 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
SEC LITIGATION RELEASE
|
EXTRACTED KEY WORDS
NORTH CAROLINA EXCHANGE COMMISSION DEFENDANTS USPIF CONTEMPT COURT INVESTMENT FUND SECURITIES SUBPOENA ACCOUNTING DIRECTING DISTRICT UNITED STATES BUSINESSMAN GREENSBORO INCARCERATION FINES REQUESTS MOROVER EQUITABLE RELIEF TEMPORARY RESTRAINING ORDER MOTION SUITE GREEN VALLEY ROAD TRANSFERRING DOCUMENTS DESTROYING PROHIBITED DEFENDANTS ORDER FREEZING ASSETS RAYMOND |
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17949 / January 24, 2003
, Case No. 1 02-CV1109 (M.D.N.C. ).
SECURITES AND EXCHANGE COMMISSION SEEKS CONTEMPT ORDER AGAINST
GREENSBORO, NORTH CAROLINA BUSINESSMAN AND HIS INVESTMENT FUND
On January 14, 2003, the Securities and Exchange Commission filed an
application in the United States District Court for the Middle
District of North Carolina seeking an order to show cause why United
States Private Investment Fund ("USPIF"), a purported international
fund doing business in North Carolina, and its principal, Raymond M.
Marker should not be held in contempt. The application states that
Marker and USPIF violated the Court's December 20, 2002 Order and
January 3, 2003 Order Freezing Assets of Defendants Marker and USPIF
and Directing an Accounting. Those orders (1) prohibited defendants
from destroying or transferring documents from their office at 701
Green Valley Road, Suite 306, Greensboro, North Carolina 27429 until
the Court's January 8, 2003 hearing on the Commission's motion for a
temporary restraining order and other equitable relief and (2)
required the defendants to submit to the Court and the Commission an
accounting on or before January 8, 2003. Although defendants were
served with the Orders, they have not complied with these
requirements. Instead, Marker removed substantially all contents
within his offices and left the state of North Carolina. Morover, the
Commission properly served Marker with a subpoena requiring him to
appear at the Court's January 8, 2003 hearing, but Marker failed to
appear.
The SEC's application requests that the Court (i) issue an order to
show cause; (ii) find that Marker and USPIF have acted in contempt of
the Court's December 20, 2002 and January 3, 2003 Orders and the
Commission's subpoena; and (iii) direct that fines and/or
incarceration will be imposed for every day in which Marker and USPIF
are found to be in contempt in the future.
_________________________________________________________________
Modified 01/27/2003
SNIPPETS:
|
|
|
| | | |
|
|
