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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE COMMISSION SECURITIES COURT FAILURE JUDGEMENT AMOUNT DONALD PAY INCARCERATION WRIT JUDGE DISTRICT CIVIL FRAUD CUSTODY COURT DISCHARGES CIVIL CONTEMPT SATISFY ORDER REQUIRED WALLACE PAY DISGORGEMENT PLUS PREJUDGMENT POST JUDGMENT CIVIL PENALTY ALTERNATE PAYMENT PLAN UNDERLYING PRIME BANK FRAUD CAYMAN ISLANDS PRESIDENT LIT |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 17136 / September 18, 2001
SECURITIES AND EXCHANGE COMMISSION v. KENTON CAPITAL, LTD., et al.,
Case No. 95CV00829 (D.D.C.)
DONALD WALLACE JAILED FOR FAILURE TO COMPLY WITH COURT ORDER TO PAY
FRAUD JUDGMENT
The Securities and Exchange Commission announced today that on
Wednesday, September 5, 2001, Donald C. Wallace surrendered to federal
authorities. Wallace was then incarcerated as a result of a Writ of
Body Attachment issued on August 24, 2001 by Judge Colleen
Kollar-Kotelly of the United States District Court for the District of
Columbia in SEC v. Kenton Capital, Ltd., et al. Under the terms of the
Writ, Wallace shall remain in custody until such time as the Court
discharges him.
Wallace's incarceration resulted from his failure to comply with a
July 12, 2001 Order of Judge Kollar-Kotelly that held Wallace in civil
contempt for his failure to satisfy a judgment the Commission obtained
on September 30, 1998. The Order required Wallace, within thirty days
of the date of the Order, either to pay disgorgement in the amount of
$265,245.10 (plus prejudgment interest in the amount of $86,665.83 and
post judgment interest) and a civil penalty in the amount of $1.2
million, or enter into an alternate payment plan that is acceptable to
the Commission and the Court. The securities fraud judgment in the
underlying case stemmed from a prime bank fraud perpetrated through
Kenton Capital, Ltd., an entity incorporated in the Cayman Islands and
of which Wallace was President. See also Lit. Rel. No. , July 19,
2001.
_________________________________________________________________
Modified 09/18/2001
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