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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION INVESTMENT ADVISER YORK INVESTMENT ADVISER COMPLAINT DISCLOSING EXCHANGE COMMISSION CIVIL JUDGEMENT INVESTMENT ADVISER HENRY DISTRICT ALLEGES VIOLATING ACT ADMITTING DENYING PAID SHARES STOCK UNDR CLIENTS STOCK-PICKING INTERNET WEBSITE SUBSCRIBER NEWSLETTERS WORTH INVESTMENT ADVISORY CLIENTS CONFLICT RELATED ADMINISTRATIVE PROCEEDING UNDERTAKINGS PROSPECTIVE CLIENTS FINDINGS |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 17423 / March 19, 2002
Securities and Exchange Commission v. U.N. Dollars Corp., et al.,
Civil Action No. 01-CV-9059 (AGS) (S.D.N.Y.)
FINAL JUDGMENT ENTERED AGAINST
NEW YORK INVESTMENT ADVISER HENRY WEINGARTEN
The Commission announced today that the Honorable Alan G. Schwartz of
the United States District Court for the Southern District of New York
has entered a Final Judgment against New York investment adviser Henry
Weingarten. In its complaint, the Commission alleges, among other
things, that Weingarten violated Section 17(b) of the Securities Act
of 1933 and Sections 206(1) and 206(2) of the Investment Advisers Act
of 1940. Weingarten consented, without admitting or denying the
Commission's allegations, to be permanently enjoined from violating
these provisions and to pay a $15,000 civil penalty.
The Commission's complaint charges that Weingarten failed to disclose
that he was paid 250,000 shares of U.N. Dollars ("UNDR") stock to
promote the company's securities on his stock-picking Internet
website, Afund.com, and in subscriber newsletters. The complaint also
alleges that after having been compensated to promote UNDR's
securities, Weingarten purchased $75,000 worth of UNDR securities for
his investment advisory clients, without disclosing his conflict of
interest to them, and without disclosing that he was paid 250,000
shares of UNDR stock.
In a related administrative proceeding, instituted on March 19, 2002,
Weingarten was censured and ordered to comply with certain
undertakings, including the requirement that he provide copies of the
Commission's Order to his actual and prospective clients for the
period of one year. Weingarten consented to the Order without
admitting or denying the Commission's findings. (Release No. )
_________________________________________________________________
Modified 03/20/2002
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