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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SCHUSTER EXCHANGE COMMISSION GLENN HOUSTON JUDGEMENT DISTRICT UNLAWFUL BANCUS SUMMARY ADJUDICATION UNITED STATES DISTRICT STATES DISTRICT COURT TEXAS PERMANENTLY ENJOINING FUTURE VIOLATIONS ANTIFRAUD PROVISIONS FEDERAL SECURITIES LAWS COMPLAINT PENNY STOCK PROMOTER SCHEME UNLAWFUL PUBLIC OFFERING BANCUS RICHMOND SUBSEQUENT DISTRIBUTION MANIPULATION SHARES OVER-THE-COUNTER MARKET ORDERS SCHUSTER DISGORGE UNLAWFUL SALES PREJUDGMENT |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 14758 / December 14, 1995
SECURITIES AND EXCHANGE COMMISSION v. GLENN A. SCHUSTER, et al.
H-92-3598, USDC SD/TX [Houston Division]
The Securities and Exchange Commission ("Commission")
announced that on December 13, 1995, a Final Judgment by Summary
Adjudication was entered in United States District Court,
Houston, Texas, against Glenn A. Schuster ("Schuster"),
permanently enjoining him from future violations of the antifraud
provisions of the federal securities laws. The Commission's
complaint, filed November 23, 1992, alleged that Schuster, a
penny stock promoter, participated in a scheme involving the
unlawful public offering of the securities of Bancus Richmond,
Inc., ("Bancus"), and the subsequent distribution and
manipulation of the company's shares in the over-the-counter
market. The Final Judgment also orders Schuster to disgorge
$748,027.49, comprised of $470,624.59, which represents the
proceeds received from his unlawful sales of Bancus securities,
plus $277,402.90 in prejudgment interest.
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