sec news digest, 11-18-1991 · the case was investigated by the securities fraud ... 2 news digest,...

F 11 h jiC1~fle2C h 1 11 bo owing 1S a sc ectnIe0 omnussion mee t Lngs w 1Cl W1 e conducted under provisions of the Government in the Sunshine Act In geIleral the Commission expectsto follow a schedule of holding closed meetings on Tuesdays and open meetings on Thursday mornings Meetings on Wednesdays and if necessary on Thursday afternoons

nature Settlement of administrative proceeding of an enforcement nature and

will be either consideration

open or closed according to the requirements of agenda items under

CLOSED MEETING - TUESDAY NOVEMBER 19 1991 - 330 PM

The subj ect matter injunctive actions

of the November Institution of

19 closed meeting will be administrative proceedings of

Institution of an enforcement

Settlement of injunctive actions

AT TIMES CHANGES IN COMMISSION PRIORITIES REQUIRE ALTERATIONS IN THE SCHEDULING OF MEETING ITEMS FOR FURTHER INFORMATION AND TO ASCERTAIN WHAT IF ANY MATTERS HAVE BEEN ADDED DELETED OR POSTPONED PLEASE CONTACT Holly Smith at (202) 272-2100

PERMANENT INJUNCTION AND OTHER EQUITABLE RELIEF ISSUED AGAINST PETER ADLER

The Commission announced that the Honorable Thomas P Griesa Southern District of New York issued an Order of Permanent Injunction and Other Equitable Relief (Order)against Peter S Adler (Adler) on October 30 The Order permanently enjoins Adler from violations of the antifraud and credit extension provisions of the federal securities laws and requires Adler to pay various brokerage firms and the U S Treasury a total of $23016415 representing all of Adlers ill-gotten gains plus prejudgment interest

The complaint alleged that since December 1983 Adler using a variety of namessocial security numbers and tax identification numbers opened a number of brokerage accounts at various broker-dealers in order to conduct a free-riding scheme in violation of the federal securities laws The complaint alleged that Adler repeatedlyordered securities and if the price of the securities decreased Adler failed to pay for these securities If the price of the securities increased however Adler liquidated the trade using the proceeds to pay for the purchase while keeping the remaining profit for himself

Ii

iI Ji

Adler consented to the issuance of the Order without admitting or denying the allegations of the Commissions complaint [SEC v Peter S Adler Civil Action No 91-5504 SDNY] (LR-1309l)

PENNY STOCK BROKER SENTENCED

The U S Attorneys Office for the District of Colorado and the Securities and Exchange Commissio~ announced that on October 28 U S District Court Judge Zita Weinshienk sentenced Barry W Fortner to three years imprisonment for conspiracy to commit securities fraud and to two months imprisonment (concurrent) for a false statement to a federal financial institution Fortner was co-owner director and president of First Eagle a now defunct brokerage firm previously in Aurora Colorado

Fortner had previously pled guilty to knowingly and willfully conspiring to commit securities fraud by manipulating the price of the common stock of Oxford FinancialInc through a series of trades in controlled accounts The manipulation was also to be furthered through a prearranged merger with 21 Entertainment Group Inc a Delaware corporation Fortner had also previously pled guilty to knowingly and willfully making a materially false statement in connection with a loan applicationat the Navy Federal Credit Union in Merrifield Virginia

The case was investigated by the Securities Fraud (Colorado) Task Force which was organized to prosecute abuses in the penny stock market [US v Barry W FortnerUS DC Colo 91-CR-261] (LR-13089)

MICHAEL LLOYD PLEADS GUILTY

The Commission and the U S Attorneys Office for the Eastern District of Pennsylvania announced that on November 5 Michael W Lloyd (Lloyd) president of Lloyd Securities Inc a broker-dealer registered with the Commission pled guilty to an Information charging him with wire mail and bank fraud and conversion of union benefit fund monies The Information alleged that Lloyds schemes resulted in a total loss of $5509418 to individual and labor union customers of Lloyd Securities to financial institutions and to others Gary S Peters also pled guilty to mail fraud and aidingand abetting bank fraud Sentencing is scheduled for February 4 1992

Lloyd was charged with defrauding customers of Lloyd Securities by withdrawing customer monies without customer authorization depositing those monies into the operating accounts of Lloyds businesses and misrepresenting the nature of the alleged investments In addition Lloyd was charged with defrauding financial institutions a finance company and two individuals in various real estate and mortgage transactions via straw mortgage loan applications andfalse title reports

NEWS DIGEST November 18 1991 2

Lloyd and three others are defendants in ltngoing civil litigation by the Commission [SEC v Lloyd Securities Inc et al Civil Action No 90-3841 ED Pa] All defendants have consented to the entry of permanent injunctions however the parties continue to-litigate the issue of disgorgement [US v Michael W Lloyd and GaryS Peters Crim No 91-600 ED Pal (LR-13090)

HARRY KENNING JR SENTENCED

The Commission announced that on November 1 Harry A Kenning Jr owner and president of H A Kenning Investments Inc (Registrant) a defunct broker-dealer which was located in Atlanta Georgia was sentenced to 15 months imprisonment and 2 yearssupervised release during which he is to provide six days a month of communityservice Kenning had previously pled guilty to a two-count Lnfc rmat-Lon which chargedthat Kenning defrauded four former customers out of ovec ~800OOO Kenning was charged with liquidating customers money market shares misappropriating the proceeds and sending customers false statements purporting to show that their money was still invested

Kenning and Registrant previously consented to final judgments of permanent injunctionand disgorgement in a civil action brought by the Commission Kenning also was barred from association with regulated entities in a related administrative proceeding[US v Harry A Kenning Jr Criminal Action No 19l-CR-256 USDC ND GAl (LR-13092)

LOCUST STREET FUND

A notice has been issued g~v~ng interested persons until December 10 to request a hearing on an application filed by Locust Street Fund for an order under Section 8(f)

Farm Bureau Life Variable Account (Variable Account) from the provisions of Section

of the Investment Companyinvestment company (ReI

Act declaring that IC-18406 - November

the 13)

applicant has ceased to be an

FBL VARIABLE INSURANCE SERIES FUND

An order has FBL Variable

been issued under Insurance Series

Section 17(b) of the Investment Fund (Fund) Farm Bureau Life

Company Act exemptingInsurance Company and

l7(a) of the Act The order exempts applicants to the extent necessary to permit the merger of two investment portfolios of the Fund and the consolidation of two sub-accounts of the Variable Account that invest in these portfolios (ReI IC-18407 -November 13)

PASCAL CAPITAL INC

A notice has been issued g~v~ng interested persons until December 10 to request a hearing on an application filed by Pascal Capital Inc for an order under Section 8(f) of the Investment Company Act declaring that applicant has ceased to be an investment company (ReI IC-18408 - November 14)


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KU Energy Corporation

An order has been issued authorizing KU Energy Corporation (KU Energy) a Kentuckycorporation not previously subject to the Public Utility Holding Act of 1935 (Act)to effect a corporate reorganization The corporate reorganization will result in the formation of a new public-utility holding company KU Energy over KentuckyUtilities Company a Kentucky public-utility company and an exempt public-utilityholding company The order also exempts KU Energy under Section 3(a)(1) of the Act (Rel 35-25409)

DELI STINGS GRANTED

An order has been issued granting the application of the New York Stock Exchange to strike from listing and registration Southeast Banking Corp Common Stock $500 Par Value 4 34 Convertible Subordinated Debentures due October 15 1997 and 6 12 Convertible Subordinated Debentures due March 15 1999 (ReI 34-29945)

An order has been issued granting the application of the American Stock Exchange to strike from listing and registration Triangle Horne Products Inc Common Stock Par Value 45 cents (ReI 34-29947)

UNLISTED TRADING PRIVILEGES GRANTED

An order has been issued granting the application of the Pacific Stock Exchange for unlisted trading privileges in the Common Stock of Xytronyx Inc which is listed and registered on one or more other national securities exchanges and is reported in the consolidated transaction reporting system (ReI 34-29946)

WITHDRAWAL SOUGHT

A notice has been issued giving interested persons until December 6 to comment on the application of Choice Drug Systems Inc to withdraw its Common Shares $01 Par Value from listing and registration on the Boston Stock Exchange (ReI 34-29948)

ACCELERATED APPROVAL OF PROPOSED RULE CHANGE

The National Association of Securities Dealers filed a proposed rule change (SR-NASD-9l-59) with the Commission under Rule 19b-4 which has been granted accelerated


approval The rule change extends for 6 months the operation of the NASDs Pilot Program with the Stock Exchange of Singapore Limited (SES) During the proposedextension each market will continue to transmit to the other static pricevolumeinformation compiled at the end of each trading day on up to 35 NASDAQ securities Additionally the order approves the incorporation of the NASDAQ Pilot issues into the SESs market for trading foreign issues (known as CLOB International)Publication of the proposal is expected in the Federal Register during the week of November 18 (ReI 34- 29931)

APPROVAL OF PROPOSED RULE CHANGES

The Commission has approved proposed rule changes submitted by the Midwest Stock Exchange (SR-MSE-91-03) and the Philadelphia Stock Exchange (SR-Phlx-90-24) under Rule 19b-4 that update the Exchanges Options Communications Regu~ations Publication of the order is expected in the Federal Register during the week of November 18 (ReI34-29932)

PROPOSED RULE CHANGE

The Depository Trust Company filed a proposed rule change under Rule 19b-4 that will expand DTCs 110 system to include foreign exchange (FX) transactions Publication of the proposal is expected in the Federal Register during the week of November 18 (ReI 34-29944)

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Companies and individuals must report to the Commission within ten days on Schedule 13D if after the acquisition of equity securities of a public company their beneficial interest therein exceeds five percent Persons eligible to use the short form (Schedule 13G) may in lieu of filing a Schedule l3D file a Schedule l3G within 45 days after the end of the calendar year in which the person became subject to Section 13(d)(1) Companies and individuals making a tender offer must have on file at the time the tender offer commences a Schedule 140-1

Below is a list of recent filings of Schedules 13D and 14D which includes the following information Column 1 - the company purchased (top) and the name of the purchaser Column 2 - the type of security purchased Column - 3 - the type of form filed Column 4 - the date the transaction occurred Column 5 - the current number of shares (in OOOs) owned (top) and the current percent owned Column 6 - the CUSIP number (top) and the percent owned and Column 7 - the status of the filing ie new update or revision

EVENT SHRSOOO) CUSIP FILINGNAME AND CLASS OF STOCKOWNER FORM DATE XOWNED PRIOR STATUS

SEVEN OAKS INTL INC COM 930 81787510INVESCO MIM INC ET AL 130 102591 144 155 UPDATE


ACQUISITIONS CONT

EVENT SHRS(OOO)I CUSIPI FILING NAME AND CLASS OF STOCKIOWNER FORM DATE OWNED PRIOR STATUS

SILVAR LISCO COM 843 82n9310 REICH JOSEPH H ET AL 130 11 591 89 98 UPDATE

TEJAS PW CORP COM 565 87907910 GDF US INC ET AL 130 93091 60 60 UPDATE

TRANS FINL BANCORP INC COM 183 89399110 LUNDIN ROGER E 13D 7129D 94 00 NEW

UNITED TOTE INC COM 795 9130n10 PIERCE JAMES H 13D 103191 174 111 UPDATE

ACORN VENTURE CAP CORP COM 21 00490710 TENZERGREENBLATTFALLONKAPLA 13D 103191 17 17 UPDATE

AMERICAN FRUCTOSE INC CL B 231 02629630 ARCHER DANIELS MIDLAND 130 31 191 56 00 NEW

AMERN TELEV amp COMM INC NEW CL A 2508 03018710 GAMCO INVESTORS INC ET AL 13D 111191 128 110 UPDATE

AMRE INC COM 2356 03215310 LEVIN ROBERT 13D 111191 175 175 UPDATE

ANALOG DEVICES INC COM 2354 03265410 STATE OF WISCONSIN INVEST BD 13D 101 791 50 00 NEW

BREAKWATER RES LTD COM 19559 10690210 DUNDEE BANCORP INC ET AL 13D 103091 280 00 NEW

C D I CORP COM 1060 12507110 STATE OF WISCONSIN INVEST BD 13D 101191 54 00 NEW

CARLISLE PLASTICS INC CL A 2307 14252210 GRIGORIOU CHRIS I 13D 111 6191 131 131 UPDATE

CAROLCO PICTURES INC COM 23784 14376310 NEW CAROLCO INVTMTS B V 13D 111 1191 812 n7 UPDATE

COCA COLA ENTERPRISES INC COM 5790 19121910 GAMCO INVESTORS INC ET AL 13D 111191 50 65 UPDATE

CORE INDS INC COM 899 21867510 STATE OF WISCONSIN INVEST BD 13D 111 4191 92 79 UPDATE

DAMSONBIRTCHER RLTY INC-I LTD PRT INT 0 23569098 LIQUIDITY FUNDS ET AL 130 123189 495 00 NEW

DAMSONBIRTCHER RLTY INC-II LTD PRT INT 0 23569099 LIQUIDITY FUNDS ET AL 130 123189 500 00 NEW


ACQUISITIONS CONT

EVENT SHRS(OOO) CUSIP FILINGNAME AND CLASS OF STOCKOWNER FORM DATE XOWNED PRIOR STATUS

ESCAGENETICS CORP COM 1524 29605310BIO RAD LABS INC 130 11 891 409 431 UPDATE

EXOLON CO COM 25 30210110THIEL ROBERT C ET AL 130 111391 51 00 NEil

EXTEN INDUSTRIES INC COM 1500 30224030KISHORE SHAH 130 111491 177 00 NEil

GALVEST INC COM PAR $010 670 36416920AMSTER HOIARD ET AL 130 103091 98 00 NEil

HOME PORT BANCORP INC COM 103 43730410-MEYER KARL L 130 71291 52 00 NEil

INTL MUREX TECHNOLOGIES CORP COM 7308 46799910DEBARTOLO EDIIARD J JR ET AL 130 111291 703 703 UPDATE

JAKO INC COM 1514 47012210PRIEST RICHARD J ET AL 130 111390 432 00 NEil

KNOILEDGEIIAREINC COM 690 49924510STATE OF WISCONSIN INVEST BO 130 10 291 59 00 NEil

LEXINGTON PRECISION CP COMMON STOCK 0 52952910INTEGRITY FUND INC ET AL 130 102591 00 00 NEil

MEMRY CORP COM 1364 58626310NATIONAL TRUST CO 130 10 191 227 146 UPDATE

MERRIMAC INOS INC COM 0 59026210MATEC CORP 130 11 891 00 176 UPDATE

MULTIVEST REAL EST FND SER V LTD PRT INT 8 62499510LIQUIDITY FUNDS ET AL 130 93089 261 256 UPDATE

PITCAIRN GRP LP UTS LTD PRTNSHP INT 106 n430099PITCAIRN DUNCAN B 130 93091 186 175 UPDATE

PORTEe INC COM 722 73620210 ~ e bull gtlaquoiI-FRIED ALBERT amp CO ET AL 130 103191 240 207 UPDATE

PRIME CELLULAR INC COM 1312 74191610

PAGANO JOSEPH K 130 11 691 314 123 UPDATE

QUME CORP COM 1040 74906010

LEE DAVID S 130 11 391 89 147 UPDATE

REAL ESTATE INCOME PTNRS-III LTD PRT INT 0 75589099

LIQUIDITY FUNDS ET AL 130 123189 500 00 NEil

7NEWS DIGEST November 18 1991

me

ACQUISITIONS CONT

EVEIT SHRS(OOO) CUSIP FILING NAME AND CLASS Of STPOWNER FORM pATE 11Mpound) PRIORI STATUS

REPUBLIC HEALTH CORP DEL COM 424 76048110SLI FICAALAN B amp CO ET AL 13D 101691 30 00 lEW

RESPONSE TECHNOLOGIES IIC COM 18735 76123210SEAFIELD CAPITAL CORP ET AL 13D 11 191 706 442 UPDATE

SANDS REGENT aIM 538 80009110CLADIANOS PETE JR ET AL 13D 102291 250 405 UPDATE

SANDS REGENT COM 187 80009110LATHAM KATHERENE J 13D 1012291 87 148 UPDATE

SANDS REGENT COM 304 80009110LUNDGREN DEBORAH 13D 102291 142 222 UPDATE

SILVAR LISCO COM 443 82729310REICH JOSEPH H ET AL 13D 11 891 47 89 UPDATE

SMART amp FINAL INC CON 674 83168310STATE OF WISCONSIN INVEST BD 13D 101091 51 00 NEW

SOVEREIGN REALTY 1980-1 LTD PRTSHP liT 0 84592599LIQUIDITY FUNDS ET AL 13D 83189 102 95 UPDATE

STANDARD BRANDS PAINT CO COM 871 85315610LATSHAW JOHN 13D 103191 158 159 UPDATE

TEJAS PWR CORP COM 565 87907910PETROREP INC ET AL 13D 93091 60 60 UPDATE

TIME MANAGEMENT CORP CON 12320 88724810MCGEE WILLIAM MAX 13D 91791 800 156 UPDATE

TREADCO INC COM 475 89454510STATE OF WISCONSIN INVEST BD 13D 91391 95 00 NEW

UNILAB CORP COM PAR 17360 90476210METPATH INC 130 11 691 472 445 UPDATE

VESTAUR SECS INC COM 359 92546410ORION CAP CORP ET AL 13D 11 891 56 67 UPDATE

ZEMEX CORP COM 1224 98991710DUNDEE BANCORP INC ET AL 130 103091 482 00 NEW

8 NEWSDIGEST November 18 1991

bullbullbull~d~Imiddotilmiddot bullbullbullbullbullbullbullbullbullmiddotmiddotbullmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotmiddotlllfI61middotmiddotmiddotbullbullbullForm 8-K is used by companies to file current reports on the following events

Item 1 Changes in Control of RegistrantItem 2 Acquisition or Disposition of AssetsItem 3 Bankruptcy or ReceivershipItem 4 Changes in Registrants Certifying AccountantItem 5 Other Materially Important EventsItem 6 Resignations of Registrants DirectorsItem 7 Financial Statements and ExhibitsItem 8 Change in Fiscal Year

The companies listed below have filed 8-K reports for the date indicated andoramendments to 8-K reports previously filed responding to the item(s) of the formspecified Copies of the reports may be purchased from the Commissions PublicReference Room (when ordering please give the date of the report) An invoice willbe included with the requested material when mailed

STATE 8K ITEM NONAME OF ISSUER CODE 123 4 5 6 7 8 DATE COMMENT

_ _ ---------------------------------------- --_ _---- --------

AVCO FINANCIAL SERVICES INC DE X 110691BRAJDAS CORP CA X X 101691CABLE CAR BEVERAGE CORP DE X 103091CAPITOL HOME EQUITY LOAN TRUST 1990-1 MD X 103191CAROLCO PICTURES INC DE X X 101891CEe INDUSTRIES CORP NV X X 102891COASTAL FINANCIAL CORP DE X X 110691COLONIAL CREDIT CARD TRUST 1991-A X X 110791COMSTOCK RESOURCES INC NV X X 111291

DEERE amp CO DE X 111291DEERE JOHN CAPITAL CORP DE X 111291DESIGNATRONICS INC NY X 102891DIVERseo INC SC X 103091DIVI HOTELS NV X X 102391EAGLE FINANCIAL CORP DE X 102291FampE RESOURCE SYSTEMS TECHNOLOGY INC MD X 110491

FIRST CHICAGO CORP DE X 110891FLEET MORTGAGE SECURITIES INC RI X X 102591

FLEET MORTGAGE SECURITIES TRUST 1990-2 RI X X 102591 i

FLEET MORTGAGE SECURITIES TRUST 1991 -1 RI X X 102591

FLEET MORTGAGE SECURITIES TRUST 1991 -2 X X 102591

FPL GROUP CAPITAL INC FL X 110791

GLENDALE FED BANK FED SAVINGS BANK MORT X X 102591


GLENDALE FED BANK FED SAVINGS BANK MORT X X 102591GLENDALE FED BANK FED SAVINGS BANK MORT X X 102591GLENDALE FED BANK FED SAVINGS BANK MORT X X 102591GLENDALE FED BANK FED SAVINGS BANK MORT X X 102591

GRAFIX TIME CORPORATION NY X X 083191

GREEN~ICH PHARMACEUTICALS INC DE X 110691

HEAlTHCARE INTERNATIONAL INC TX X X X 103091


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8K REPORTS CONT

STATE NAME OF ISSUER COOE

HEALTHCARE SERVICES GROUP INC HORN amp HARDART CO NV INLAND LAND APPRECIATION FUND II LP ITT FINANCIAL CORP KANSAS CITY LIFE INSURANCE CO LB MORTGAGE TRUST CLASS S-3 CERTIFICATES LEISURE TECHNOLOGY INC LIFSCHULTZ INDUSTRIES INC LITTLEFIELD ADAMS amp CO LOUISIANA POWER amp LIGHT CO LA MARINE MIDLAND BANK N A MOREHOUSE INDUSTRIES INC NATIONAL ENERGY GROUP INC NATURADE INC OAKRIDGE ACQUISITIONS INC PAINEWEBBER RETAIL PROPERTY INVESTMENTS PANTHEON INDUSTRIES INC PARTNERS PREFERRED YIELD II INC PARTNERS PREFERRED YIELD III INC PHILADELPHIA SUBURBAN CORP PHP HEALTHCARE CORP PIONEER RAILROAD CO INC IA QUANTUM HEALTH RESOURCES INCDEREAD RITE CORPDE REPUBLIC NEW YORK CORP RESOLUTION TRUST CORP MORT PASS THR CERT RESOLUTION TRUST CORP MORT PASS THR CERT RESOLUTION TRUST CORP MORTGAGE PASS THR RESOLUTION TRUST CORP MULTIFAMILY MO PAS ROBERTS PHARMACEUTICAL CORP RYAN BECK amp CO INC RYAN MURPHY INC RYLAND MORTGAGE RYLAND MORTGAGE RYLAND MORTGAGE RYLAND MORTGAGE RYLAND MORTGAGE RYLAND MORTGAGE RYLAND MORTGAGE RYLAND MORTGAGE

SECURITIES CORP VAl SECURITIES CORP SERIES 1 SECURITIES CORP SERIES 1 SECURITIES CORPORATION S SECURITIES CORPORATION S SECURITIES CORPORATION S SECURITIES CORPORATION S SECURTIES CORP SERIES 19

SEARS MORT SEC CORP MU CLA MORT PASS THR SEARS MORTGAGE SE~ CORP MU CL MO PA TH C SEARS MORTGAGE SEC CORP STRIP MORT PASS SEARS MORTGAGE SECURITIES CORP MU CL MO STRUCTURED MORTGAGE ASSET RESIDENTIAL TR STRUCTURED MORTGAGE ASSET RESIDENTIAL TR STRUCTURED MORTGAGE ASSET RESIDENTIAL TR STRUCTURED MORTGAGE ASSET RESIDENTIAL TR TAB PRODUCTS CO

PA NV DE DE MO DE DE DE NJ LA

CA DE DE CO VA CO CA CA PA DE IA DE DE MD

DE

NJ NJ CO VA VA VA VA VA VA VA VA

DE DE DE DE DE DE

DE

8K ITEM NO1 2 3 4 56 78 DATE COMMENT _-_ ---------------

X 110191X X 102591

X X 103091X 110691

X X 110191X X 102591

X X 102191

X

X

X

X

X

X

X X 101891X 100491

X 102491X X 102291X X 111391X 110291

X 110191110791

X 102591X X 103191

X X 110891X X 110891X 110791

X 110591X X 101991X X 111191

X 102691X 111391

X X 102591X X 102591X X 102591X X 102591X 103191X 103091X 102991X X 102991X X 102591X X 102591X X 102591X X 102591X X 102591X X 102591X X 102591X X 103191X X 103191X X 103191X X 103191X X 102591X X 102591X X 102591X X 102591X X 102891


8K REPORTSCONT

ST~TE 8K ITEM NO NAME OF ISSUER COOE 1 234 5 678 DATE COMMENT ---------------- ----------------------- -------------- --------TELCO COMMUNICATIONS INC to X 101591TELICONICS INC DE X X 103191THIOKOL CORP JDE DE X X 110191TJ SYSTEMS CORP CO X X X 110691UNIFIED CAPITAL INC DE X 110591US AUTO RECEIVABLES CO DE X 061891US AUTO RECEIVABLES CO DE X 102491VEREX LABORATORIES INCCO CO X X 1(U391WILLIAMS COMPANIES INC DE X X 110891WORLD WIDE STONE CORP NV X 110191



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Adler consented to the issuance of the Order without admitting or denying the allegations of the Commissions complaint [SEC v Peter S Adler Civil Action No 91-5504 SDNY] (LR-1309l)

PENNY STOCK BROKER SENTENCED

The U S Attorneys Office for the District of Colorado and the Securities and Exchange Commissio~ announced that on October 28 U S District Court Judge Zita Weinshienk sentenced Barry W Fortner to three years imprisonment for conspiracy to commit securities fraud and to two months imprisonment (concurrent) for a false statement to a federal financial institution Fortner was co-owner director and president of First Eagle a now defunct brokerage firm previously in Aurora Colorado

Fortner had previously pled guilty to knowingly and willfully conspiring to commit securities fraud by manipulating the price of the common stock of Oxford FinancialInc through a series of trades in controlled accounts The manipulation was also to be furthered through a prearranged merger with 21 Entertainment Group Inc a Delaware corporation Fortner had also previously pled guilty to knowingly and willfully making a materially false statement in connection with a loan applicationat the Navy Federal Credit Union in Merrifield Virginia

The case was investigated by the Securities Fraud (Colorado) Task Force which was organized to prosecute abuses in the penny stock market [US v Barry W FortnerUS DC Colo 91-CR-261] (LR-13089)

MICHAEL LLOYD PLEADS GUILTY

The Commission and the U S Attorneys Office for the Eastern District of Pennsylvania announced that on November 5 Michael W Lloyd (Lloyd) president of Lloyd Securities Inc a broker-dealer registered with the Commission pled guilty to an Information charging him with wire mail and bank fraud and conversion of union benefit fund monies The Information alleged that Lloyds schemes resulted in a total loss of $5509418 to individual and labor union customers of Lloyd Securities to financial institutions and to others Gary S Peters also pled guilty to mail fraud and aidingand abetting bank fraud Sentencing is scheduled for February 4 1992

Lloyd was charged with defrauding customers of Lloyd Securities by withdrawing customer monies without customer authorization depositing those monies into the operating accounts of Lloyds businesses and misrepresenting the nature of the alleged investments In addition Lloyd was charged with defrauding financial institutions a finance company and two individuals in various real estate and mortgage transactions via straw mortgage loan applications andfalse title reports






LOCUST STREET FUND





the 13)








PASCAL CAPITAL INC






DELI STINGS GRANTED





WITHDRAWAL SOUGHT

















ACQUISITIONS CONT




















ACQUISITIONS CONT























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ACQUISITIONS CONT






















_ _ ---------------------------------------- --_ _---- --------















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8K REPORTS CONT







DE


DE DE DE DE DE DE

DE


X 110191X X 102591

X X 103091X 110691

X X 110191X X 102591

X X 102191

X

X

X

X

X

X

X X 101891X 100491

X 102491X X 102291X X 111391X 110291

X 110191110791

X 102591X X 103191

X X 110891X X 110891X 110791

X 110591X X 101991X X 111191

X 102691X 111391



8K REPORTSCONT








LOCUST STREET FUND





the 13)








PASCAL CAPITAL INC






DELI STINGS GRANTED





WITHDRAWAL SOUGHT

















ACQUISITIONS CONT




















ACQUISITIONS CONT























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ACQUISITIONS CONT






















_ _ ---------------------------------------- --_ _---- --------















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8K REPORTS CONT







DE


DE DE DE DE DE DE

DE


X 110191X X 102591

X X 103091X 110691

X X 110191X X 102591

X X 102191

X

X

X

X

X

X

X X 101891X 100491

X 102491X X 102291X X 111391X 110291

X 110191110791

X 102591X X 103191

X X 110891X X 110891X 110791

X 110591X X 101991X X 111191

X 102691X 111391



8K REPORTSCONT







DELI STINGS GRANTED





WITHDRAWAL SOUGHT

















ACQUISITIONS CONT




















ACQUISITIONS CONT























me

ACQUISITIONS CONT






















_ _ ---------------------------------------- --_ _---- --------















-

4

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8K REPORTS CONT







DE


DE DE DE DE DE DE

DE


X 110191X X 102591

X X 103091X 110691

X X 110191X X 102591

X X 102191

X

X

X

X

X

X

X X 101891X 100491

X 102491X X 102291X X 111391X 110291

X 110191110791

X 102591X X 103191

X X 110891X X 110891X 110791

X 110591X X 101991X X 111191

X 102691X 111391



8K REPORTSCONT
















ACQUISITIONS CONT




















ACQUISITIONS CONT























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ACQUISITIONS CONT






















_ _ ---------------------------------------- --_ _---- --------















-

4

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8K REPORTS CONT







DE


DE DE DE DE DE DE

DE


X 110191X X 102591

X X 103091X 110691

X X 110191X X 102591

X X 102191

X

X

X

X

X

X

X X 101891X 100491

X 102491X X 102291X X 111391X 110291

X 110191110791

X 102591X X 103191

X X 110891X X 110891X 110791

X 110591X X 101991X X 111191

X 102691X 111391



8K REPORTSCONT




ACQUISITIONS CONT























me

ACQUISITIONS CONT






















_ _ ---------------------------------------- --_ _---- --------















-

4

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8K REPORTS CONT







DE


DE DE DE DE DE DE

DE


X 110191X X 102591

X X 103091X 110691

X X 110191X X 102591

X X 102191

X

X

X

X

X

X

X X 101891X 100491

X 102491X X 102291X X 111391X 110291

X 110191110791

X 102591X X 103191

X X 110891X X 110891X 110791

X 110591X X 101991X X 111191

X 102691X 111391



8K REPORTSCONT




ACQUISITIONS CONT






















_ _ ---------------------------------------- --_ _---- --------















-

4

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8K REPORTS CONT







DE


DE DE DE DE DE DE

DE


X 110191X X 102591

X X 103091X 110691

X X 110191X X 102591

X X 102191

X

X

X

X

X

X

X X 101891X 100491

X 102491X X 102291X X 111391X 110291

X 110191110791

X 102591X X 103191

X X 110891X X 110891X 110791

X 110591X X 101991X X 111191

X 102691X 111391



8K REPORTSCONT








_ _ ---------------------------------------- --_ _---- --------















-

4

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8K REPORTS CONT







DE


DE DE DE DE DE DE

DE


X 110191X X 102591

X X 103091X 110691

X X 110191X X 102591

X X 102191

X

X

X

X

X

X

X X 101891X 100491

X 102491X X 102291X X 111391X 110291

X 110191110791

X 102591X X 103191

X X 110891X X 110891X 110791

X 110591X X 101991X X 111191

X 102691X 111391



8K REPORTSCONT




----------------------------------------

8K REPORTS CONT







DE


DE DE DE DE DE DE

DE


X 110191X X 102591

X X 103091X 110691

X X 110191X X 102591

X X 102191

X

X

X

X

X

X

X X 101891X 100491

X 102491X X 102291X X 111391X 110291

X 110191110791

X 102591X X 103191

X X 110891X X 110891X 110791

X 110591X X 101991X X 111191

X 102691X 111391



8K REPORTSCONT




8K REPORTSCONT




sec news digest, 11-18-1991 · the case was investigated by the securities fraud ... 2 news digest,...

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