sec news digest, 07-15-1994 · interested persons should contact: ... 2 news digest, july 15, ......

Issue 94-133 July 15 1994

COIOUSSJOB UDI01JIJCEIID1TS

NOTICE OF ROUNDTABLE DISCUSSION

The Commission will conduct a roundtable discussion on July 18 and July 19 1994 at the Willard Hotel washington DC beginning at 830 am to inaugurate a comprehensive study of regulation under the Public utility Holding Company Act of 1935

The purpose of the Rountable is to help determine where if at all a federal holding company statute fits into the regulatory scheme The panels will focus on several major topics including the future of the industry state and federal regulation and investor and consumer protections The public is invited to attend but seating is limited Sign language interpreters will be available upon request

Interested persons should contact William C Weeden Associate Director Office of Public utility Regulation Division of Investment Management Securities and Exchange Commission 450 Fifth Street NW Washington DC 20549 at (202) 942-0545

ENFORCEMENT PROCEEDINGS

PAUL W MOZER

The Commission announced that on July 13 1994 a Final Judgment of Permanent Injunction and Other Equitable Relief was approved againstPaul W Mozer by the United States District Court for the Southern District of New York in Securities and Exchange Commission v Mozer and Murphy 92 civ 8694 (RPP) (SDNY) In its complaint the Commission alleged that Mozer a former managing director and head of the Government Trading Desk at Salomon Brothers Inc had caused the submission of eight false bids totaling $135 billion in seven auctions of US Treasury securities and caused the creation of false books and records in connection with these bids The Commission also

alleged that Mozer sold Salomon Inc stock while in possession of material non-public information and that Mozer engaged in prearranged trades of US Treasury securities in 1986 to create fictitious tradinglosses for Salomon for income tax purposes

The Final Judgment enjoins Mozer from directly or indirectly violatingSections 10(b) 15(c) (1) and 17(a) (1) of the Securities Exchange Act of 1934 and Rules 10b-5 15cl-2 17a-3 and 4 thereunder It also orders Mozer to pay civil penalties in the amount of $1100000 pursuant to Sections 2l(d) (3) and 21A of the Exchange Act

The Commission also announced that it has instituted and settled administrative proceedings against Mozer pursuant to section 15(b) of the Exchange Act The commissions Order permanently bars Mozer from associating wi th any broker dealer municipal securities dealerinvestment company or investment adviser The Order also permanentlybars Mozer from submitting or causing the submission of any bid in any auction of US Treasury securities except bids for his own benefit or that of his immediate family members (ReI 34-34373 LR-14159)

CIVIL INJUNCTIVE ACTION AGAINST JOSEPH PALMISANO

The Commission announced today the filing of a complaint in the US District Court for the District of Vermont against Joseph C Palmisano (Palmisano) a Barre Vermont lawyer alleging violations of the registration and antifraud provisions of the federal securities laws

The complaint alleges that from at least December 1987 until at least November 1992 Palmisano raised approximately $8 million from more than ninety investors through a series of misrepresentations and omissions Specifically the complaint alleges that Palmisano told investors he would pool their money and use it to purchase property from bankruptcompanies which he would resell at a profit This was false as Palmisano intended to and did divert investors funds to undisclosed uses by among other things making payments for his personal benefit and making distributions to other investors Palmisano also gave investors unjustified promises of returns as high as 200 percent and unfounded assurances that their returns would be tax free The complaint further alleges that Palmisanos solicitation of investments violated the registration provisions

The complaint seeks permanent injunctions against future violations of sections 5 and 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act and Rule lOb-5 disgorgement plus prejudgment interest Remedies Act penalties and an accounting [SEC v Joseph C Palmisano 294 civ 205 USDC DVt] (LR-14l58)

GENERATION CAPITAL ASSOCIATES AND FRANK HART ENJOINED

The Commission announced that on July 13th the United States District Court of the Northern District of Illinois entered an order of permanent injunction against Generation capital Associates (GCA) and Frank E Hart GCAs owner in connection with a lawsuit filed by the Commission

2 NEWS DIGEST July 15 1994

jointly with the Office of Thrift supervision (OTS) on July 12 1994 The complaint alleges that from April 1991 to at least March 1992 Hart and GCA violated the federal securities laws and OTS regulations in connection with the conversion of seven savings and loans associations from mutual to stock ownership Specifically Hart and GCA located savings and loan accountholders who held non-transferable rights to purchase newly-issued stock in the savings and loans Hart and GCA arranged through the accountholders to obtain the stock to which the accountholders were entitled Despite these arrangements Hart and GCA caused the accountholders to misrepresent to the savings and loans that the accountholders were purChasing the stock for themselves

without admitting or denying the allegations of the complaint Hart and GCA consented to entry of the order of permanent injunction which enjoins them from violating the federal securities laws and requiresthem to disgorge $62081728 which includes profits from the

consent jUdgments of permanent injunction and other equitable relief

transactions and prejudgmentAssociates and Frank E Hart

interest [SEC94C4218 NDlll]

v Generation (LR-14160)

Capital

SETTLEMENT REACHED WITH DEFENDANTS IN INSIDER TRADING CASE

On July 8 the Honorable Milton Judge for the Southern District

Pollack Senior united States of New York ordered the entry

District of final

against steven J Timyan (Steve Timyan) and Philip J Timyan (PhilTimyan) in connection with alleged illegal trading in the securities of Gelco Corp (Gelco)

The Commissions complaint alleges inter alia that in September 1987Steve Timyan a registered representative at Robert W Baird amp Co (Baird) received material nonpublic information concerning General Electric Credit Corporations (GECC) interest in Gelco from Robert w Navarre II (Navarre) a customer who received the information from James V Martin Jr (Martin) a GECC employee Steve Timyancommunicated this information to defendant Phil Timyan his business partner and cousin The Timyans purchased Gelco securities for themselves their family and their customers at Baird

Steve and Phil Timyan consented to the entry of final judgments which permanently enjoin them from violating section 10(b) of the Securities Exchange Act and Rule lOb-5 thereunder without admitting or denying the allegations contained in the Commissions complaint The final judgments respectively order Steve Timyan to pay $189350 in disgorgement commissions and prejudgment interest and a civil penaltyof $22650 under the Insider Trading Sanctions Act of 1984 (ITSA) and Phil Timyan to pay $90500 in disgorgement commissions and prejudgment interest and an ITSA penalty of $29500 Martin and Navarre have previously settled with the Commission [SEC v Robert Navarre IISteven Timyan Philip Timyan John Rentas and James Martin Jr 92 civ3719 MP SDN Y] (LR-14161)

NEWS DIGEST July 15 1994 3

INVESTMENT COMPANY ACT RELEASES

NORTH AMERICAN SECURITY LIFE INSURANCE COMPANY

A notice has been issued giving interested persons until August 8 1994 to request a hearing on an application by North American Security Life Insurance Company NASL Variable Account (Variable Account) NASL Financial Services Inc and Wood Logan Associates Inc for an orderpursuant to section 6 (c) of the Investment Company Act grantingexemptions from the provisions of sections 26(a) (2) (C) and 27(c) (2) of the Act to the extent necessary to permit the deduction from the assets of the Separate Account of a mortality and expense risks charge imposed under certain flexible purchase payment individual and group deferred variable annuity contracts (ReI IC-20404 - July 13)

FIRST NORTH AMERICAN LIFE ASSURANCE COMPANY

A notice has been issued giving interested persons until August 8 1994 to request a hearing on an application by First North American Life Assurance Company FNAL Variable Account (Variable Account) NASL Financial Services Inc and Wood Logan Associates Inc for an orderpursuant to Section 6 (c) of the Investment Company Act grantingexemptions from the provisions of Sections 26(a) (2) (C) and 27(c) (2) of the Act to the extent necessary to permit the deduction from the assets of the Separate Account of a mortality and expense risks charge imposed under certain flexible purchase payment individual deferred variable annuity contracts (ReI IC-20405 - July 13)


A notice has been issued giving interested persons until August 8 1994 to request a hearing on an application by North American Security Life Insurance Company NASL Variable Account (Variable Account) NASL Financial Services Inc and Wood Logan Associates Inc for an orderpursuant to section 6 (c) of the Investment Company Act grantingexemption from the provisions of sections 26(a) (2) (C) and 27(c) (2) of the Act to the extent necessary to permit the deduction from the assets of the Separate Account of a mortality and expense risks charge and a distribution fee imposed under certain flexible purchase paymentindividual deferred variable annuity contracts (ReI IC-20406 - July13)

SECURITY LIFE OF DENVER INSURANCE COMPANY

An order has been issued on an application filed by Security Life of Denver Insurance Company (Security Life) security Life Separate Account L1 (the Account) any other separate account established by Security Life in the future (together with the Account the Separate Accounts) to support flexible premium variable life insurance policies andorscheduled premium variable life insurance policies issued by Security Life and SLD Equities Inc The order permits Applicants to deduct

4 HEWS DIGEST July 15 1994

from premium payments a charge that is reasonable in relation to the increased federal tax burden of Security Life under section 848 of the Internal Revenue Code of 1986 as amended in connection with the offering of flexible premium and scheduled premium variable life insurance policies issued by Security Life through the Separate Accounts and any Separate Account to derive its asset from both flexible premiumand scheduled premium variable life insurance policies (ReI IC-20407 - July 14)

HOLDING COMPANY ACT RELEASES

ALLEGHENY POWER SYSTEM INC

An order has been issued authorizing a proposal by Allegheny Power System Inc (Allegheny) a registered holding company to organize and finance through December 31 1996 a new wholly-owned non-utilitysubsidiary company that would invest directly or indirectly in companies involved in (i) new technologies that are related to its core business companies and (ii) the acquisition and ownership of exempt wholesale generators Allegheny also proposes through December 31 1996 to invest up to $500000 in the new subsidiary company (ReI 35-26085)

SELF-REGULATORY ORGANIZATIONS

ACCELERATED APPROVAL OF PROPOSED RULE CHANGES

The Commission has approved a proposed rule change (SR-Amex-91-35) and has granted accelerated approval of Amendment No 1 to the proposed rule change submi tted by the American stock Exchange relating to the development of stock indexes for index option trading Publication of the notice and order is expected in the Federal Register during the week of July 18 (ReI 34-34359)

The Commission has approved a proposed rule change (SR-PSE-93-13) and has granted accelerated approval of Amendment Nos 2 and 3 to the proposed rule change submitted b the Pacific stock Exchange relatingto Flexible Exchange options on the Wilshire Small Cap Index and the PSE Technology Index Publication of the notice and approval order is expected in the Federal Register during the week of July 18 (ReI 34-34364)

The Commission has approved a proposed rule change (SR-CBOE-93-55) and has granted accelerated approval of Amendment Nos 3 and 4 to the proposed rule change submitted by the Chicago Board Options Exchangerelating to the listing and trading of options and long-term options on the CBOE Israeli Index and long-term options on a reduced-value CBOE Israeli Index Publication of the notice and order is expected in the Federal Register during the week of July 18 (ReI 34-34370)


PROPOSED RULE CHANGES

The options Clearing corporation has filed a proposed rule change (SR-OCC-94-07) under section 19(b) of the Securities Exchange Act The proposed rule change will allow OCC to issue clear and settle new flexibly structured cross-rate foreign currency options Publication of the notice is expected in the Federal Register during the week of July 18 (ReI 34-34360)

Pursuant to Rule 19b-4 under the Securities Exchange Act on June 171994 the American Stock Exchange filed with the Commission a proposedrule change (SR-Amex-94-24) relating to the listing and trading of warrants on the Nikkei stock Index 300 Publication of the notice is expected in the Federal Register during the week of July 18 (ReI 34-34365)

Pursuant to Rule 19b-4 under the Securities Exchange Act on June 301994 the Chicago Board options Exchange filed with the commission a proposed rule change (SR-CBOE-94-21) relating to exercise priceintervals on interest rate options Publication of the notice is expected in the Federal Register during the week of July 18 (ReI 34-34366)

APPROVAL OF PROPOSED RULE CHANGES

The Commission approved a proposed rule change filed under Rule 19b-4 submitted by the Boston Stock Exchange (SR-BSE-94-4) that amends its initial listing requirements for common stock (ReI 34-34367)

The Commission approved Amendment No 1 to a Joint Industry ReportingPlan for NasdaqNational Market securities traded on an exchange on an unlisted or listed basis The amendment was submitted by the National Association of securities Dealers and the American Boston Chicago and Philadelphia stock Exhanges (File No S7-24-89) to extend the effectiveness of the Commissions approval of the Plan through January 12 1995 and to extend certain exemptive relief granted by the commission in conjunction with the Plan through July 12 1995 (ReI34-34371)

On July 13 1994 the Securities and Exchange Commission approved a proposed rule change (SR-MSRB-94-7) filed by the Municipal Securities Rulemaking Board pursuant to section 19 (b) (1) of the Securities ExchangeAct of 1934 The purpose of the proposed rule change is to requiremunicipal securities dealers to keep records of gifts and gratuitiesgiven to others including issuer officials and employees in relation to municipal securities activities and contracts of employment or agreements for compensation for services and the compensation paid for such services Publication of the order is expected in the Federal Register during the week of July 18 (Rel 34-34372)

IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGE

On July 7 1994 the Chicago Board Options Exchange filed with the commission a proposed rule change that modifies the CBOEs fee reduction


plan Publication of the proposed rule change is expected in the Federal Register during the week of July 18 (Re 34-34374)

SECURITIES ACT REGISTRATIONS

The following registration statements have been filed with the SEC under the Securities Act of 1933 The reported information appears as follows Form Name Address and Phone Number (if available) of the issuer of the security Title and the number andor face amount of the securities being offered Name of the managing underwriter or depositor(if applicable) File number and date filed Assigned Branch and a designation if the statement is a New Issue

S-8 ANADARKO PETROLEUM CORP 16855 NORTHCHASE DR HOUSTON TX 77060 (713) 875-1101 - 4000000 (5209750000) COMMON STOCK (FILE 33-54485 bullJUL 08) (BR 4)

S-8 JAMES RIVER CORP OF VIRGINIA 120 TREDEGAR ST RICHMOND VA 23219 (804) 644-5411 - 6000000 (5103140000) COMMON STOCK (FILE 33-54491 -JUL 08) (BR 8)

S-3 SUNTRUST BANKS INC PO BOX 4418 CENTER 633 ATLANTA GA 30302 (404) 588-7711 - 400000000 ($400000000) STRAIGHT BONDS (FILE33-54493 - JUL 08) (BR 1)

S-4 NOBLE DRILLING CORP 10370 RICHMOND AVE STE 400 HOUSTON TIC77042 (713) 974-3131 - 29324280 (S164226307) COMMON STOCK 4025000(592826562) PREFERRED STOCK (FILE 33-54495 - JUL 08) (BR 3)

S-8 LOWES COMPANIES INC PO BOX 1111 NORTH WILKESBORO NC 28656 (919) 651-4000 - 25000 ($856250) COMMON STOCK (FILE 33-54497 - JUL 08)(BR 9)

S-8 LOWES COMPANIES INC PO BOX 1111 NORTH WILKESBORO NC 28656 (919) 651-4000 - 1000000 (S34250000) COMMON STOCK (FILE 33-54499 -JUL 08) (BR 9)

S-4 BEVERLY ENTERPRISES INC IDEI 1200 S WALDRON RD 55 FORT SMITM AI72903 (501) 452-6712 - 3099030 ($54475) COMMON STOCK (FILE 33-54501 -JUL 08) (BR 5)

N-1A TCW OW GLOBAL CONVERTIBLE TRUST TWO WORLD TRADE CENTER NEW YORK NY10048 (212) 392-1600 - INDEFINITE SHARES (FILE 33-81210 - JUL 06)(BR 16 - NEW ISSUE)

SB-2 COSMETIC GROUP USA INC ICAI 11312 PENROSE ST SUN VALLEY CA 91352 (818) 767-2889 - 557261 ($208972875) COMMON STOCK 199055(5125239796) WARRANTS OPTIONS OR RIGHTS 117096 ($49999992)STRAIGHT BONDS (FILE 33-81232 - JUL 07) (BR 9)

S-1 ECHOSTAR CClMJNICATlONS CORP 90 INVERNESS CIRCLE EAST ENGLEWOOD co80112 (303) 799-8222 - 451037 (5399979612) COMMON STOCK (FILE33-81234 - JUL 07) (BR 8)

S-8 CYTEL CORPIDE 3525 JOHN HOPKINS COURT SAN DIEGO CA 92121 (619) 552-3000 - 900000 ($2925000) COMMON STOCK (FILE 33-81236 -JUL 07) (BR 4)

S-8 COPART INC 282 FIFTH ST VALLEJO CA 94590 (707) 644-4468 - 1125000($7278800) COMMON STOCK (FILE 33-81238 - JUL 07) (BR 4)

NEWS DIGEST July lS 1994 7

REGISTRATIONS CONT

5-8 INACOM CORP 200 FARNAM EXECUTIVE CNTR 10810 FARNAM DR OMAHA NE 68154 (402) 392-3900 - 500000 ($4125000) COMMON STOCK (FILE 33-81240 -JUL 07) (aR 1)

5-8 WAVETECH INC PLAZA 1000 SUITE 309 MAIN STREET VOORHEES NJ 08043 (609) 486-9200 - 800000 (S480000) COMMON STOCK (FILE 33-81242 -JUL 07) (aR 9)

S-8 CYBERNETICS PRODUCTS INC 1639 EAST EDINGER AVENUE SANTA ANA CA 92705 (714) 541-2927 - 500000 ($562500) COMMON STOCK (FILE 33-81244 -JUL 07) (aR 3)

S-3 YORK WATER CO 130 E MARKET ST YORK PA 17405 (717) 845-3601 - 60000(13448500) COMMON STOCK (FILE 33-81246 - JUL 07) (BR 8)

S-8 BOUNTY GROUP INC 2500 TANGLEWILDE STE 250 HOUSTON TX 77063 (713) 975-1900 - 55000 ($151250) COMMON STOCK (FILE 33-81256 - JUL 07)(aR 4)

S-1 NEW MERIDIAN SPORTS INC 625 MADISON AVE NEW YORK NY 10022 (212) 527-6300 - 2760000 ($44160000) COMMON STOCK (FILE 33-81266 -JUL 07) (BR 5 - NEW ISSUE)

1-8 NEUROGEN CORP 35 NORTHEAST INDUSTRIAL RD BRANFORD CT 06405 (203) 488-8201 - 3500000 ($22750000) COMMON STOCK (FILE 33-81268 -JUL 07) (BR 4)

S-8 FRIEDMANS INC 4 WEST STATE ST SAVANNAH GA 31401 (912) 233-9333 -25000 ($280650) COMMON STOCK (FILE 33-81270 - JUL 07) (BR 10)

F-3 NEWS AMERICA HOLDINGS INC 1300 NORTH MARKET STREET STE 404 WILMINGTONDE 19801 (302) 674-1221 - STRAIGHT BONDS (FILE 33-81272 - JUL 07)(aR 12)

S-8 SOUTHWEST BANCORP INC 608 SOUTH MAIN ST STILLWATER OK 74074 (405) 372-2230 - 375522 ($4836286) COMMON STOCK (FILE 33-81276 -JUL 07) (BR 2)

5-8 RELIANCE BANCORP INC 585 STEWART AVE GARDEN CITY NY 11530 (516) 222-9300 - 1035000 ($10370700) COMMON STOCK (FILE 33-81278 -JUL 08) (BR 2)

S-1 STRATOSPHERE CORP 2000 LAS VEGAS BLVD SOUTH LAS VEGAS NV 89104 (702) 385-7727 - 210000 ($210000000) MORTGAGE BONDS (FILE 33-81286 -JUL 08) (BR 12)

F-1 TRACER PETROLEUM CORPORATION 609 GRANVILLE STREET STE 1570VANCOUVER BC CANAJ)A V7Y 1G5 A1 (604) 682-7507 - 10000000 ($22080000)FOREIGN COMMON STOCK (FILE 33-81290 - JUL 08) (BR 4)

S-1 PROTECTION ONE INC 6011 BRISTOL PARKWAY CULVER CITY CA 90230 (310) 338-9886 - 3450000 ($27600000) COMMON STOCK (FILE 33-81292 -JUL 08) (BR 5)

5-1 BIOMAGNETIC TECHNOLOGIES INC 9727 PACIFIC HEIGHTS BLVD SAN DIEGO CA92121 (619) 453-6300 - 13298664 ($113737445) UNIT INVESTMENT TRUST600000 ($5775000) WARRANTS OPTIONS OR RIGHTS UNDERWRITERBLECH 0 amp CO INC (FILE 33-81294 - JUL OS) (BR 8)

S-8 SOFAMOR DANEK GROUP INC 3092 DIRECTORS ROW MEMPHIS TN 38131 (901) 396-2695 - 1700000 (120718750) COMMON STOCK (FILE 33-81300 -JUL 07) (BR 8)

8 NEWS DIGBST JUly 15 1994

REGISTRATIONS CONT

S-8 MEGAFOODS STORES INC 1455 S STAPLEY DR STE 15 MESA AZ 85204 (602) 926-1087 - 750000 ($2906250) COMMON STOCK (FILE 33-81]02 -JUL 07) (BR 2)

Smiddot8 COMMUNITY CAPITAL CORP ISCI 109 MONTAGUE AVE GREENWOOD SC 29648 (803) 229-1717 - 100000 ($1105000) COMMON STOCK (FILE 33-81304 bullJUL 07) (BR 2)

Smiddot8 HEALTHWATCH INC 2445 CADES WAY VISTA CA 92083 (619) 598-4333 bull200000 ($275000) COMMON STOCK (FILE 33-81306 - JUL 07) (8R 8)

Smiddot8 ALFACELL CORP 225 BELLEVILLE AVE BLOOMFIELD NJ 07003 (201) 748-8082- 4591529 ($1625401266) COMMON STOCK (FILE 33-81308 - JUL 07)(BR 4)

Smiddot8 KEYSTONE MEDICAL CORPORATION 100 WEST FIFTH SUITE 601 TULSA OK 74103 (918) 587-4444 - 2000000 ($4000000) COMMON STOCK (FILE 33-81310 bullJUL 07) (BR 6)

Smiddot8 SJNB FINANCIAL CORP ONE N MARKET ST SAN JOSE CA 95113 (408) 947-7562- 100000 ($775000) COMMON STOCK (FILE 33-81312 - JUL 07) (IR Z)

Smiddot8 VSI ENTERPRISES INC 5801 GOSHEN SPRINGS RD NORCROSS GA 30071 (404) 242-7566 - 300000 ($132000) COMMON STOCK (FILE 33-81314 bullJUL 07) (BR 8)

S-4 SUNRISE MEDICAL INC 2355 CRENSHAW BLVD STE 150 TORRANCE CA 90501 (310) 328-8018 - 2000000 ($21750000) COMMON STOCK (fiLE 33-11316 -JUL 07) (BR 8)

S-8 SOFAMOR DANEK GRooP INC 3092 DIRECTORS ROW MEMPHIS TN 38131 (901) 396-2695 - 96338 ($1174119) COMMON STOCK (fiLE 33middot81318 bullJUL 07) (BR 8)

S-8 CIBER INC ONE TABOR CENTER 1200 17TH ST srE 2700 DENVER CO 80202 (303) 572-6400 - 100000 ($850000) COMMON STOCK (FILE 33-81320 -JUL 07) (BR 10)

RECEIIT 81 FlUIGS

FolII8-( i used by CCIIII_liesto fi le current report an the follCllling

It 1_ Cha1ges in Control of Registrant_It 2 AaJliitian or Disposition of Asset bullbullIt 3_ ~tcy or ReceivershipIt 4_ auves in Regitr t Certifying AcccuIt tIt 5 Other Materially lllpOrt t Ewnt bullbullIt 6 Resi~tions of Regitr t DirectorsIt 7_ Financial Statent rd Exhibit sIt 8_ Change in Fiscal Year_

The CCIIIIJBiesl iated belCIIIhave fi led 8-( report for the date indicated _ IIt to I-I[ reports previously filed responding to the ita() of the fOlll specified capies of the reparta f-- the coissions Pbl ie Reference ROCIIII ordering please live the date of the reporU In ilWDice ill included with(when the recpSted _terial when _Hed

NEWS DIGEST JUly 15 1994 9

STATE lie ITEII NO awE OF ISSlpoundR IDE 1 2345678 DATE aMElT

---------------------------------------- --------------- --------------ADVAIITA CREDIT CARD MASTER TRUST IY X X 061094 AEGOII IV

AIRTRAJI CORP X X X

060694 070894

AlL MER I CAl aJIUIlCATlotlS lie DE X X 063094 AlL FCJt A DOLLAR lie DE X 0712194 AlLIED WASTE IDJSTRIES lie DE X 040894ME1D Al TEotI lie DE

MERlCAI ElTERTAUEIT GIKIP lie

DE

CO

X

X 060794 070494

MER I CAl PAGIIG lie DE X X 070794 MES DEPARllEIIT STCJtES lie DE X 071494 APPLIED SCIEICE amp TECaJlOGY lie DE X X 071194 AQUAJlA11JW CO DE X 05D994ME1D ARBCJt IlEAl TH CARE CO DEI DE X X 063094 AST RESEARCH lie DEI DE X 0712194 ATCHlSotI TCJIEKA amp SAlTA FE RAILUIlY CO DE X X 062994 BAlCHEM CORP II) X 062394 BAlIK OF lEW YCItIC CO lie IY X X 071494 BETA PHASE IIC DEI BCJtLAID IITERIATlotlAl lie DEI

DE

DE

X

X X

070694 062494

IIItOCn GIKIP LTD DE X 0602J94ME1D BRUSH CREEK IUIIIG amp DEVEUFIEIIT CO lie IV X X 061lB94 CAMELOT CORP CO X X 070694 CASINO amp CREDIT SERVICES lie DE X 040194ME1D CHARTER MEDiCAl CORP DE X X 071194 CHASE MORTGAGE FIIIAIICE CORP CHECKERS DRIVE II RESTAWAJITS lie f1pound

DE

DE X X X

O6ZS94 062494

CHERRY CORP DE X X 071394 CHRYSLER FllAlClAl CORP In X X 063094 CITlCORP MORTGAGE SEC lie REMIC PAS X 061lB194 COAST DISTRlBUTlotI SYSTEJII CA X 042994ME1D COOA ENERGY IIC DE X X 06D994 COOE ALARIt IIC

COLotIIAl CREDIT CARD TRUST 1992-A In

IY

X

X X

041994ME1D 060794

COIITlMORTGAGE IDlE EClJITY LQIUI TRUST X X 070794 COPLEY PIWIMCElITICAl lie DE X 061lB194 CREATlVE PIIOGIWIIIIG amp TECIMIOIiT VEImIt CO X X 042794ME1D CREDO PETRQlELIIJ CORP

CRESCEIT AIRMYS CORP CO

GA

X

X X

070894 06lB94

CRESCEIT BAlllIIG CO GA X X 070194 CS FIRST lOSTotI MORTGAGE SEa_UTlES aIIP DE X 062994 ClJ BAllCORP CA X 071494 DAIUll MOR ACCE all COlIS CIIlI STRU TR All DE X X O6IZSI94 DAlIlA MOR ACCEP CORP MOR CIIlI STRU rr DE X X O6ZS94 DATA DlMElSIOIS IIC DE X 071694 DEIiIllFE aJlPAIIIES lie JIA X X 060894 DLJ MOR ACCEP CORP IIIJl FAIl MOR PAS T DR STRUCT Fli all DR SEClJRIT LEA TR PA T

DE

DE

X

X 071294 070894

DR STRUCTlItED FlIAllCE CORP DE X 0708194 EAGLE llDUSTRIES lie DEI DE X x 063094 EIVIROIIEIITAl SERVICES OF MERICA 111I DE X 062394 ESSEX HOSPITAliTY ASSOCIATES III LP DE X X 06JlBJ94 EVERFLCII EASTERI PARTIERS LP DE x 063094 FCC IATlotIAl BAllI FEI1lItA BAIICORP lie III

X X X

071194 070894

FIRST BOSTotI MOR SEC CORP IIJlT fUlT PAIl DE X X O6IZS94 FIRST CHICAGO CORP DE X 071394

10 NEWS DIGBST July 15 1994

STATE III ITEII Ill lINE OF ISSlER aJ)E 12345678 DATE IDIEIIT

---------------------------------------- --------------- -------- _-----FIRST DEPOSIT IlAT 81 FIRST DEP MAS TR AS FIRST DEPOSIT IlAT 81 FIRST DEP MAS TR AS FIRST DEPOSIT IlATL 81 FIRST DEP M TR AS FIRST DEPOSIT IlATL 81 FIRST DEP M TR AS FIRST OF AlERICA BAIlIe alRP Mil FOMEX IIiTERllATUIiAl IIIC FUTURE JI(II IIIC

IU DE 011

X

X

X

X

X X

X

X

X

061594 061594 061594061594071494 06nB94 07D794

liE CAPITAl JIDlTGAGE SERVICES IIIC liE CAPITAl JIDlTGAGE SERVICES IIIC GLOBAl SPill MIlAGEJEIIT IIIC tlV1

IIJ IIJ IIV

10 ITEIIS X

X

X

X

0425~ 062794 071294

GREAT AlERICAI JWIAGEMEIIT I IIIVESTMEIiT I GREEIIWICH CAP ACCEP IIIC JIDlT PASS THRO C

DE X X

X X

063094062794

GREEIIWICH CAPITAl ACCEPT IIIC JIDlT PAS TH X X 062794 GREEIIWICH CAPITAl ACCEPT lilt JIDlT PAS TH DE X X 062794 IWULTOJJ BAIIalRP HASBRO IIiC

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NEWS DIGEST JUly 1S 1994 11

STATE bull nEIl MO INE Of ISSUEI CXI)E 145678 DATE COIEIIT

---------------------------------------- --_----------- ---------------PRIME MEDICAL SERVICES IMC TXI DE x O426J94AME11) PROCESS EClJIPMEIIT IIIC IIV X 060194 PRtJ)EllTlAL SEC Fill ASSET flM)11IG alRP PA X X O6nB94 RE5(UI) alRP CA X 05119W1E11) IIII IMIUKJCIIEM RESEARCH IIIC DE X x 0613094 ROCHESTEI TElEPIDIE alRP lIT x 0710894 ROCK FlIlAllCIAL alRPliJ IIJ X X 070594 RPM IIICOII 011 I x 062894 SAllFI LI PPO JOIIII I amp SOl IIIC DE X 06Z394 SEARCH CAPITAL GRClJP IIIC DE X x 070794 SEARS SEC alRP III) IT ADJ IT PAl DE X x 0613094 SEARS MOR SEC alRP 111)1 IT ADJ IT MOR PA DE X X 0613094 SEARS MOR SEC alRP ClASS MOR PASS TI DE X x 0613094 SEARS MORT SEC alRP ADJ RATE MOR PASS TI DE X X 0613094 SEARS MORT SEC alRP ADJ RATE MORT PASS T DE X X 0613094 SEARS MORT SEC alRP ADJ RATE MORT PASS T DE X X 0613094 SEARS MORT SEC alRP ADJ RATE MORT PASS T DE X X 0613094 SEARS MORT SEC alRP ADJUST RATE MOR PAS DE X X 0613094 SEARS MORT SEC alRP MORT PASS TIIIO CElT DE X x 0613094 SEARS MORT SEC alRP T ClA MORT PAS TI DE X x 0613094 SEARS MORT SEC alRP T ClASS MOR PAS T DE X x 0613094 SEARS MORT SEC alRP TI ClASS MOR PAS DE X x 0613094 SEARS MORT SEC alRP TI ClASS MOR PAS DE X x 0613094 SEARS MORT SEC alRP TI ClASS MOR PAS DE X x 0613094 SEARS MORT SEC alRP TI ClASS MOR PASS DE X X 0613094 SEARS MORTGAGESEC alRP ADJ RAT MOR PAS DE X X 0613094 SEARS MORTGAGESEC alRP ADJ RAT MOR PAS DE X x 0613094 SEARS MORTGAGESEC alRP COf I MOR PAS T DE X x 0613094 SEARS MORTGAGESEC alRP JIJl ClA MOR PAS DE X X 0613094 SEARS SAVIIIGS BAIIICMORTGAGEPASS TIIItClJGI X X 0613094 SEIVICO IMC FL X O5l2594 SFP PIPELlIIE HOIDIIIGS IMC DE I x 062994 SHARED TECIIIIOlOGIES IMC DE I x 062794 SIIERIXI) alRP DE X x 053194 SIDIBOAT IIIC IIV X 0710894 SOFTECH IIIC M I x 062494 SOVEREI GM BAIIalRP I MC PA X X 061694 ST PAUl BAllCORP IMC DE X 071294 STAII)ARD MOTORPRa)UCTS IIiC lIT X 071394ME1I) SlMWiRAPHICS alRP DE x 070894 SUPEIVALU IIiC DE X X 062994 SUPREMA SPECIALTIES IIiC IIY X 062094 SYIIOPTICS aJIUIlCATI(JIS lilt DE X x 0710494 TJI(JtS(JI ADVISORY GRClJP LP DE X 071194 THRIFTY TEL IMC DE X 060194 TRAVIS IJllUSTIIES IMC co X 071194 U S L(JIG DISTAIICE alRP DE I 060294ME1I) UAL alRP DE 1JII1HOIDIIIG alRP

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12 NEWS DIGBSr July lS 1994

alleged that Mozer sold Salomon Inc stock while in possession of material non-public information and that Mozer engaged in prearranged trades of US Treasury securities in 1986 to create fictitious tradinglosses for Salomon for income tax purposes

The Final Judgment enjoins Mozer from directly or indirectly violatingSections 10(b) 15(c) (1) and 17(a) (1) of the Securities Exchange Act of 1934 and Rules 10b-5 15cl-2 17a-3 and 4 thereunder It also orders Mozer to pay civil penalties in the amount of $1100000 pursuant to Sections 2l(d) (3) and 21A of the Exchange Act

The Commission also announced that it has instituted and settled administrative proceedings against Mozer pursuant to section 15(b) of the Exchange Act The commissions Order permanently bars Mozer from associating wi th any broker dealer municipal securities dealerinvestment company or investment adviser The Order also permanentlybars Mozer from submitting or causing the submission of any bid in any auction of US Treasury securities except bids for his own benefit or that of his immediate family members (ReI 34-34373 LR-14159)

CIVIL INJUNCTIVE ACTION AGAINST JOSEPH PALMISANO

The Commission announced today the filing of a complaint in the US District Court for the District of Vermont against Joseph C Palmisano (Palmisano) a Barre Vermont lawyer alleging violations of the registration and antifraud provisions of the federal securities laws

The complaint alleges that from at least December 1987 until at least November 1992 Palmisano raised approximately $8 million from more than ninety investors through a series of misrepresentations and omissions Specifically the complaint alleges that Palmisano told investors he would pool their money and use it to purchase property from bankruptcompanies which he would resell at a profit This was false as Palmisano intended to and did divert investors funds to undisclosed uses by among other things making payments for his personal benefit and making distributions to other investors Palmisano also gave investors unjustified promises of returns as high as 200 percent and unfounded assurances that their returns would be tax free The complaint further alleges that Palmisanos solicitation of investments violated the registration provisions

The complaint seeks permanent injunctions against future violations of sections 5 and 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act and Rule lOb-5 disgorgement plus prejudgment interest Remedies Act penalties and an accounting [SEC v Joseph C Palmisano 294 civ 205 USDC DVt] (LR-14l58)

GENERATION CAPITAL ASSOCIATES AND FRANK HART ENJOINED

The Commission announced that on July 13th the United States District Court of the Northern District of Illinois entered an order of permanent injunction against Generation capital Associates (GCA) and Frank E Hart GCAs owner in connection with a lawsuit filed by the Commission








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sec news digest, 07-15-1994 · interested persons should contact: ... 2 news digest, july 15, ......

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