Thiele ("Thiele") of Atlanta,
Georgia. The Order enjoins the Defendants from future violations
of Section 17(a) of the Securities Act of 1933, Section 10(b) of
the Securities Exchange Act of 1934 ("Exchange Act") and Rule
10b-5 thereunder, and enjoins Thiele from future violations of
Section 15(a)(1) of the Exchange Act. The Order also requires
the Defendants to submit to the Court an accounting of proceeds
of securities sales made during the period from June 1, 1995
through the present. The Defendants consented to the entry of
the Order without admitting or denying the allegations of the
Commission's complaint.
The Commission's complaint filed February 15, 1996, alleges
that the defendants made material misrepresentations and
omissions regarding the financial condition of Sage, its ongoing
default on monthly interest payments due previous purchasers of
Sage notes, and the educational accomplishments of Edelkind, the
president and principal shareholder of Sage. Among other things,
it is alleged that Sage offering materials falsely represented
that Edelkind had received a doctorate degree in physics from
Georgetown University. The Commission also alleges that Thiele
violated broker-dealer registration requirements in selling Sage
notes. The Complaint also seeks permanent injunctions and other
relief, including disgorgement with prejudgment interest and
civil penalties, against the Defendants. For further
information see LR-14818.
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