SEC v LAWRENCE M. GRESS - Legal Case Documents


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SEC v LAWRENCE M. GRESS

Keywords & Phrases

CaseNo: 33-7343, Defendant: Lawrence M. Gress, Plaintiff: SEC, UniqueCaseRef: SEC>33-7343, Gress, Exchange Act, Failsafe, Securities Act, Revenue, Contracts, Commission, Customers, Form S-18, Proceeding, Pursuant, Accounting, Respondent, Financial Statements, Findings, Completion Method, Violations, Misleading, Completed Contract Method, Thereunder, Aicpa Sop, Gaap, Material Facts, Reported Revenue, Recognizing, Contract Phases, Materially False, Overstating, Reliably Estimate Progress, Provisions , ContentID: 120244942

Case Documents

1996-09-30

SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below ] ItemID: 111679

14 pages
TXT

Total Documents: 1 document , 14 pages

Price: $ 19.95

IVESLCD01 KGI0001

1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS

EXCHANGE ACT
FAILSAFE
SECURITIES ACT
REVENUE
CONTRACTS
COMMISSION
CUSTOMERS
FORM S-18
PROCEEDING
PURSUANT
ACCOUNTING
RESPONDENT
FINANCIAL STATEMENTS
FINDINGS
COMPLETION METHOD
VIOLATIONS
MISLEADING
COMPLETED CONTRACT METHOD
THEREUNDER
AICPA SOP
GAAP
MATERIAL FACTS
REPORTED REVENUE
RECOGNIZING
CONTRACT PHASES
MATERIALLY FALSE
OVERSTATING
RELIABLY ESTIMATE PROGRESS
PROVISIONS







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                    UNITED STATES OF AMERICA
                           Before the
               SECURITIES AND EXCHANGE COMMISSION


SECURITIES ACT OF 1933
Release No.  7343 / September 30, 1996

SECURITIES EXCHANGE ACT OF 1934
Release No. 37745 / September 30, 1996

ACCOUNTING AND AUDITING ENFORCEMENT
Release No.   832 / September 30, 1996

AMINISTRATIVE PROCEEDING
File No. 3-9116

--------------------
In the Matter of    :    ORDER INSTITUTING CEASE-AND-DESIST
                    :    PROCEEDING PURSUANT TO SECTION 8A
LAWRENCE M. GRESS   :    THE   SECURITES   ACT   OF    1933   AND
                    :    SECTION    21C    OF   THE    SECURITIES
     Respondent.    :    EXCHANGE ACT OF 1934, MAKING
                    :    FINDINGS AND IMPOSING A CEASE-AND-
                    :    DESIST ORDER
---------------------

                              I.

     The Securities and Exchange Commission ("Commission") deems
it appropriate and in the public interest to institute a cease-
and-desist proceeding pursuant to Section 8A of the Securities
Act of 1933 ("Securities Act") and Section 21C of the Securities
Exchange Act of 1934 ("Exchange Act") against Lawrence M. Gress
("Gress" or "Respondent").  Accordingly, IT IS HEREBY ORDERED
that said proceeding be, and hereby is, instituted.

                              II.

     In anticipation of the institution of this proceeding,

SNIPPETS:

SECURITIES EXCHANGE ACT OF 1934

AMINISTRATIVE PROCEEDING

: FINDINGS AND IMPOSING A CEASE-AND-: DESIST ORDER

The Securities and Exchange Commission deems it appropriate and in the public interest to

In anticipation of the institution of this proceeding, Respondent has submitted an Offer of

3Net was formed in August 1989 to develop new computer laboratory software known as FAILSAFE.

Gress has no accounting training and is not a certified public accountant but, nevertheless,

FALSE AND MISLEADING DISCLOSURES IN 3NET'S FORM S-18 AND FISCAL 1992 FORM 10-KSB

On August 4, 1992, 3Net filed its Form S-18 registration statement for its initial public

financial statements for the nine months ended

Form 10-KSB, filed with the Commission on November 23, 1992 and signed by Gress, also