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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE ACT COMMISSION ALLEGES SECURITIES GEORGIA EDELKIND THIELE SAGE NOTES SAGE TECHNOLOGY COMPLAINT CIVIL DISTRICT SELLING PRESIDENT CHIEF DEFENDANTS OFFERING MATERIALS FINANCIAL CONDITION ONGOING PAYMENTS PURCHASERS PRINCIPAL SHAREHOLDER DOCTORATE PHYSICS GEORGETOWN UNIVERSITY THIELE VIOLATED BROKER-DEALER VIOLATED BROKER-DEALER REGISTRATION BROKER-DEALER REGISTRATION REQUIREMENTS |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14818 / February 15, 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 15, 1996, it filed
a complaint in United Stated District Court for the Northern
District of Georgia seeking preliminary and permanent injunctions
and other relief, including accountings, disgorgement with
prejudgment interest and civil penalties, against Sage
Technology, Inc. ("Sage"), headquartered in Smyrna, Georgia,
Jamie Edelkind ("Edelkind") of Kennesaw, Georgia, and William R.
Thiele ("Thiele") of Atlanta, Georgia. Sage purportedly is in
the business of developing and selling computer and other
technology. Edelkind is the president and chief scientist of
Sage. Thiele is the chief financial officer of Sage.
The Commission's complaint alleges that defendants violated
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 in connection with a $2 million offering of Sage
notes. The complaint also alleges that Thiele violated Section
15(a)(1) of the Exchange Act. During the period from June 1,
1995 through the present, Sage has sold at least $350,000 of its
notes to the public.
The Commission alleges that 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 has also alleged that Thiele violated
broker-dealer registration requirements in selling Sage notes.
(LR-14818)
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