 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
SEC ADMINISTRATIVE PROCEEDING
|
EXTRACTED KEY WORDS
CRAIG PROCEEDING SECURITIES ADMINISTRATIVE PROCEEDING EXCHANGE INSTITUTING CRAIG CONSUMER CONSUMER ELECTRONICS ENFORCEMENT REVOKE COMMON STOCK FILING COMPLAINT OFFICERS EXCHANGE ACT ORDER INSTITUTING PROCEEDING ALLEGES CIVIL ADMITTING DENYING METZ KNOWINGLY CIRCUMVENTING INTERNAL CONTROLS FALSIFYING FORMER VICE PRESIDENT/MANAGING HONG KONG OFFICE FALSIFYING BILLS LADING FINDINGS |
US SECURITIES AND EXCHANGE COMMISSION
SECURITES AND EXCHANGE ACT OF 1934
Release No. 43362 / September 27, 2000
ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 1318 / September 27, 2000
ADMINISTRATIVE PROCEEDING
File No. 3-10315
COMMISSION INSTITUTES ADMINISTRATIVE PROCEEDING AGAINST CRAIG CONSUMER
ELECTRONICS, INC. TO DETERMINE WHETHER TO REVOKE THE REGISTRATION OF
ITS COMMON STOCK
The Securities and Exchange Commission ("Commission") announced today
the institution of an administrative proceeding against Craig Consumer
Electronics, Inc. ("Craig") seeking to revoke registration of Craig's
common stock. In the Order Instituting Proceeding, the Division of
Enforcement alleges that Craig failed to comply with the federal
securities laws by making no periodic filings with the Commission
subsequent to its filing of a Form 10-Q for the fiscal quarter ended
March 31, 1997. Further, the staff alleges that Craig materially
misrepresented its precarious financial position and severe liquidity
problems in its second and third quarter 1996 Forms 10-Q, 1996 Form
10-K, and first quarter 1997 Form 10-Q.
Craig Consumer Electronics, Inc., a Delaware corporation, was a
marketer of consumer electronics products before it ceased operations.
Craig's common stock is registered with the Commission pursuant to
Section 12(g) of the Securities Exchange Act of 1934 and is quoted on
the OTC Bulletin Board. On August 1, 1997, Craig filed for protection
under Chapter 11 of the Bankruptcy Code
A public hearing will be held to determine whether the allegations
contained in the Order Instituting Proceeding are true, to offer Craig
an opportunity to establish any defenses to the allegations, and to
determine whether its registration should be revoked.
In a related but separate enforcement action, on September 27, 2000,
the Commission filed a civil complaint against two of the former
officers of Craig in federal district court in Los Angeles,
California. Simultaneous with the filing of the Commission's
complaint, Craig's former CEO, Richard I. Berger consented to the
issuance of a permanent injunction, without admitting or denying the
allegations contained in the Commission's complaint, agreed to pay a
civil penalty of $25,000, and be barred from serving as an officer or
director for five years. See Litigation Release No. 16731 (Sept. 27,
SNIPPETS:
|
|
|
| | | |
|
|
