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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
UNITED STATES SECURITIES COMMISSION EXCHANGE COMMISSION DOUGLAS INDICTMENT SENTENCING ALLEGES COMPLAINT CIVIL PLEADED GUILTY SECURITIES FRAUD MULTIPLE SENTENCING EXPOSURE FEDERAL SENTENCING GUIDELINES IMPRISONMENT CIVIL INJUNCTIVE ACTION FRAUDULENT SALE INVEST LOWINCOME PROPERTIES COURT PERMANENTLY ENJOIN KENNETT FUTURE VIOLATIONS FEDERAL SECURITIES LAWS ORDER DISGORGEMENT ILL-GOTTEN PROFITS IMPOSE CIVIL MONEY PENALTY |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 14746 / December 5, 1995
UNITED STATES OF AMERICA v. DOUGLAS H. KENNETT
3:95-CR-250-P, USDC, ND/TX [Dallas Division]
The Securities and Exchange Commission ("Commission") and
the United States Attorney for the Northern District of Texas
announced that on November 30, 1995, Douglas H. Kennett
("Kennett") pleaded guilty to one count of securities fraud from
a multiple count indictment. The United States Attorney's office
agreed to cap Kennett's sentencing exposure under the Federal
Sentencing Guidelines to 15 months imprisonment.
The indictment was based on the same activities alleged in
the Commission's complaint for civil injunctive action filed
against Kennett on November 15, 1995. In that complaint, the
Commission alleges that Kennett participated in the fraudulent
offer and sale of limited partnerships formed to invest in low-
income properties. The Commission asked the Court to permanently
enjoin Kennett from future violations of the federal securities
laws, order disgorgement of ill-gotten profits, and impose a
civil money penalty.
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