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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
PARTNERSHIPS SECURITIES FUNDS LIMITED PARTNERSHIPS BANK ACCOUNTS OFFICER EXCHANGE COMMISSION ACT FAILING RECORDKEEPING VIOLATIONS COMMITTING ASSETS AFFILIATED ENTITY TRANSACTIONS CONNECTION ACTING PERMANENT DISTRICT CIVIL ILLINOIS EDMUND CIVIL PENALTY IMPOSITION WAIVES PUBLIC COMPANY PERMANENTLY BARS THEREUNDER COMMITTING FUTURE VIOLATIONS |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14773 / January 3, 1996
SEC v. Edmund J. Lopinski, Jr. (U.S.D.C. N.D. Illinois Civil
Action No. 95 C 7556)
The Securities and Exchange Commission announced that on
December 22, 1995, the United States District Court for the
Northern District of Illinois entered a Final judgment and Order
of Permanent Injunction and Other Equitable Relief against Edmund
J. Lopinski, Jr. Lopinski consented to the entry of the Order
without admitting or denying the allegations made against him in
the Commission's Complaint.
The Complaint alleged that from October 1990 to May 1992,
Lopinski, while acting as president, chief executive officer and
director of Datronic Rental Corporation, the corporate general
partner of various public limited partnerships formed for the
purpose of investing in equipment leases, misappropriated
approximately $15 million of partnership funds for his personal
use. The Complaint alleged that the funds were diverted from the
limited partnerships in connection with two major transactions
which Lopinski caused the limited partnerships to enter into with
an affiliated entity. In connection with these transactions,
Lopinski caused funds belonging to the limited parnterships, or
for which limited partnership assets were pledged as security, to
be wire transferred to bank accounts in the name of the
affiliated entity. According to the Complaint, Lopinski used the
funds in these bank accounts to acquire personal assets including
an office building, a luxury condominium, yachts, a jet and a
custom home.
The Complaint alleged that Lopinski committed violations of
the antifraud, reporting and recordkeeping provisions of the
federal securities laws by, among other things, failing to
disclose his personal use of partnership funds in the offer and
sale of securities and in the partnerships' periodic filings,
falsifying the partnerships' books and records, making false and
misleading statements to Datronic's auditors, and failing to
implement a system of adequate internal accounting controls.
The Order enjoins Lopinski from committing future violations
of Section 17(a) of the Securities Act of 1933, Sections 10(b),
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