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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
SECURITIES EXCHANGE EXCHANGE ACT UNITED STATES PETER ALLEGES DISTRICT STOCKS EXCHANGE COMMISSION ADMINISTRATIVE PROCEEDING TOSTO ENFORCEMENT ALLEGES PROCEEDINGS PURSUANT STATES DISTRICT COURT SOUTHERN DISTRICT YORK COMPLAINT CORPORATIONS ACQUIRED CONTROL SHELL CORPORATIONS ARTIFICIAL TRADING PRICES FRAUD UNREGISTERED SALES AFFORD LYBRAND DEFENSE ALLEGATIONS REMEDIAL ACTION PENNY STOCK BAR |
United States Securities and Exchange Commission
Securities Exchange Act of 1934
Release No. 47313 / February 5, 2003
Administrative Proceeding
File No. 3-11028
Peter C. Lybrand f/k/a Peter C. Tosto
The Commission issued an Order Instituting Public Administrative
Proceedings pursuant to Section 15(b)(6) of the Securities Exchange
Act of 1934 against Peter C. Lybrand (Lybrand), formerly known as
Peter C. Tosto, based on his alleged previous criminal conviction in
United States v. Tosto, Crim. Information No. 00 Cr 1082 (DC). The
Division of Enforcement alleges that Lybrand was sentenced for his
conduct on March 15, 2001, by the United States District Court for the
Southern District of New York.
In addition, the Division of Enforcement alleges that on March 28,
2002, the United States District Court for the Southern District of
New York entered a default judgment against Lybrand, permanently
enjoining him from future violations 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 promulgated thereunder (Securities
and Exchange Commission v. Lybrand, et al., Civil Action No. 00-1387).
The criminal complaint and the Securities and Exchange Commission's
complaint alleged, among other things, that Lybrand orchestrated a
complex series of transactions in which he acquired control of three
shell corporations, created artificial trading markets in the stocks
of those corporations, artificially inflated the prices of the stocks,
and profited from the fraud through unregistered sales of the stocks
into the public markets.
The Division of Enforcement instituted public administrative
proceedings pursuant to Section 15(b)(6) of the Exchange Act to afford
Lybrand the opportunity to establish a defense to the Order's
allegations and to determine what, if any, remedial action is
appropriate in the public interest, and whether a penny stock bar is
appropriate, against Lybrand.
_________________________________________________________________
Modified 02/06/2003
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