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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
FREELAND SECURITIES DISTRICT EXCHANGE COMMISSION SCORPION JUDGEMENT DUDLEY MIHRAN FREELAND STOCK CALIFORNIA FUTURE VIOLATIONS THEREUNDER REGULATION DISGORGEMENT DOCKET CONTROLLING MEANING PREVIOUSLY DISGORGED PURSUANT STIPULATION DEFUNCT REGISTERED BROKER-DEALER FRAUDULENT SCHEME REGISTERED OFFERING SHARES SCORPION COMMON STOCK SUSPENSE DOCKET PENDING DOCKET PENDING RESOLUTION RELATED CRIMINAL PROCEEDING DISTRICT COURT NORTHERN DISTRICT ACTIVE DOCKET |
U.S. SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 17478 / April 18, 2002
SEC SETTLES CHARGES AGAINST DUDLEY MIHRAN FREELAND FOR FRAUD INVOLVING
SALES OF SCORPION STOCK
SECURITIES AND EXCHANGE COMMISSION V. SCORPION TECHNOLOGIES, INC., ET
AL., 96-CIV-1005 (S.D.N.Y.)
The Securities and Exchange Commission announced that on April 15,
2002, the Honorable Barbara S. Jones, United States District Judge for
the Southern District of New York, entered a Final Judgment of
Permanent Injunction and Other Equitable Relief by Consent against
Dudley Mihran Freeland ("Freeland") of Los Angeles County, California.
The Final Judgment enjoins Freeland from future violations of Section
17(a) of the Securities Act of 1933 and Section 10(b) of the
Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Rules
101 and 102 of Regulation M promulgated under Section 10(b) of the
Exchange Act, and as a controlling person within the meaning of
Section 20(a) of the Exchange Act, from future violations of Sections
10(b) and 15(c)(1) of the Exchange Act and Rules 10b-3, 10b-5, 15c1-2
and 15c1-6 thereunder, and Rules 101 and 102 of Regulation M
promulgated under Section 10(b) of the Exchange Act. The Final
Judgment also provides that the Commission's claim for disgorgement
against Freeland is satisfied by the assets previously disgorged
pursuant to the Stipulation and Order, dated December 31, 1991, in SEC
v. H.K. Freeland & Company, Inc., 91 Civ. 7986 (S.D.N.Y.). The
Commission's Amended Complaint filed May 9, 1996 alleged that
Freeland, through H.K. Freeland & Company, a now defunct registered
broker-dealer, participated in a fraudulent scheme involving a
registered offering of two million shares of Scorpion common stock.
This case, which had been put on the suspense docket pending
resolution of a related criminal proceeding in the District Court for
the Northern District of California, was restored to the active docket
in July 2001.
_________________________________________________________________
Modified 04/18/2002
SNIPPETS:
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