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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
VAUGHN SECURITIES UNITED STATES EXCHANGE COMMISSION FINANCIAL RESOURCES CURT ARVIDSON CIVIL PENALTIES DEFENDANTS GEORGE UTAH DISTRICT JUDGEMENT PERMANENT PAY VIOLATIONS SECURITIES ACT COURT MUNICIPALITIES PRIME BANK TRADING BANK TRADING PROGRAM SOLICITING WESTERN UNITED STATES OFFERING SELL SCHEME ASSETS INTERNATIONAL MONETARY FUND RISK LOSS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 17142 / September 20, 2001
Securities and Exchange Commission v. Alamin, Inc., Financial Resources,
George L. Vaughn and Curt Arvidson, Civil Action No. 2 99CV-576J (USDC Utah)
On September 13, 2001, Bruce S. Jenkins, United States District Judge
for the District of Utah, signed an order for summary judgment and
judgment of permanent injunction and other relief against Alamin,
Inc., and George Louis Vaughn, Jr. Vaughn and Alamin were ordered to
pay $500 in civil penalties. Defendants Curt Arvidson and Financial
Resources were permanently enjoined by consent on July 31, 2001, and
ordered to pay $10,000 in civil penalties. Arvidson and Financial
Resources have paid that amount to the Commission. All the defendants
were enjoined from further violations of Sections 5(c) and 17(a) of
the Securities Act of 1933.
The Court found that defendants Alamin and Vaughn violated Sections
5(c) and 17(a) of the Securities Act by soliciting at least 23
municipalities located primarily in the western United States,
offering to sell over $649 million in interests in a prime bank
trading program; ultimately, none of the municipalities invested in
the scheme. The Court found that Alamin and Vaughn claimed they would
use the assets as collateral in a prime bank trading program which was
endorsed by the International Monetary Fund and guaranteed returns of
130% a month with no risk of loss.
_________________________________________________________________
Modified 09/26/2001
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