UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 42549 / March 20, 2000
ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 1237 / March 20, 2000
ADMINISTRATIVE PROCEEDING
File No. 3-10163
____________________
ORDER INSTITUTING PUBLIC
In the Matter of PROCEEDINGS, MAKING FINDINGS,
Jeremy G. Dunne, AND IMPOSING A CEASE-AND-DESIST ORDER
Respondent.
____________________
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate that public cease-and-desist proceedings be, and hereby
are, instituted pursuant to Section 21C of the Securities Exchange Act
of 1934 ("Exchange Act") to determine whether Laser Technology, Inc.
("Laser Tech" or "respondent") violated Sections 10(b), 13(a),
13(b)(2)(A), and 13(b)(5) of the Exchange Act, Rules 10b-5, 13a-1,
13a-13, and 13b2-1 thereunder, and Exchange Act Rule 12b-20.
II.
In anticipation of the institution of these proceedings, Laser Tech
has submitted an Offer of Settlement ("Offer"), which the Commission
has determined to accept. Solely for the purpose of these proceedings
and any other proceedings brought by or on behalf of the Commission or
in which the Commission is a party, and without admitting or denying
the findings contained herein, except that Laser Tech admits the
jurisdiction of the Commission over it and over the subject matter of
these proceedings, Laser Tech consents to the issuance of this Order
Instituting Public Proceedings, Making Findings, and Imposing a
Cease-And-Desist Order ("Order") and to the entry of findings and the
imposition of the relief set forth below.
III.
On the basis of this Order and respondent's Offer, the Commission
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission deems it appropriate that public cease-and-desist
In anticipation of the institution of these proceedings, Laser Tech has submitted an Offer of
Solely for the purpose of these proceedings and any other proceedings brought by or on behalf
f findings and the imposition of the relief set forth below.
Laser Tech is a Delaware corporation based in Englewood, Colorado, whose stock is registered
Laser Tech booked those shipments as sales and recognized the revenue in its financial
In September and October 1994 and again in September 1995, at a time when they were officers
Those funds were then transmitted to Laser Tech's Australian distributor, who used them to
Williams knew about these transactions, and Laser Tech's Chief Financial Officer, Pamela J.
These transactions were in effect loans from the officers/directors to Laser Tech, but Laser
Laser Tech did not disclose the transactions as related party transactions pursuant to Item
Laser Tech did not maintain a record of these products in its official inventory or account
in May 1995 Williams and Sevy opened a bank account under Laser Tech's name to facilitate
Williams and Sevy did not notify Laser Tech's board of directors or seek or obtain their
In approximately September 1997, Williams borrowed $165,000 from his brother H. DeWorth
F. The loans and transactions through the undisclosed bank account, as described above, were
Williams and Sevy are no longer employees, officers, or directors of Laser Tech.
Laser Tech thus committed violations of Sections 10and 13of the Exchange Act, Rules 10b-5,
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