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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
DBS NETWORK SECURITIES DAVID DENNIS VAN DENNIS VAN PELT EXCHANGE COMMISSION ATTORNEY FRAUD STOCK SATELLITE FALSE REPRESENTATIONS INCARCERATION PROBATION GUILTY PLEA TAX FRAUD CUSTODY CONNECTION PURCHASE SALE COMMERCIAL DEVELOPER DIRECT BROADCAST SATELLITE BROADCAST SATELLITE TECHNOLOGY INVESTORS MAKING FALSE REPRESENTATIONS FCC LICENSES CONTRACTS NEGOTIATIONS BUILDERS LAUNCHERS FINANCING COMMITMENTS |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14735 / November 27, 1995
UNITED STATES OF AMERICA V. DAVID DENNIS VAN PELT, Criminal
Action No. CR-S-95-47 ELG (E.D. Cal.)
The United States Attorney for the Eastern District of
California and the Securities and Exchange Commission announced
that on October 30, 1995, David Dennis Van Pelt was sentenced to
30 months incarceration, a $36,000 fine and 3 years probation
based on his guilty plea to one count of Securities Fraud (15
U.S.C. Sections 78j(b) and 78 ff and 17 C.F.R. Section 240.10b-
5) and one count of Tax Fraud (26 U.S.C. Section 7206(1)). He
was immediately remanded to the custody of the Attorney General
of the United States.
The Indictment alleged that from November, 1990 through
June, 1992, David Dennis Van Pelt, in connection with the
purchase or sale of stock in DBS Network, Inc., a company
purported to be a viable, commercial developer of direct
broadcast satellite technology in the United States, made false
representations to investors. The scheme consisted of making
false representations concerning the status of (1) FCC licenses;
(2) contracts and negotiations between DBS Network, Inc. and
builders and launchers of commercial satellites; (3) financing
commitments that DBS Network, Inc. had purportedly obtained; and
(4) the value of the stock in DBS Network, Inc.
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