SEC v VESTRON FINANCIAL CORP., et al


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Keywords & Phrases

CaseNo: LR-17443, CourtName: ON OCTOBER 25, 2001, THE COURT ENTERED AN ORDER GRANTING A TEMPORARY, Defendant: Vestron Financial Corp., et al., Plaintiff: SEC, State: FL Florida, UniqueCaseRef: SEC>LR-17443, Investment, Securities, Capital Partners, Relief, Exchange Commission, Investment Club, Offshore Fund, District, Receiver, Crescent, Asset, Kenney, Vestron Financial Corporation, Salman Shariff, Violating, Anti-fraud, Investment Company, Investment Advisor Provisions, Federal Securities Law, Massive Fraud, Unsuspecting Investors Nationwide, Named North Coast, North Coast Holdings, Rainbow Bridge, Purportedly Received Proceeds, Fraudulent Scheme, Order Granting, Asset Freeze , ContentID: 120252294

Case Documents

2002-03-27

SEC LITIGATION RELEASE
[ see first page and extracted highlights below ] ItemID: 127322

1 pages
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Total Documents: 1 document , 1 page. CAUTION. PLEASE NOTE THAT THIS IS A ONE PAGE CASE.

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1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS

INVESTMENT
SECURITIES
CAPITAL PARTNERS
RELIEF
EXCHANGE COMMISSION
INVESTMENT CLUB
OFFSHORE FUND
DISTRICT
RECEIVER
CRESCENT
ASSET
KENNEY
VESTRON FINANCIAL CORPORATION
SALMAN SHARIFF
VIOLATING
ANTI-FRAUD
INVESTMENT COMPANY
INVESTMENT ADVISOR PROVISIONS
FEDERAL SECURITIES LAW
MASSIVE FRAUD
UNSUSPECTING INVESTORS NATIONWIDE
NAMED NORTH COAST
NORTH COAST HOLDINGS
RAINBOW BRIDGE
PURPORTEDLY RECEIVED PROCEEDS
FRAUDULENT SCHEME
ORDER GRANTING
ASSET FREEZE
ORDER FREEZING ASSETS

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17443 / March 27, 2002

   Securities and Exchange Commission v. Vestron Financial Corp., et al.,
   Case No. 01-4269-CIV-SEITZ (USDC/SD FL)

   The Securities and Exchange Commission ("SEC") announced that on
   January 24, 2002, the Honorable Patricia A. Seitz ("Seitz"), United
   States District Judge for the Southern District of Florida, entered an
   order appointing Russell C. Weigel III, Esquire of Montello & Kenney,
   P.A., as receiver for Vestron Financial Corporation ("Vestron
   Financial"), Vestron Investment Club ("Investment Club"), Crescent
   Capital Partners, LP ("Capital Partners") and Crescent Capital
   Offshore Fund ("Offshore Fund").

   The SEC's Complaint filed on October 16, 2001, alleged that Defendants
   Vestron Financial, Salman Shariff, Investment Club, Capital Partners
   and Offshore Fund (collectively referred to as "Defendants") were
   violating the anti-fraud, registration, investment company and
   investment advisor provisions of the federal securities law. The SEC
   alleged that Defendants perpetrated a massive fraud, which duped
   hundreds of unsuspecting investors nationwide out of over $11 million.
   The SEC also named North Coast Holdings, Ltd and Rainbow Bridge as
   Relief Defendants because they purportedly received proceeds from
   Defendants' fraudulent scheme.

   On October 25, 2001, the Court entered an Order granting a Temporary
   Asset Freeze and Other Relief as to all Defendants and Relief
   Defendants. On November 2, 2001, the Court entered an Order Freezing
   Assets and Other Relief.
     _________________________________________________________________

Modified 03/27/2002

SNIPPETS:

U.S. SECURITIES AND EXCHANGE COMMISSION

Securities and Exchange Commission v. Vestron Financial Corp., et al., Case No.

Offshore Fund.

The SEC's Complaint filed on October 16, 2001, alleged that Defendants Vestron Financial,

The SEC alleged that Defendants perpetrated a massive fraud, which duped hundreds of

The SEC also named North Coast Holdings, Ltd and Rainbow Bridge as Relief Defendants because

On October 25, 2001, the Court entered an Order granting a Temporary Asset Freeze and Other

On November 2, 2001, the Court entered an Order Freezing Assets and Other Relief.


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