UNITED STATES DISTRICT COURT
FOR THE SOUTHERN DISTRICT OF FLORIDA
Miami Division
Case No. 96-1754-Civ-Moore
Magistrate Bandstra
________________________________________________)
FEDERAL TRADE COMMISSION, ))
Plaintiff, )
v. )
)
MICHAEL CHIERICO, TERI CHIERICO, )
AMERICAN BUSINESS SUPPLIES, INC., )
INTERSTATE OFFICE SYSTEMS, INC., and )
NATIONWIDE OFFICE PRODUCTS, INC., ))
Defendants. )
________________________________________________)
STIPULATED ORDER AND SETTLEMENT OF CLAIMS
THIS MATTER comes before the Court upon a joint request by all parties, the Federal
Trade Commission ("FTC"), the Receiver Clinton R. Losego, Michael Chierico, and Teri
Chierico, for entry of this Stipulated Order and Settlement Of Claims, resolving all claims and
issues involving possession, control, and distribution of assets held by the Chiericos as tenants by
the entirety and assets held solely by Teri Chierico and as to certain matters relating to Michael
Chierico. By Stipulation of the parties, the Court finds as follows:
1. On November 13, 1996, pursuant to stipulation of the parties, this Court entered a
Stipulated Final Judgment enjoining defendants Michael Chierico, Teri Chierico, American
Business Supplies, Inc., Interstate Office Systems, Inc., Nationwide Office Products, Inc. and
Creative Business Consultants, Inc. ("defendants") from making misrepresentations in the
telemarketing of goods, engaging in deceptive telemarketing practices, and shipping and billing
for unordered merchandise; requiring the individual defendants to post a performance bond should
they resume their telemarketing business activities; and requiring defendants to pay consumer
SNIPPETS:
THIS MATTER comes before the Court upon a joint request by all parties,
Trade Commission, the Receiver Clinton R. Losego, Michael Chierico, and Teri
the entirety and assets held solely by Teri Chierico and as to certain matters relating to
By Stipulation of the parties,
Stipulated Final Judgment enjoining defendants Michael Chierico, Teri Chierico, American
Creative Business Consultants, Inc. from making misrepresentations in the
requiring the individual defendants to post a performance bond should
a Receiver of the corporate defendants.
Chierico, American Business Supplies, Inc., Interstate Office Systems, Inc., and Nationwide
Office Products, Inc. in civil contempt, banning defendants from engaging in any telemarketing
sales and from sales of office supplies by direct mail, transferring defendants' assets to
Chiericos were held in contempt for failing to pay the FTC the $2 million amount ordered by
Michael Chierico and three corporate defendants and vacating the order as to Teri Chierico.
Chierico and Teri Chierico, by and through their counsel, have agreed to the entry of this
ownership, possession, control, title, and distribution of assets held by the Chiericos as
effect as to Michael Chierico and Teri Chierico, American Business Supplies, Inc., Interstate
Office Systems, Inc., and Nationwide Office Products, Inc.
Chierico, as tenants by the entirety, shall transfer, convey, and assign by warranty deed and
sale, and release to the Receivership Estate for purposes of consumer redress consistent with
Prudential Securities Account numbers 032-592341, 032-589464, 032-R10795,
shall convey and transfer by warranty deed and bill of sale, title to the Broadview Property,
Fourplex and waive any claim to the Fourplex or the proceeds of sale.
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