SEC v THE ROCKIES FUND, INC., STEPHEN G. CALANDRELLA, et al


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Keywords & Phrases

CaseNo: 34-48590, Defendant: The Rockies Fund, Inc., Stephen G. Calandrella, Charles M. Powell, Clifford C. Thygesen, John C. Power, Plaintiff: SEC, State: WA Washington, UniqueCaseRef: SEC>34-48590, Calandrella, Fund, Securities, Investment Company, Exchange Act, Violations, Manipulation, Rockies Fund, Premier, Powell, Premier Shares, Reports, Commission, Power, Sales, Materials, Respondents, Proceeding, Compensation, Matched Orders, Periodic Reports, Material Misstatements, Premier Stock, Wash Sales, Antifraud Provisions, Connection, Gaap, Transaction, Substantiate, Private Placement , ContentID: 120255928

Case Documents

2003-10-02

SEC COMMISSION OPINION
[ see first page and extracted highlights below ] ItemID: 133218

46 pages
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Total Documents: 1 document , 46 pages

Price: $ 19.95

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1 . SEC COMMISSION OPINION

EXTRACTED KEY WORDS

FUND
SECURITIES
INVESTMENT COMPANY
EXCHANGE ACT
VIOLATIONS
MANIPULATION
ROCKIES FUND
PREMIER
POWELL
PREMIER SHARES
REPORTS
COMMISSION
POWER
SALES
MATERIALS
RESPONDENTS
PROCEEDING
COMPENSATION
MATCHED ORDERS
PERIODIC REPORTS
MATERIAL MISSTATEMENTS
PREMIER STOCK
WASH SALES
ANTIFRAUD PROVISIONS
CONNECTION
GAAP
TRANSACTION
SUBSTANTIATE
PRIVATE PLACEMENT

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

SECURITIES EXCHANGE ACT OF 1934
Rel. No. 48590 / October 2, 2003

INVESTMENT COMPANY ACT OF 1940
Rel. No. 26202 / October 2, 2003

Admin. Proc. File No. 3-9615
     _________________________________________________________________

                              In the Matter of
                          THE ROCKIES FUND, INC.,
                          STEPHEN G. CALANDRELLA,
                             CHARLES M. POWELL,
                           CLIFFORD C. THYGESEN,
                                    and
                               JOHN C. POWER
                                    and
                             TERESSA L. CAWLEY
     _________________________________________________________________

   OPINION OF THE COMMISSION
   INVESTMENT COMPANY PROCEEDING
       CEASE-AND-DESIST PROCEEDING

   Grounds for Remedial Action

   Fraud in Connection with Reporting Requirements
       Violating, Aiding and Abetting, and Causing Violations of
       Reporting Requirements
       Manipulation through Matched Orders and Wash Sales
       Improper Acceptance of Compensation by Agent of an Investment
       Company

   Investment company and its directors violated antifraud provisions of
   the Exchange Act by filing periodic reports containing material
   misstatements; investment company violated provisions of the Exchange
   Act and directors aided and abetted and were a cause of reporting
   violations by filing reports not in compliance with GAAP and
   containing material misstatements; director of investment company and
   another individual violated antifraud provisions of the Exchange Act
   by manipulating the price of securities through matched orders and
   prearranged trades; and director violated Investment Company Act
   Section 57(k)(1) and Exchange Act antifraud provisions by improper
   acceptance of compensation. , it is in the public interest that (1)
   director be barred in all capacities from association with an

SNIPPETS:

SECURITIES AND EXCHANGE COMMISSION

THE ROCKIES FUND, INC.,

STEPHEN G. CALANDRELLA,

CHARLES M. POWELL,

OPINION OF THE COMMISSION INVESTMENT COMPANY PROCEEDING CEASE-AND-DESIST PROCEEDING

Fraud in Connection with Reporting Requirements

Manipulation through Matched Orders and Wash Sales

Investment company and its directors violated antifraud provisions of the Exchange Act by ce of securities through matched orders and prearranged trades; and director violated Investment

The Rockies Fund, Inc., a closed-end investment company, Stephen G. Calandrella, president

Power), president of Redwood MicroCap Fund, Inc., a closed-end investment company not charged

Additionally, the law judge found that Respondent Calandrella violated Section 57of the

The Rockies Fund, Redwood, and Mirage, among others, invested in the 1994 Private Placement.

Butchard sold 180,000 of his Premier shares in several blocks to Hanifen at or near the bid

If, as Respondents claim, the Butchard trades were effected to help a friend dispose of

These materials assert variously that the Board met every quarter either in person or by ot "fair value" Premier because once Calandrella showed the Board a "market price" for Premier,

He offered no facts to substantiate his conclusions.


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