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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
EXCHANGE ACT ABRESCH ADMINISTRATIVE PROCEEDINGS EXCHANGE COMMISSION DISCOVERY CAPITAL GROUP ALLEGATIONS UNITED STATES PUBLIC ADMINISTRATIVE PROCEEDINGS JOHN ABRESCH SALES FLORIDA ENJOIN COMPLAINT DISTRICT VIOLATIONS LAWS ENJOINING RESPONDENT ABRESCH FUTURE VIOLATIONS THEREUNDER COMPLAINT ALLEGES MATERIAL MISREPRESENTATIONS OMISSIONS CONNECTION ANTIFRAUD PROVISIONS FEDERAL SECURITIES LAWS ADMINISTRATIVE LAW JUDGE DISPUTE REMEDIAL SANCTIONS |
United States Securities and Exchange Commission
Securities Exchange Act of 1934
Release No. 47518 / March 18, 2003
Administrative Proceeding
File No. 3-11067
Public Administrative Proceedings Instituted against John Abresch, the Vice
President of Sales of Discovery Capital Group, Inc.
The Securities and Exchange Commission ("Commission") announced that
it has instituted public administrative proceedings against John
Abresch ("Abresch"), of Coral Springs, Florida, pursuant to Section
15(b) of the Securities Exchange Act of 1934 ("Exchange Act"). On
March 14, 2002, the Commission filed an emergency action against
Abresch and others seeking to enjoin the ongoing fraudulent offering
of securities issued by Discovery Capital Group, Inc. (Discovery
Capital), a registered broker-dealer. On October 24, 2002, by
Abresch's consent, and without admitting or denying the allegations of
the Commission's Complaint, the United States District Court for the
Southern District of Florida entered a Judgment of Permanent
Injunction and Other Relief, enjoining Respondent Abresch from any
future violations of Section 17(a) of the Securities Act of 1933
(Securities Act), Section 10(b) of the Exchange Act and Rule 10b-5
thereunder.
The Commission's Complaint alleges that Abresch, while associated with
Discovery Capital Group, Inc. ("Discovery Capital"), made material
misrepresentations and omissions in connection with the sale of
securities issued by Discovery Capital in violation of the antifraud
provisions of the federal securities laws.
A hearing will be scheduled before an administrative law judge to
determine whether the allegations contained in the Order are true, to
provide Abresch an opportunity to dispute these allegations, and to
determine what, if any remedial sanctions should be imposed.
_________________________________________________________________
Modified 04/10/2003
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