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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE SECURITIES DISTRICT SETTLES VIP EXCHANGE ACT EXCHANGE COMMISSION TIMOTHY WILLIAMSON SCHUCHARD FORMER CHAIRMAN CIVIL LITIGATION EDWARD MICHAEL DISTRICT COURT COLORADO CHIEF EXECUTIVE OFFICER COMPLAINT BROKER-DEALER VIOLATING THEREUNDER ALLEGATIONS SETTLEMENT WHEREBY AIDING ABETTING VIOLATIONS PAID CIVIL PENALTY PURSUANT JUDGEMENT |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 17220 / November 6, 2001
SEC v. TIMOTHY S. VASKO, EDWARD B. WILLIAMSON, AND MICHAEL J.
SCHUCHARD, U.S. District Court for the District of Colorado, C.A. No.
00-M-2593 (December 29, 2000)
SEC SETTLES FRAUD ACTION AGAINST TIMOTHY S. VASKO, FORMER CHAIRMAN AND
CHIEF EXECUTIVE OFFICER OF VIP GLOBAL CAPITAL, INC.
The Securities and Exchange Commission announced that it has settled
its civil injunctive action against Timothy S. Vasko, the former
chairman and chief executive officer of VIP Global Capital, Inc. The
Commission's Complaint alleged that Vasko made materially misleading
disclosure in VIP's filings with the Commission, particularly with
respect to VIP's credit arrangement with its major source of
financing; that Vasko, along with Edward B. Williamson, a stock
promoter who published an investment newsletter, engaged in a scheme
to tout VIP and manipulate the market for VIP's securities; and that
Michael J. Schuchard, a former senior vice president and member of
VIP's board, who also worked as a registered representative of a
broker-dealer, fraudulently sold securities of VIP to his brokerage
customers. The SEC settled with Williamson and Schuchard at the time
it instituted its civil action. See SEC Litigation Release No. 16855
(January 5, 2001).
Vasko, without admitting or denying the allegations of the Complaint,
agreed to a settlement whereby he would be permanently enjoined from
violating Sections 10(b) and 13(b)(5) of the Securities Exchange Act
of 1934 ("Exchange Act"), and Rules 10b-5 and 13b2-1 thereunder, and
from aiding and abetting violations of Section 13(a) of the Exchange
Act and Rule 13a-1 thereunder. Vasko also paid a $40,000 civil penalty
pursuant to Section 21(d)(3) of the Exchange Act. The U.S. District
Court for the District of Colorado entered the order of Final Judgment
against Vasko on April 17, 2001.
_________________________________________________________________
Modified 11/06/2001
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