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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
JUDGMENTS COMMISSION DEFENDANTS EXCHANGE COMMISSION DISTRICT COURT RELIEF DEFENDANTS CIVIL COLORADO PERMANENT VIOLATING ACT DISGORGEMENT PREJUDGMENT REGISTRATION PROVISIONS SECURITIES LAWS OFFERING SELLING COMMERCIAL SECURITIES MISLEADING INCOMPLETE INFORMATION NEXGEN FINANCIAL CORPORATION PERMANENTLY ENJOIN THEREUNDER IMPOSE CIVIL PENALTIES SANTA MONICA CALIFORNIA RECEIVED FUNDS FRAUDULENT SCHEME DELRAY BEACH FLORIDA |
United States Securities and Exchange Commission
Litigation Release No. 17466 / April 11, 2002
Civil Action No. 98-M-2014, U.S. District Court, Colorado.
The Securities and Exchange Commission ("Commission") announced today
that the U.S. District Court for the District of Colorado has entered
final judgments imposing permanent injunctive and other relief against
Commercial Express, LLC ("Commercial") and Progressive Financial, Inc.
("Progressive") in a case the Commission filed against these and other
defendants in September of 1998. The Commission alleged that
Commercial and Progressive violated the antifraud and registration
provisions of the securities laws by offering and selling Commercial
securities by way of false, misleading and incomplete information. The
Court also entered a final judgment against Nexgen Financial
Corporation ("Nexgen"), one of the relief defendants in the action.
The final judgments against Commercial and Progressive were entered by
default on March 18, 2002, and permanently enjoin these defendants
from violating Sections 17(a)(1), (2) and (3) of the Securities Act of
1933 and Sections 10(b) and 15(a) of the Securities Exchange Act of
1934 and Rule 10b-5 thereunder. The judgments further order that
Commercial and Progressive are jointly and severally liable for
disgorgement of $15,545,959.73 and prejudgment interest of
$6,386,910.74, and they impose civil penalties of $550,000 on each of
Commercial and Progressive. Commercial and Progressive were based in
Santa Monica, California.
The final judgment against relief defendant Nexgen was entered by
default on March 18, 2002. The Commission alleged that Nexgen had
received funds from Commercial and Progressive that were generated by
the fraudulent scheme. The judgment orders that Nexgen is liable for
disgorgement of $1,754,597.85 and prejudgment interest of $720,859.96.
Nexgen was located in Delray Beach, Florida.
_________________________________________________________________
Modified 04/11/2002
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