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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES EXCHANGE COMMISSION SUBPOENA INVESTMENT GROUP DISTRICT COURT ENFORCEMENT LITIGATION CIVIL ACTION JFS SOUTHERN DISTRICT RESPONSE MERIT TESTIMONY SOLD UNREGISTERED SECURITIES MATERIALLY FALSE MISLEADING STATEMENTS STATE MATERIAL FACTS INVESTOR PROCEEDS |
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17473 / April 16, 2002
Securities and Exchange Commission v. Oval Financial & Investment
Group Ltd., Civil Action No. 02-CV-0117 K (JFS) (S.D. Cal.)
The Securities and Exchange Commission announced that the U.S.
District Court for the Southern District of California granted its
application for enforcement of an investigative subpoena issued to
Oval Financial & Investment Group, Ltd. ("Oval Financial"). The Court
found that Oval Financial's response to an order to show cause why it
should not be compelled to comply with the Commission's subpoena was
without merit.
The Commission filed its application for enforcement of its subpoena
on January 17, 2002. The investigative subpoena sought documents and
testimony regarding, among other things, whether Oval Financial
offered and sold unregistered securities and made materially false and
misleading statements or omitted to state material facts concerning
the use of investor proceeds and the investments' rates of return.
_________________________________________________________________
Modified 04/17/2002
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