 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
SEC LITIGATION RELEASE
|
EXTRACTED KEY WORDS
SECURITIES TELEFUND DEFENDANTS COMMISSION INVESTORS PARTNERSHIP MILLER EXCHANGE SALES EXCHANGE ACT VIOLATIONS ALLEGES PROSPECTIVE INVESTORS SOLICITATIONS ACCORDING JUDGEMENT DISGORGEMENT PERMANENT INJUNCTION PARTNERSHIP UNITS CRS UNITED STATES SALES ORGANIZATIONS COMPLAINT CHARGES AMOUNT ENTRY LAWS GENERAL PARTNERSHIP UNITS CONNECTION THEREUNDER |
-------------------- BEGINNING OF PAGE #1 -------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 14791 / January 23, 1996
SECURITIES AND EXCHANGE COMMISSION V. GREGORY LEE MILLER, CAPITAL
RESOURCE SPECIALISTS, INC., AND TELEFUND PARTNERS
Civil Action No. C-96-0336 MHP
The Securities and Exchange Commission (the "Commission")
today announced the filing of a Complaint in the United States
District Court for the Northern District of California against
Gregory Lee Miller, Capital Resource Specialists, Inc. ("CRS"),
and Telefund Partners ("Telefund") alleging that Miller, CRS, and
Telefund violated Sections 5 and 17(a) of the Securities Act of
1933 and Sections 10(b) and 15(a) of the Securities Exchange Act
of 1934, and Rule 10b-5 thereunder, in connection with the sale
of general partnership units in a 900 telephone line venture. In
the Complaint, the Commission seeks a permanent injunction
against each of the defendants for violations of the foregoing
provisions of the federal securities laws in connection with the
offer and sale to the public of unregistered securities of
Telefund. The Complaint also seeks disgorgement of investor
funds.
Simultaneously with the filing of the Complaint, and without
admitting or denying the allegations made against them, Miller,
CRS, and Telefund consented to the entry of a Final Judgment of
Permanent Injunction and Other Relief permanently enjoining them
from future violations of Sections 5 and 17(a) of the Securities
Act of 1933 and Sections 10(b) and 15(a) of the Securities
Exchange Act of 1934 and Rule 10b-5 thereunder. In addition, the
Final Judgment against the defendants will order them to disgorge
$269,435.00, jointly and severally. Miller, individually, agreed
to the entry of a judgment against him in the amount of
$65,869.53. However, Miller's disgorgement is waived based upon
his sworn Statement of Financial Condition and contingent upon
the accuracy and completeness of that statement.
According to the Complaint, beginning in or about November
1994, the defendants began to offer and sell to the public
securities designated as "general partnership units" in Telefund,
a partnership formed by defendant Miller under the laws of the
State of California. The Complaint charges that the partnership
units met the definition of a security and, therefore, should
SNIPPETS:
|
|
|
| | | |
|
|
