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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
REPORTS ASSETS SECURITIES COMMISSION ADMINISTRATIVE PROCEEDING EXCHANGE INSTITUTING WELLNESS RESORTS COMPLAINT ENFORCEMENT STOCK GOLD RANGES REPRESENTING MINING RESERVES ALLEGATIONS SEEKING REVOKE REGISTRATION COMMON ORDER INSTITUTING PROCEEDING ALLEGES FILINGS REGISTRATION STATEMENT LAS VEGAS NEVADA PURPORTS QUARTERLY REPORTS BANK SANCTIONS |
U.S. SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 43360 / September 27, 2000
ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 1316 / September 27, 2000
ADMINISTRATIVE PROCEEDING
File No. 3-10314
COMMISSION INSTITUTES ADMINISTRATIVE PROCEEDING AGAINST COUNTRYLAND
WELLNESS RESORTS, INC. SEEKING TO REVOKE REGISTRATION OF ITS COMMON
STOCK
The Securities and Exchange Commission ("Commission") announced today
the institution of an administrative proceeding against Countryland
Wellness Resorts, Inc. ("Countryland") seeking to revoke registration
of Countryland's common stock. The Order Instituting Proceeding
alleges that Countryland failed to comply with the federal securities
laws by falsely reporting assets in periodic filings and a
registration statement made with the Commission from February 1997 to
the present.
Countryland Wellness Resorts, Inc., is a Delaware corporation.
Countryland maintains its offices in Las Vegas, Nevada. Countryland
claims to be in the mining and electrical contracting business and
purports to plan to operate a longevity center at a wellness resort
and casino in Las Vegas. Countryland stock is not listed on any
national securities exchange.
The Division of Enforcement alleges that Countryland lied to investors
about the following assets reported in various annual reports (Form
10-K) and quarterly reports (Form 10-Q) and in a registration
statement
* gold stored in a warehouse reported in ranges from $19.5 million
to over $27.3 million in annual and quarterly reports filed in
1996 through 1999; the purported gold was in fact dirt. This
material, which contained only 0.151 ounces of gold per ton,
represented as much as 89% of Countryland's total assets in 1996
and 1997.
* proven mining reserves reported in ranges from $1.2 billion to
$2.1 billion; in fact, Countryland lacked sufficient information
to evidence the proven reserves. Countryland also needed extensive
work performed to determine the amount and value of recoverable
minerals. Despite this lack of information, Countryland reported
the proved mining reserves in 1997 through 2000 with this asset
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