United States Securities and Exchange Commission
Litigation Release No. 17171 / October 4, 2001
Securities and Exchange Commission v. Nueworld.com Commerce, Inc., and
Timothy C. Ringgenberg Defendants. Civil Action No. 3 01-CV-1974-H
(USDC/NDTX/DALLAS)
SEC Files Lawsuit against E-commerce Network Marketing Company
The Securities and Exchange Commission ("SEC") announced that on
October 3, 2001, it filed a civil complaint against NuEworld.com
Commerce, Inc. ("NuEworld") and its co-founder and Chief Information
Officer, Timothy C. Ringgenberg. The complaint alleges that NuEworld
induced investment through false and misleading statements about the
timing of a purported initial public offer ("IPO"), the projected
value of its shares after the IPO, its prospect for revenue and sales
growth and the true nature of its business relationships with
recognizable companies referred to as "strategic partners." In one
instance NuEworld falsely claimed that an IPO was imminent, in another
instance the company quoted magazine articles suggesting that
investors would become "Maserati rich" by purchasing its shares.
NuEworld also utilized the Internet and members of its network
marketing force to sell shares directly to the public. The Defendants
are
* NuEworld.com Commerce, Inc., a Delaware Corporation previously
located in Irvine, California, and currently operating from Boca
Raton, Florida. NuEworld operates a network marketing company and
an Internet website at ; and
* Timothy C. Ringgenberg, age 34, a resident of Huntington Beach,
California, and NuEworld's co-founder, Chief Information Officer
and the officer in charge of NuEworld's initial capital formation
activities.
Additionally, in offering materials and other communications with
investors NuEworld claimed, among other things, that within 90 days of
trading, "pre-IPO" shares sold for $.50 would be worth "between $24
and $68"-representing a return of between 4,800% and 13,600%. In
truth, NuEworld never took meaningful steps towards an IPO. Indeed, at
best the IPO claims merely reflected the vague future plans of
Ringgenberg and the company's other two co-founders. The share price
forecasts were without any reasonable basis. Moreover, potentially
lucrative business relationships with recognizable Internet companies,
"strategic partners," were exaggerated and never translated into any
meaningful revenue for the company.
NuEworld and Ringgenberg, without admitting or denying any of the
SNIPPETS:
United States Securities and Exchange Commission
Civil Action No. 3 01-CV-1974-H
The Securities and Exchange Commission announced that on October 3, 2001, it filed a civil
The complaint alleges that NuEworld induced investment through false and misleading
In one instance NuEworld falsely claimed that an IPO was imminent, in another instance the
NuEworld also utilized the Internet and members of its network marketing force to sell shares
The Defendants are * NuEworld.com Commerce, Inc., a Delaware Corporation previously located
* Timothy C. Ringgenberg, age 34, a resident of Huntington Beach, California, and NuEworld's
Moreover, potentially lucrative business relationships with recognizable Internet companies,
NuEworld and Ringgenberg, without admitting or denying any of the allegations of the SEC's
Under terms of the settlement, NuEworld and Ringgenberg will be permanently enjoined from
Investors are advised to read the SEC's "Cyberspace" Alert before purchasing any investment
The free publication, which alerts investors to the telltale signs of online investment
Investors are encouraged to report suspicious Internet offerings via e-mail to.
|
