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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES DISGORGEMENT CIVIL PENALTIES ISAACS TFC TAMARACK ENTITIES EXCHANGE COMMISSION TAMARACK FUNDING FLORIDA RELIEF DEFENDANTS GARRY JUDGEMENT TEXAS ACT DISTRICT JUDGMENT ENJOINED TFC VIOLATING THEREUNDER CIVIL MONEY PENALTIES DEFUNCT LONGER OPERATING BANKRUPTCY ASSETS JUDGMENT SETTING AMOUNT PREJUDGMENT IMPOSING CIVIL PENALTIES UNITED STATES DISTRICT STATES DISTRICT COURT SOUTHERN DISTRICT |
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17470 / April 12, 2002
DISGORGEMENT AND CIVIL PENALTY CLAIMS AGAINST TAMARACK FUNDING
CORPORATION AND RELATED CORPORATE RELIEF DEFENDANTS DISMISSED BY SEC
Securities and Exchange Commission v. Tamarack Funding Corp. and Garry
P. Isaacs, Civil Action No. 00-6730 (S.D. Florida, filed May 31, 2000)
The Securities and Exchange Commission ("Commission") announced that
on March 14, 2002, it voluntarily dismissed its claims for
disgorgement and civil penalties against Tamarack Funding Corporation,
a Texas corporation ("TFC of Texas") and Tamarack Funding Corporation,
a Florida corporation ("TFC of Florida") (collectively, "TFC"), and
its disgorgement claims against relief defendants Tamarack Lenders
Trust and Tamarack Capital Management Corp. (collectively the
"Tamarack Entities"). The SEC had previously obtained a Judgment of
Permanent Injunction and Other Relief ("Judgment") against the
Tamarack Entities and their president, Garry P. Isaacs ("Isaacs"), by
their consent, without admitting or denying the allegations of the
Complaint, in connection with the fraudulent offering unregistered
securities issued by TFC. The Judgment enjoined TFC and Isaacs from
violating Sections 5(a), 5(c), and 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 provided for setting disgorgement against the
Tamarack Entities and Isaacs and, for civil money penalties against
TFC and Isaacs.
The SEC voluntarily dismissed its claims for disgorgement against the
Tamarack Entities, and its claims for civil penalties against TFC,
because those entities are defunct and no longer operating, are
currently in bankruptcy and do not have any assets. A Final Judgment
Setting Amount of Disgorgement, Prejudgment Interest, and Imposing
Civil Penalties against Garry P. Isaacs was entered by the United
States District Court for the Southern District of Florida on October
23, 2001.
_________________________________________________________________
Modified 04/12/2002
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