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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SUBPOENA TIMSON COMMISSION TESTIMONY DISTRICT ENFORCEMENT SECURITIES EXCHANGE COMMISSION REQUIRING CHARLES TIMSON ORDERED TIMSON ACCORDING COURT FILINGS SELLING BANK ANTIFRAUD PROVISIONS FEDERAL SECURITIES LAWS GROWTH BENEFIT SYSTEMS GBS PURPORTS BUYING SELLING NEGOTIABLE BANK NEGOTIABLE BANK INSTRUMENTS LETTERS CREDIT DIRECT PRIMARY OBLIGATIONS RATED INTERNATIONAL BANKS COMMISSION STAFF RESCHEDULE BOSTON DISTRICT OFFICE |
SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 17440 / March 27, 2002
UNITED STATES DISTRICT COURT ISSUES ORDER REQUIRING COMPLIANCE IN SEC
SUBPOENA ENFORCEMENT ACTION AGAINST CHARLES TIMSON
, Misc. No. 02- MBD-10076-RCL (D. Mass. March 15, 2002)
The Securities and Exchange Commission today announced that on March
15, 2002, the U.S. District Court for the District of Massachusetts
granted its application for enforcement of an investigative subpoena
against Charles Timson of Greenlawn, New York. The Court ordered
Timson to comply with the Commission's subpoena by providing sworn
testimony on March 29, 2002.
According to the Commission's court filings, Timson's testimony was
sought in connection with an investigation to determine whether he and
others may have violated the antifraud provisions of the federal
securities laws by selling investments in Growth Benefit Systems. GBS
purports to participate in buying and selling negotiable bank
instruments, including letters of credit, that are represented to be
"direct primary obligations of top rated international banks," with a
promised return of 20% per month.
According to court filings, Commission staff in January, 2002, issued
an investigative subpoena to Timson requiring him to provide
investigative testimony on February 26, 2002. Timson, however, failed
to appear on that date and did not respond to the Commission staff's
efforts to reschedule his testimony. The Commission filed its
application for enforcement of its subpoena on March 15, 2002. The
Court granted the Commission's application to enforce its subpoena the
same day and ordered Timson to appear to give testimony at the
Commission's Boston District Office on March 29, 2002.
_________________________________________________________________
Modified 03/27/2002
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