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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COLELLO SECURITIES CIVIL COURT EXCHANGE COMMISSION DEFENDANTS PAY DISGORGEMENT CROSS MICHAEL MOTION CIVIL CONTEMPT LAW DISTRICT VIOLATION JUDGEMENT INVESTORS CALIFORNIA CLIENT COURT GRANTING COMMISSION SUMMARY JUDGMENT RELIEF DEFENDANT COMMISSION CIVIL ENFORCEMENT ANTIFRAUD PROVISIONS FEDERAL SECURITIES LAWS RECEIVED INVESTOR FUNDS PREJUDGMENT COURT FROZE ASSETS |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14763 / December 21, 1995
SECURITIES AND EXCHANGE COMMISSION v. CROSS FINANCIAL SERVICES,
INC., OWEN R. FOX, CARROLL E. SIEMENS, BRUCE FRANKLIN, MICHAEL J.
COLELLO AND DOUGLAS S. CROSS, Civil Action No. 94-4228 RAP(Ex)
(C.D. Cal. June 23, 1994).
The Securities and Exchange Commission announced that on
December 13, 1995, it filed a motion for civil contempt
against the Santa Monica law firm of O'Neill, Lysaght & Sun
("O'Neill"), in the U.S. District Court for the Central
District of California, based upon O'Neill's receipt on
September 12, 1995 of $75,000 from its client, Michael J.
Colello, in violation of a September 7, 1995 judgment and
order of the Court granting the Commission summary judgment.
Colello is a relief defendant in a Commission civil
enforcement action in which other defendants raised over $21
million from investors in violation of the registration and
antifraud provisions of the federal securities laws. The
Court ordered Colello, who had received investor funds from
the other defendants, to pay over $2.6 million in
disgorgement and over $276,000 in prejudgment interest. The
Court froze all of Colello's assets until such time as he
pays the ordered disgorgement. Colello has failed to pay any
of the disgorgement, and the Commission has already filed a
motion for civil contempt against him.
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