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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
DISTRICT JERSEY UNITED STATES STATES DISTRICT COURT SECURITIES CONTEMPT SCAM ANGELICA GWINNETT INVESTOR ASSET FREEZE ORDER EXCHANGE INTERNET CIVIL FUNDING VIOLATION ARREST ATTORNEY CHARGES ESCROW ACCOUNT PAY ATTORNEY FEES COSTS RELATED MATTER WIRE FRAUD OBSTRUCTION JUSTICE ANGELICA GWINNETT A/K/A A/K/A ANGELICA VALENZUELA CRIMINAL ACTION KSH |
U.S. Securities and Exchange Commission
Litigation Release No. 18365 / Septmeber 26, 2003
NEW JERSEY WOMAN HELD IN CONTEMPT IN INTERNET SCAM
, United States District Court for the District of New Jersey, Civil Action
No. 02-2089 (WJM)
On September 11, 2003, the United States District Court for the
District of New Jersey granted the Securities and Exchange
Commission's application for an order of civil contempt against
Angelica Gwinnett. Gwinnett is the former president of U.S. Funding
Corporation, a New Jersey company that defrauded investors out of over
$2 million in an internet securities scam and is now in a
court-ordered receivership. The court found that Gwinnett violated an
asset freeze order issued on May 2, 2002 by cashing an investor check
and continuing to spend investor funds after the company's assets were
frozen. The contempt order requires Gwinnett to remit $22,327.34 to
the company's escrow account within ten days of her receipt of the
order or face possible arrest. Gwinnett must also pay attorney fees
and costs to the SEC.
In a related matter, the United States Attorney for the District of
New Jersey has arrested Gwinnett for the misconduct previously charged
by the SEC. An indictment unsealed on September 11, 2003, charges
Gwinnett with ten counts of wire fraud for her role in the U.S.
Funding scam and one count of obstruction of justice for her violation
of the asset freeze order. See United States v. Angelica Gwinnett
a/k/a Angelica Valenzuela, United States District Court for the
District of New Jersey, Criminal Action No. 03-638 (KSH).
_________________________________________________________________
Modified 09/26/2003
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