SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 17177 / OCTOBER 11 , 2001
Securities and Exchange Commission v. U.N. Dollars Corp., Harold F.
Harris, Ronald E. Crews, Edward A. Durante (a/k/a Ed Simmons), Carib
Securities Ltd., Berkshire Capital Partners, Inc., Galton Scott &
Golett Inc., Dottenhoff Financial Ltd., Zimenn Importing and Exporting
Inc., Prudential Overseas Company, Ltd., Commonwealth Associates,
Ltd., Henry C. Weingarten, Defendants; and Exchange Bank & Trust,
Inc., and VJV Inc., Relief Defendants, United States District Court
for the Southern District of New York, Civil Action No. 01 CV 9059.
SEC CHARGES FOURTEEN INDIVIDUALS AND ENTITIES IN STOCK MANIPULATION
SCHEME
The Securities and Exchange Commission announced today that it filed a
complaint in the United States District Court for the Southern
District of New York against fourteen individuals and entities for
their roles in a market manipulation of U.N. Dollars Corp. ("UNDR"), a
former bulletin board stock based in Jacksonville, Florida. The
complaint alleges that the fraud, which occurred between September
1999 and March 2000, drove UNDR's stock price from $.01 per share to
an all-time high of $1.25 per share in less than six months, before
the Commission suspended trading in UNDR securities on March 13, 2000.
According to the complaint, Edward Durante, a recidivist securities
law violator, reaped about $100,000 in illegal profits by secretly
controlling the supply of UNDR stock, creating an artificial market,
and then dumping the stock at artificially inflated prices. The
complaint also alleges that UNDR executives participated in the
scheme, and made false and misleading representations about UNDR's
business activities.
The filing of the Commission's complaint coincides with the filing of
criminal charges by the United States Attorney's Office for the
Southern District of New York concerning a scheme to manipulate
several different securities in the Spring of 2000. It is estimated
that Durante and others reaped illegal trading profits of more than
$30 million while orchestrating manipulations of U.N. Dollars Corp.,
Wamex Holdings Inc., Ramoil Management Ltd., Absolutefuture.com, and
other stocks, through a network of promoters, market makers and
brokers under their control.
In particular, the Commission's complaint alleges the following
* Beginning in 1999, Edward Durante, using the alias "Ed Simmons"
and seven entities that he controlled, violated the antifraud and
registration provisions of the securities laws. Durante gained
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
The Securities and Exchange Commission announced today that it filed a complaint in the
The complaint alleges that the fraud, which occurred between September 1999 and March 2000,
According to the complaint, Edward Durante, a recidivist securities law violator, reaped
The complaint also alleges that UNDR executives participated in the scheme, and made false
The filing of the Commission's complaint coincides with the filing of criminal charges by the
In particular, the Commission's complaint alleges the following * Beginning in 1999, Edward
Durante gained control over nearly all of the tradable shares of UNDR in 1999, when he
As a result of the conduct alleged in the complaint, Durante, Carib Securities Ltd.,
The Commission seeks injunctive relief, civil money penalties, and the return of proceeds
The complaint also seeks disgorgement of proceeds from relief defendants Exchange Bank &
* In furtherance of the scheme, UNDR's former executives, Ron Crews and Harold Harris, of
Weingarten, acting as an investment adviser, also purchased UNDR stock for investment
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