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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION PRIVATE FUNDING INVESTIGATIONS SUBPOENA EXCHANGE COMMISSION WYNN COMPANY MOTION FEDERAL SECURITIES LAWS UNITED STATES SECURITIES LITIGATION CIVIL USDC ENFORCE TESTIMONY SALES AGENTS SALT LAKE CITY COMMISSION ARGUES RELEVANT INVESTIGATIONS PRESCRIBED AUTHORITY INVESTMENT PRODUCT VIOLATIONS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 17134 / September 18, 2001
Securities and Exchange Commission v. Timothy Hansen and Private
Funding, Inc., Civil No. 2 01CV-0706K (USDC D.UT).
On September 12, 2001 the Commission filed an application for an order
to enforce an investigative subpoena served on Timothy Hansen and
Private Funding, Inc. on August 23, 2001. The subpoena sought
documents and testimony from Hansen and Private Funding related to
their activities as sales agents for notes issued by The Wynn Company,
a Utah corporation headquartered in Salt Lake City.
Hansen and Private Funding refused to comply with the subpoena on the
ground that the notes in question are not securities. In its motion,
the Commission argues (1) the Commission may conduct relevant
investigations within its prescribed authority in order to determine
whether the investment product in question is, in fact, a security and
whether there have been violations of the federal securities laws; and
(2) the notes offered by the Wynn Company appear to be securities as
defined by the federal securities laws. A hearing on the Commission's
motion has been scheduled for September 27, 2001.
_________________________________________________________________
Modified 09/18/2001
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