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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
CAROLINA FIRST COMMUNITY BANK SECURITIES EXCHANGE COMMISSION CIVIL PENALTY COMPLAINT COMMUNITY BANK SHAREHOLDERS DANIEL MARCUS BOYD DISTRICT NORTH CAROLINA PERMANENT INJUNCTION CHAIRMAN OFFICER ACQUISITION PURCHASING SHARES ENTRY IMPOSITION ADMITTING DENYING ALLEGATIONS TRUST COMPANY ACQUISITION TARGET MEMBERS DIRECT NEGOTIATIONS RESCISSION PLED GUILTY MISDEMEANOR STATE SECURITIES FRAUD LIT |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17392 / March 5, 2002
SECURITIES AND EXCHANGE COMMISSION V. DANIEL MARCUS BOYD, III, Civil
Action No. 5 00CV144-V (W.D.N.C. February 28, 2002)
The Securities and Exchange Commission announced that on February 28,
2002, the Honorable Richard L. Voorhees of the United States District
Court for the Western District of North Carolina entered a permanent
injunction against Daniel Marcus Boyd, III, the former chairman and
chief executive officer of Carolina First Bancshares, Inc., enjoining
Boyd from violations of Section 10(b) of the Securities Exchange Act
of 1934 and Rule 10b-5 thereunder. The Court's order also directed
Boyd to pay a civil penalty of $147,725.02. Boyd consented to entry of
the permanent injunction and the imposition of civil penalties without
admitting or denying the allegations in the Commission's complaint.
The complaint, filed on September 20, 2000, alleged that in November
1997 Boyd began to examine Community Bank & Trust Company as a
possible acquisition target for Carolina First. Simultaneously, Boyd
began a program of purchasing shares in Community Bank for himself and
members of his family through direct negotiations with Community Bank
shareholders. The complaint alleged that Boyd omitted to tell the
shareholders that he was the chairman and CEO of Carolina First and
omitted to tell them that he was discussing a possible acquisition of
Community Bank by Carolina First with officers and directors of
Community Bank. Previously, Boyd made a rescission offer to the
Community Bank shareholders from whom he had purchased shares and, in
April 1999, pled guilty to two misdemeanor counts of North Carolina
state securities fraud.
See also Lit. Release No. (September 20, 2000)
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Modified 03/06/2002
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