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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
ALPINE SECURITIES EXCHANGE COMMISSION UNITED STATES ACT INVESTORS MISREPRESENTATIONS VIOLATING ORLANDO COURT FRANK FUNDS ORDER REPAYMENT RETAINED JURISDICTION PROCEEDS ACCOUNTING COURT ORDERED BUTLER ENJOINING BUTLER FEDERAL PAYROLL TAXES CREDIT OBLIGATIONS MEETING INSOLVENT ATT JOINT VENTURES AGREEMENTS INDIVIDUAL INVESTORS COMMERCIAL ENTERPRISES HOTELS TELEVISION CABLE EQUIPMENT |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE NO. 14793 / January 24, 1996
SEC V. FRANK S. BUTLER Civil Action No. 94-1079-ORL-22
The Securities and Exchange Commission announced that on
January 8, 1996, the United States District Court in Orlando,
Florida issued a permanent injunction against Frank S. Butler
("Butler") that prohibits him from violating the anti-fraud
provisions of the federal securities laws. Butler allegedly made
misrepresentations to investors in a small Orlando cable company
that resulted in losses of over $900,000. Butler was president
of Alpine Cable, Inc. ("Alpine"). Alpine was in the business of
installing and maintaining television cable equipment in hotels
and other commercial enterprises. Butler allegedly defrauded
fifty-two individual investors in at least three states when he
misrepresented that Alpine had entered into new agreements and
joint ventures with ATT and other well known companies when, in
fact, Alpine was insolvent and not meeting its credit
obligations, including federal payroll taxes.
In addition to enjoining Butler from violating Sections
10(b) of the Exchange Act and 17(a) of the Securities Act, the
court ordered Butler to provide an accounting of all of the
proceeds of his activities, and retained jurisdiction to order
repayment of investor's funds.
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