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SEC News Digest, 06-09-1977

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SEC News Digest, 06-09-1977 ,~~C news digest (SEC Docket, Vol. 16, No.5 - June 21) June 9, 1977 COMMISSION ANNOUNCEMENTS CONDUCT REGULATIONS CONCERNING PAST AND PRESENT MEMBERS AND EMPLOYEES OF COMMISSION AMENDED The Commission announced the adoption, effective upon publication in the Federal Register, of amendments of its Regulation Concerning Conduct of Members and Employees and Former Members and Employees of the Commission, 17 CFR Part 200, Subpart M. These amendments are designed to preclude potential conflict of interest situations by pre- scribing the conditions under which Commission members and employees may accept reim- bursement for travel or subsistence expenses from nongovernmental sources and by establishing limitations on the acceptance of honoraria or similar fees and payments. The Commission will reevaluate the amendments after approximately six months in light of its experience with the new requirements. Pub11c comments will be considered during the reevaluation. Comments concerning these amendments should be submitted in tripli- cate to George A. Fitzsimmons, Secretary, Securities and Exchange Commission, Washing- ton, D.C. 20549. All such communications should refer to File No. S7-704 and will be available for public inspection in Room 6101, 1100 L Street, N.W., Washington, D.C. (ReI. 33-5832) INTERNATIONAL RESEARCH & MANAGEMENT CORP., RICHARD D • BRAVERMAN BARRED Administrative Law Judge Irving Sommer has filed an initial decision revoking the registration of International Research & Management Corp. (IRM) as an investment adviser under Section 203(e) of the Investment Advisers Act and barring Richard D. Braverman from association with an investment adviser under Section 203(f) of the Advisers Act. The sanctions imposed in the public interest were based, inter alia, upon findings that IRM and Richard D. Braverman unlawfully and wilfully converted the funds of a regis- tered investment company in violation of Section 37 of the Investment Company Act, and that both respondents had engaged in fraudulent practices in converting said funds in violation of Sections 206(1) and (2) of the Investment Advisers Act. In addition, both respondents were found to have violated Section 207 of the Advisers Act in that they filed a false and misleading registration statement. The decision is subject to review by the Commission on its own motion or on petition of a party. COURT ENFORCEMENT ACTIONS INTERNATIONAL TRADE DEVELOPMENT OF COSTA RICA, S.A., OTHERS ENJOINED The Chicago Regional Office, the Atlanta Regional Office, and the Miami Branch Office announced that the Honorable Norman C. Roettger, Jr. entered final judgments of perma- nent injunction by consent against Robert Winston Slocum, Donald L. Gordon, Francis S. Casey, David W. Barrell, George J. Hamberg, Robert J. Meiners, and Michael J. Meiners and by default against International Trade Development of Costa Rica, S.A. The injunctions were issued in connection with the fraudulent sale of 90-day notes. The defendants were enjoined from further violations of the securities laws. The Court further enjoined the defendants from destruction of I.T.D. ~e?Drds, and ordered that they account for all funds received from investor~. In add1t1on, Slocum an~ ~.T~D. were ordered to disgorge all funds received from 1nvestors. (U.S. v. E.M. M1ke Riebold, et al., U.S.D.C., District of New Mexico, Criminal No. 74-353). (LR-7957) E.M. "MIKE" RIEBOLD AND DONALD MORGAN CONVICTIONS UPHELD The Denver Regional Office announced that on May 25 the U.S. Court of Appeals for the Tenth Circuit affirmed the convictions of E.M."Mike" Riebold and Donald Morgan, both of the Albuquerque, New Mexico area, of violations of the antifraud provisions of the securities laws, misapplication of bank funds, wire fraud, mail fraud, interstate transportation of stolen property and false statements to the Securities and Exchange Commission made in a registration statement. (U.S. v. E.M. "Mike" Riebold, et al., USDC, District of New Mexico, Criminal No. 74-353). (LR-7958J INVENTIVE INDUSTRIES, INC., OTHERS ENJOINED The Fort Worth Regional Office and Houston Branch Office announced that on May 25 the Federal District Court at Houston, Texas entered an order of permanent injunction by consent against Inventive Industries, Inc., I*Securities, Inc., Ronald H. Richter and Samuel H. Simkin, and eleven general partnerships including Zipcor Development Company, TRD Limited, I*Carb Partnership, I*Screen 1975 Partnership, I*Screen 1976 Partnership, I*Center, Ltd II, I*Med I, I*Med II, I*Med III, I*Med IV, and I*Med V, all of Houston, Texas. The defendants, all of whom consented to the entry of the order without admit- ting or denying the allegations in the Commission's complaint, were enjoined from further violations of the registration and antifraud provisions of the securities laws. Houston attorney Thomas S. Lucksinger, Houston Natural Gas Building, Houston, was appointed by the Court as independent director for Inventive Industries, Inc., I*Securities, Inc., a registered broker-dealer, and the 11 general partnerships. (SEC v. Inventive Industries, Inc., et al., S.D. Tex., Houston, Civil Action No. H-77-742). (LR-7959) FALSTAFF BREWING CORP. POSTPONES ANNUAL SHAREHOLDERS MEETING UNTIL COURT DECISION The SEC announced that it had reached an agreement with Falstaff Brewing Corporation (Falstaff) whereby Falstaff would postpone its annual shareholders meeting scheduled for June 7 until such time as the District Court decides on the Commission's request for a preliminary injunction against Falstaff and an injunction against the meeting. This agreement was embodied in a stipulation between the parties and was ordered by Judge Howard Corcoran of the District Court for the District of Columbia. The Com- mission filed on May 25 a civil injunctive action in the District Court against Falstaff and Paul Kalmanovitz, chairman of the Falstaff board of directors. Two mem- bers of Falstaff's former management who were named in the complaint consented to the entry of an injunction enjoining them from violations of the securities laws without admitting or denying the charges in the Commission's complaint. (SEC v. Falstaff Brewing Corp., et al., D.D.C., Civil Action No. 77-0894). (LR-7960) UNITED STATES LINES, INC. ENJOINED The SEC announced the filing of a complaint in the U.s. District Court for the Southern District of New York against United States Lines, Inc. (USL). The Commission also announced that the Court entered a judgment of permanent injunc- tion restraining and enjoining USL from further violations of the antifraud and report- ing provisions of the Securities Exchange Act of 1934. USL consented to the entry of the Court's judgment and order without admitting or denying the allegations in the Commission's complaint. USL is primarily in the business of providing for hire trans- portation by seagoing vessels for the products of other companies. USL is a wholly owned subsidiary of Walter Kidde & Company, a corporation with its principal place of business in Clifton, New Jersey. USL does not file periodic reports with the Commis- sion. The Commission's complaint alleges various violations of the antifraud provisions of the securities laws in connection with the making of substantial improper and illegal payments totalling in excess of $2.5 million, including illegal rebates to shippers and improper payments to governmental officials, false and fictitious entries in the corporate books and records of USL and the maintenance of certain funds not reflected in the corporate books of USL. In addition to the entry of the order of permanent injunction against USL, USL was also enjoined from: (1) using or aiding and abetting the use of corporate funds of USL or its subsidiaries for any unlawful rebates for transportation of property to any shipper, shipbroker or organization or similar unlawful purpose~ (2) using or aiding and abetting the use of corporate funds of USL or its subsidiaries for any unlawful contributions to any candidate, political party, organization, or any person on behalf of such candidate, party or organization, or similar unlawful purposes~ and (3) making or causing to be made any materially fictitious entries in the books and records of USL or its subsidiaries or establishing, maintaining or causing to be established or maintained any unrecorded fund of corporate monies or other assets, or making or causing to be made any payment or disbursements thereof. (SEC v. United States Lines, Inc., U.S.D.C. S.D.N.Y., Civil Action No. 77-2746). (LR-7961) 2 NEWS DIGEST, June 9, 1917 INVESTMENT COMPANY ACT RELEASES THE TRAVELERS INSURANCE COMPANY An order has been issued on an application of The Travelers Insurance Company (The Travelers), a Connecticut stock insurance company, The Travelers Fund A for Variable Annuities and The Travelers Fund A-I for variable Annuities, separate accounts of The Travelers registered under the Investment Company Act of 1940 as open-end diver- sified management investment companies (hereinafter collectively referred to as Applicants), pursuant to Section 6(c) of the Act granting exemption from Sections 22(e), 27(c)(l) and 27(d) to the extent necessary to permit compliance by Applicants with certain provisions of the Education Code of the State of Texas as it would apply to payments made on variable annuity contracts subsequent to the date of the order. (ReI. IC-9806 - June 7) INVESTORS MUTUAL An order has been issued on an application of Investors Mutual Inc., Investors Stock Fund, Inc., Investors Variable Payment Fund, Inc., Investors Selective Fund, Inc., IDS New Dimensions Fund, Inc., IDS Progressive Fund, Inc., IDS Bond Fund, Inc., and IDS Cash Management Fund, Inc., registered open-end management investment companies, and Investors Diversified Services, Inc., each Fund's investment adviser and principal underwriter pursuant to Section ll(a) of the Act permitting certain proposed transfers among the Funds on a basis other than their respective net asset value per share at the time of transfer, and pursuant to Section 6(c) of the Act exempting such transfers from the provisions of Section 22(d) of the Act and Rule 22d-l thereunder.
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