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SEC v WARREN J. SOLOSKI RELEASE NO.: 34-48551 Click to find out why . . .



Keywords & Phrases
CaseNo: 33-8293, Defendant: Warren J. Soloski Release No.: 34-48551, Plaintiff: SEC, State: OR Oregon, UniqueCaseRef: SEC>33-8293, Pay Pop, Securities, Act, Respondent, Soloski, Exchange Act, Stock, Shares, Financing, American Fronteer, Cibc Mellon, Commission, Outstanding, Material Nonpublic Information, Cease-and-desist Proceedings, Pursuant, Duty, Violations, United States, Instituting, Findings, Representation, Purchase, Trade, Trust, Thereunder, Receiving, Term Sheet, Disclosure, Securities Laws , ContentID: 120255606

Case Documents
1 2003-09-26 SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below  ] ItemID: 132896
5 pages
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Total Documents: 1 document , 5 pages
Price: $ 19.95


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1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS
SECURITIES
ACT
RESPONDENT
SOLOSKI
EXCHANGE ACT
STOCK
SHARES
FINANCING
AMERICAN FRONTEER
CIBC MELLON
COMMISSION
OUTSTANDING
MATERIAL NONPUBLIC INFORMATION
CEASE-AND-DESIST PROCEEDINGS
PURSUANT
DUTY
VIOLATIONS
UNITED STATES
INSTITUTING
FINDINGS
REPRESENTATION
PURCHASE
TRADE
TRUST
THEREUNDER
RECEIVING
TERM SHEET
DISCLOSURE
SECURITIES LAWS
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES ACT OF 1933
Release No. 8293 / September 26, 2003

SECURITIES EXCHANGE ACT OF 1934
Release No. 48551 / September 26, 2003

ADMINISTRATIVE PROCEEDING
File No. 3-11275
     _________________________________________________________________


   In the Matter of

   WARREN J. SOLOSKI,

   Respondent.

     _________________________________________________________________

   ORDER INSTITUTING CEASE-AND-DESIST PROCEEDINGS, MAKING FINDINGS, AND
   IMPOSING A CEASE-AND-DESIST ORDER PURSUANT TO SECTION 8A OF THE
   SECURITIES ACT OF 1933 AND SECTION 21C OF THE SECURITIES EXCHANGE ACT
   OF 1934

                                     I.

   The Securities and Exchange Commission ("Commission") deems it
   appropriate that cease-and-desist proceedings be, and hereby are,
   instituted pursuant to Section 8A of the Securities Act of 1933
   ("Securities Act") and Section 21C of the Securities Exchange Act of
   1934 ("Exchange Act"), against Warren J. Soloski ("Soloski" or
   "Respondent").

                                    II.

   In anticipation of the institution of these proceedings, Respondent
   has submitted an Offer of Settlement (the "Offer"), which the
   Commission has determined to accept. Solely for the purpose of these
   proceedings and any other proceedings brought by or on behalf of the
   Commission, or to which the Commission is a party, and without
   admitting or denying the findings herein, except as to the
   Commission's jurisdiction over him and the subject matter of these
   proceedings, Respondent consents to the entry of this Order
   Instituting Cease-and-Desist Proceedings, Making Findings, and
SNIPPETS:
  • SECURITIES AND EXCHANGE COMMISSION
  • SECURITIES EXCHANGE ACT OF 1934
  • ORDER INSTITUTING CEASE-AND-DESIST PROCEEDINGS, MAKING FINDINGS, AND IMPOSING A
  • The Securities and Exchange Commission deems it appropriate that cease-and-desist proceedings
  • In anticipation of the institution of these proceedings, Respondent has submitted an Offer of
  • Solely for the purpose of these proceedings and any other proceedings brought by or on behalf f 1933 and Section 21C of the Securities Exchange Act of 1934, as set forth below.
  • Respondent's primary practice concerns the United States securities laws.
  • Pay Pop, Inc. was a Nevada corporation with its principal place of business in British
  • In March 1999, Pay Pop had announced a 40-1 reverse stock split, leaving Pay Pop with
  • Soloski advised Pay Pop on corporate and securities law issues and represented Pay Pop in
  • As a result of Respondent's representation of Pay Pop, he was a temporary insider of Pay Pop.
  • On or about May 28, 1999, Soloski received a proposed term sheet from American Fronteer
  • Neither Soloski nor Pay Pop disclosed to the public that financing negotiations with American
  • Respondent made his purchase of Pay Pop stock based on material nonpublic information.
  • Several days after receiving the draft term sheet, Soloski flew to New York to meet with
  • At the meeting, American Fronteer informed Soloski that Pay Pop had 7.8 million shares issued
  • On June 8, 1999, Respondent confirmed through Pay Pop's transfer agent, CIBC Mellon Trust
  • Respondent advised CIBC Mellon that its actions violated United States securities laws.
  • Respondent executed the trade orders while in possession of the following material nonpublic
  • Section 10of the Exchange Act and Rule 10b-5 thereunder prohibit, among other things, the use
  • These provisions prohibit trading on the basis of material nonpublic information or the
  • Pursuant to Section 8A of the Securities Act and Section 21C of the Exchange Act, that
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