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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES AMERICAN PROMETHEUS EXCHANGE COMMISSION JAMES NORVILLE COMPLAINT OFFERINGS AMERICAN PROMETHEUS STOCK DISTRICT COLORADO MABEL CENTRAL CITY VIOLATIONS INVESTORS SALE SECURITIES FRAUD ACT PAYMENT SWORN FINANCIAL STATEMENTS MISAPPROPRIATED INVESTOR FUNDS FUTURE VIOLATION THEREUNDER ACTING OFFICERS DIRECTORS PARTICIPATING PENNY STOCK DISGORGEMENT PLUS PREJUDGMENT CIVIL MONEY PENALTY |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 18089 / April 14, 2003
, Civ. Action No. 02-N-1586 (MJW) (District of Colorado)
The Securities and Exchange Commission announced that on April 7,
2003, U. S. District Judge Edward Nottingham entered permanent
injunctions, by consent, against American Prometheus Corp., James P.
Norville and Mabel R. Norville, all of Central City, Colorado, for
violations of the antifraud and registration provisions of the federal
securities laws. American Prometheus was purportedly in the business
of developing a hotel and casino in Central City. James Norville was
the company's former president and director, and his wife, Mabel
Norville, is a director and secretary of the company.
The complaint alleged that between April 1997 and April 2000, the
Norvilles offered more than $3.6 million in securities and raised
approximately $1.1 million from 79 investors nationwide through a
series of five American Prometheus offerings and through the
Norvilles' sale of their own shares of American Prometheus stock. The
complaint claimed that the Norvilles failed to disclose criminal
securities fraud charges pending against James Norville relating to
one of the Norvilles' previous companies and his subsequent guilty
plea to securities fraud. It was also alleged that the Norvilles
misappropriated investor funds for their personal use. Finally, the
complaint contended that American Prometheus' securities offerings and
the Norvilles' sale of their own American Prometheus stock were not
registered.
American Prometheus and the Norvilles were enjoined from future
violation of Sections 5(a), 5(c) and 17(a) of the Securities Act of
1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule
10b-5 thereunder. The Norvilles were also barred from acting as
officers or directors of any publicly held company and from
participating in any offering of penny stock. The order requires
payment of disgorgement of $581,277 plus prejudgment interest from the
Norvilles, but payment was waived based upon their sworn financial
statements. Further, no civil money penalty was imposed on the
Norvilles based upon their sworn financial statements
See also, (August 15, 2002)
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Modified 04/15/2003
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