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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION INTERNET DUBOSE INVESTMENTS COMPLAINT EXCHANGE COMMISSION DISTRICT DEFENDANTS PERMANENT INJUNCTION SHARES UNITED STATES DWIGHT CIVIL TEXAS PRE-IPO STOCK VIOLATIONS SOLD IPOS ACT NUMEROUS MISLEADING CLAIMS PREPARING WORTH ALLEGED MISCONDUCT THEREUNDER ENTRY ADMITTING DENYING ALLEGATIONS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 17442 / March 27, 2002
SECURITIES AND EXCHANGE COMMISSION V. NEW WORLD WEB VISION.COM, INC.,
CAPTIAL CORP INVESTMENTS INTERNATIONAL, INC., and DWIGHT D. DUBOSE,
Civil Action No. 4 00-CV-0231-Y (USDC/Northern District of Texas).
Today, the Commission announced that it settled an internet, pre-IPO,
stock offering fraud with the last remaining defendants, New World Web
Vision.com, Inc. ("World Web") and Capital Corp Investments
International, Inc. ("Capital"). Based on the World Web and Capital
agreement, the Hon. Terry R. Means, United States District Judge for
the Northern District of Texas, entered a permanent injunction
enjoining each company from further violations of the federal
securities laws. Previously, the Court had entered an agreed permanent
injunction against Dwight D. Dubose, the principle of the two
companies. The Commission dismissed is claims for disgorgement and
civil penalties against the entities because each has been placed into
receivership and has no substantial assets.
The Commission's Complaint alleged that from at least November 1998
through March 2000, Dubose and the two companies publicly offered and
sold unregistered shares of stock through two Internet web sites and
thousands of unsolicited e-mail messages, commonly known as "spam."
The complaint further alleged that Dubose, playing off investor
interest in successful Internet IPOs', made numerous misleading claims
that World Web and/or Capital were preparing to conduct an IPO. The
Commission alleged that Dubose offered and sold "pre-IPO shares" at
$.60 per share, and fraudulently told investors that their shares
would be worth $16-$17 per share when the companies went public.
As a result of their alleged misconduct, the Complaint charged the
defendants with 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. The defendants agreed to the
entry of the injunctions without admitting or denying the allegations
in the Commission's Complaint.
_________________________________________________________________
Modified 03/28/2002
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