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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
EXCHANGE ACT COMMISSION DESANTIS SECURITIES FUTURE VIOLATIONS DISTRICT THEREUNDER ACCOUNTING OFFICER DISCLOSE COMPLAINT COMMITTING CAUSING INTERNATIONAL THOROUGHBRED BREEDERS NUNZIO DESANTIS PUBLICLY TRADED COMPANIES SETTLEMENT MEXICO AUTOLEND WARNER QUIGLEY STATES DISTRICT COURT RELATED PARTY TRANSACTIONS ITB ALLEGATIONS ADMITTING DENYING ENTRY JUDGMENT PERMANENTLY ENJOINING |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 17361 / February 14, 2002
Accounting and Auditing Enforcement
Release No. 1506 / February 14, 2002
Securities and Exchange Commission v. International Thoroughbred
Breeders, Inc., and Nunzio DeSantis, Case No. 1 02CV00282 (D.D.C.
filed February 13, 2002)
Securities and Exchange Commission v. Nunzio DeSantis, Case No.
CIV-01-484 (D.N.M.) (April 30, 2001)
SEC CHARGES FORMER HORSE RACETRACK COMPANY AND THREE OF ITS OFFICERS
FOR ACCOUNTING VIOLATIONS
The Securities and Exchange Commission ("Commission") announced today
that it filed a settled civil action alleging that Nunzio DeSantis
("DeSantis") of Albuquerque, New Mexico, violated anti-fraud,
disclosure and tender offer provisions of the federal securities laws
while an officer and director of two publicly traded companies,
International Thoroughbred Breeders, Inc. ("ITB") of New Jersey, and
AutoLend Group, Inc. ("AutoLend") of Albuquerque. The Commission also
announced that it instituted settled cease-and-desist proceedings
against ITB's Chief Financial Officer, William H. Warner, and former
President, Robert J. Quigley.
In the federal court action, which was filed in the United States
District Court for the District of Columbia, the Commission alleged
that DeSantis aided and abetted ITB's failure to disclose and properly
account for certain related party transactions in its Forms 10-Q for
the quarters ended December 31, 1996 and March 31, 1997. According to
the Complaint, DeSantis repaid ITB the personal expenses paid on his
behalf in 1999. The Commission also alleged that DeSantis engaged in a
scheme to defraud the holders of AutoLend's 9.5% convertible
subordinated debentures during a self tender offer made on October 22,
1996 to the AutoLend bondholders, and that DeSantis aided and abetted
AutoLend's failure to disclose related party transactions in the
company's December 31, 1996 Form 10-Q and in its March 31, 1997 Form
10-K. The allegations relating to AutoLend were originally contained
in a complaint the Commission filed against DeSantis on May 1, 2001,
in the United States District Court for the District of New Mexico
(LR- 16985). As part of a settlement with the Commission, the New
Mexico case was dismissed and refiled as part of the District of
Columbia action.
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