U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
LITIGATION RELEASE NO. 17185 / October 12, 2001
Securities and Exchange Commission v. Shreveport Wireless Cable
Television Partnership, Complete Communications Corporation, The
Estate of Joseph S. Steingold, Stuart Weingarden, Champion
Communications Corporation, B.R. Cable Communications Corporation,
Samuel Abrams, Wireless Cable Television of Shreveport Limited
Liability Company, CA. No. 94-1781 (D.D.C. HHK/DAR)
SEC SETTLES CASE AGAINST WIRELESS CABLE DEFENDANTS
The Securities and Exchange Commission announced that on September 11,
2001, the Honorable Henry H. Kennedy Jr., United States District Judge
for the District of Columbia, entered Final Judgments against
Shreveport Wireless Cable Television Partnership ("Shreveport"),
Complete Communications Corporation ("Complete"), The Estate of Joseph
S. Steingold ("Steingold"), Stuart Weingarden, Champion Communications
Corporation ("Champion"), B.R. Cable Communications Corporation ("B.R.
Cable"), Samuel Abrams, and Wireless Cable Television of Shreveport
Limited Liability Company ("Wireless").
Without admitting or denying the Commission's allegations, Steingold,
Champion, B.R. Cable, Complete, and Wireless consented to the entry of
a judgment that permanently enjoins Champion, B.R. Cable, Complete,
and Wireless from violating Sections 5(a) and 5(c) of the Securities
Act of 1933 ("Securities Act"). Under the judgment, Steingold,
Champion, B.R. Cable, Complete, and Shreveport are jointly and
severally liable for $24,737,830.78 in disgorgement and $16,589,573.39
in prejudgment interest. In addition, Champion, B.R. Cable, Complete
and Wireless are each required to pay a civil penalty in the amount of
$100,000.
Without admitting or denying the Commission's allegations, Weingarden
also consented to the entry of a judgment prohibiting future
violations of Sections 5(a) and 5(c) of the Securities Act. The
judgment requires Weingarden to pay disgorgement in the amount of
$447,337.88, plus pre-judgment interest of $261,354.66, but waives
payment of such monies based on Weingarden's sworn financial
statements.
Without admitting or denying the Commission's allegations, Abrams also
consented to the entry of a judgment prohibiting future violations of
Sections 5(a) and 5(c) of the Securities Act. The judgment requires
Abrams to pay disgorgement in the amount of $154,000, plus
pre-judgment interest thereon in the amount of $93,619.72, but waives
SNIPPETS:
U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON,
Securities and Exchange Commission v. Shreveport Wireless Cable Television Partnership,
Cable"), Samuel Abrams, and Wireless Cable Television of Shreveport Limited Liability Company.
Without admitting or denying the Commission's allegations, Steingold, Champion, B.R. Cable,
Without admitting or denying the Commission's allegations, Weingarden also consented to the
The judgment requires Weingarden to pay disgorgement in the amount of $447,337.88, plus
The judgment requires Abrams to pay disgorgement in the amount of $154,000, plus pre-judgment
The Commission's Amended Complaint, filed January 11, 1995, alleged the following that Joseph
The Amended Complaint more specifically alleges that Joseph S. Steingold, Weingarden, and
thought the nationwide sale of 840 Shreveport Partnership units.
The securities involved purported to be general partnership units or limited liability units,
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