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SEC News Digest, 08-14-1998

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SEC News Digest, 08-14-1998 I~S_E_C_N_EW--==--=oS_DI...............G_E_ST----!I Issue 98-157 August 14, 1998 COMMISSION ANNOUNCEMENTS ANNETTE NAZARETH NAMED SENIOR COUNSEL TO CHAIRMAN ARTHUR LEVITT Chairman Levitt today announced that he has named Annette Nazareth to be Senior Counsel in his office. Ms. Nazareth, who most recently was Managing Director at Salomon Smith Barney, will join the Commission in early September. Chairman Levitt said, "I am especially pleased that Annette has agreed to join our team. Annette's great wealth of experience coupled with her wisdom and knowledge of the markets will be a great benefit to the Commission and to me personally. I commend Annette for her willingness to leave the private sector to serve her country and the interests of investors." As Senior Counsel to the Chairman, Ms. Nazareth will be a key advisor to the Chairman on a range of market regulation, municipal securities and compliance issues and will be instrumental in the development of policy in these areas. Ms. Nazareth comes to the Commission with seventeen years of experience in the securities industry. Since 1997 Ms. Nazareth was Managing Director and Deputy Head of the Capital Markets legal group at Salomon Smith Barney. In this capacity she focused on the legal issues involving the sales and trading of securities and derivatives and the origination of municipal, asset-backed, mortgage-backed and structured products. From 1994 to 1997, Ms. Nazareth was Senior Vice President at Lehman Brothers Inc., where she was responsible for the Fixed Income Trading group of the Legal and Compliance Department. From 1986 to 1994, she was Managing Director at Mabon, Nugent & Co., where she oversaw the legal, compliance and internal audit functions. She began her career in 1981 as an Associate at Davis Polk & Wardwell. Ms. Nazareth, 42, is a Phi Beta Kappa graduate of Brown University and earned her J.D. at Columbia University School of Law. She is married to Roger Ferguson, a Federal Reserve Board Member. They have two children. (Press ReI. 98-75) ENFORCEMENT PROCEEDiNGS JEP'P'REY EGAN BARRED The Commission announced the entry, by consent, of an order which bars Jeffrey Egan (Egan) from association with any broker, dealer, investment company, investment adviser, or municipal securities dealer, based on his criminal conviction. The order was entered pursuant to Sections lS(b) and 19(h} of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act. Egan is a resident of Bloomfield Hills, Michigan, and since May 1994, has been associated with a broker-dealer and an investment adviser which are registered with the Commission. The order finds that between January and September 1994, Egan participated in a scheme in which he and two other individuals misappropriated $3.06 million from the pension fund of Peet Packing- Company, a privately-owned company based in Chesaning, Michigan. The order finds that the misappropriation was effected through a series of transfers of the funds, which were designed to conceal and disguise the nature, location, source, ownership, and control of the funds. The order further finds that on September 23, 1996, Egan pled guilty to theft from a pension fund and on May 13, 1997, was sentenced by the United States District Court for the Eastern District of Michigan to fifteen months imprisonment and three years probation and was ordered to make restitution to the pension fund in the amount of $2.5 million. (ReI. 34-40322i IA-1742i File No. 3- 9674) ADMiNiSTRATIVE PROCEEDING INSTITUTED AGAINST AMERiCAN GROWTH CAPITAL CORP. On August 13 I the Commission instituted a public administrative proceeding against American Growth Capital Corp. (American Growth), a registered investment adviser. To settle this proceeding, American Growth agreed to consent to an Order revoking its investment adviser registration. The Commission's Order revoking American Growth's investment adviser registration contains a finding that, on December 19, 1997, American Growth was permanently enjoined from future violations of Sections Sea), S(c), and 17(a) of the Securities Act of 1933 and Section 10 (b) of the Securities Exchange Act of 1934 and Rule 10b-S thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act (SEC v. American Growth Capital Corp., et al., Civil Action No. 97-5993 RAP, JGx, C.D. Cal.). The Commission's complaint in this action alleges, among other things, that American Growth fraudulently managed an investment fund, American Growth Fund I, by misusing investor funds. This misuse included paying undisclosed commissions and other compensation and investing in shell companies owned and controlled by two of American Growth' s officers and 2 NEWS DIGEST, August 14, 1998 directors. (ReI. IA-1743i File No. 3-9675) ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST CHARLES DUQUETTE On August 13, the Commission instituted a public administrative proceeding against Charles E. Duquette, the former undisclosed control person of a registered investment adviser, American Growth Capital Corp. (American Growth). To settle this proceeding, Duquette agreed to consent to an Order barring him from association with any broker, dealer, investment adviser, investment company, or municipal securities dealer, with a right to reapply for association after five years. The Commission's Order barring Duquette contains a finding that, on September 23, 1997, Duquette was permanently enjoined from future violations of Sections Sea), 5(c), and 17(a) of the Securities Act of 1933 and Sections 10{b) and ls(a) of the Securities Exchange Act of 1934 and Rule 10b-s thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act (SEC v. American Growth Capital Corp., et al., Civil Action No. 97-5993 RAP, JGx, C.D. Cal.). The Commission's complaint in this action alleges, among other things, that Duquette fraudulently managed American Growth and its investment fund, American Growth Fund I, by misusing and misappropriating investor funds. In particular, Duquette used investor monies to pay undisclosed commissions on sales of the fund, to pay himself and others undisclosed compensation, and to invest in shell companies that he controlled. (ReI. IA-1744i ReI. 3-9676) ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST DONNA SNYDER On August 13, the Commission instituted a public administrative proceeding against Donna L. Snyder, the former secretary/treasurer and director of a registered investment adviser, American Growth Capital Corp. To settle this proceeding, Snyder agreed to consent to an Order barring her from association with any broker, dealer, investment adviser, investment company, or municipal securities dealer, with a right to reapply for association after five years to the appropriate self-regulatory agency. The Commission'S Order barring Snyder contains a finding that, on August 5, 1998, Snyder was permanently enjoined from future violations of Sections s(a), S(C), and 17(a) of the Securities Act of 1933 and Sections lOeb) and ls(a) of the Securities Exchange Act of 1934 and Rule 10b-s thereunder, and Sections 206(1) and 206(2) of the Investment Advisers Act (SEC v. American Growth Capital Corp., et al., Civil Action No. 97-5993 RAP, JGx, C.D. Cal.). The Commission'S complaint in this action alleges, among other things, that Snyder fraudulently managed American Growth and its investment fund, American Growth Fund I, by misusing and misappropriating investor funds. In particular, Snyder used investor monies to pay undisclosed commissions on sales of the fund, to pay herself and others undisclosed compensation, and to invest in shell companies that she controlled. (Rel. IA-1745i File No. 3-9677) NEWS DIGEST, August 14, 1998 3 CRIMINAL ACTION AGAINST CHAN DESAIGOUDAR AND STEVEN REND On July 15, 1998, after a five-week criminal jury trial in San Francisco prosecuted by the U.S. Attorney for the Northern District of California, two former officers of California Micro Devices Corporation (Cal Micro) were convicted of securities fraud in connection with a stock collapse that cost shareholders more than $100 million. Chan Desaigoudar, former chairman and chief executive officer of Cal Micro, and Steven J. Henke, the Company's former vice president, treasurer and principal financial officer, were each convicted of six felony charges of fraud, making false statements to the Securities and Exchange Commission and insider trading. Sentencing is scheduled for October 13, 1998, before U.S. District Judge Vaughn Walker. Cal Micro is now operating under new management. The Commission has previously filed settled enforcement actions against four former Cal Micro officers, including the Company's former president, its former chief accounting officer, and two former vice-presidents of production. For additional information see LR-15690, March 31, 1998, ME ReI. 1022; and LR-14776, January 4, 1996, ME ReI. 750. [U.s. v. Chan Desaigoudar and Steven J. Henke, USDC, NDCA, No. CR 97-0294, VRW] (LR-15846; AAE ReI. 1066) FINAL JUDGMENT ON CONSENT FILED AGAINST ROBERT HUNTER AND THOMAS GOLDMAN The Commission announced the filing on August 12 of final consent judgments of injunction and other relief in the United States District Court for the Eastern District of Pennsylvania against defendants Robert Hunter and Thomas F. Goldman for trading in the securities of Independence Bancorp, Inc. (INBC) , while in possession of material, nonpublic information concerning a proposal to acquire Independence Bancorp, Inc. (INBC) in November 1993. According to the Commission's complaint, filed on July 16, 1997, Hunter, a director of INBC at the time, learned that CoreStates Financial Corp. had made an acquisition proposal to acquire INBC. Hunter purchased INBC stock just prior to the merger announcement in November 1993 and made $250,875 in profits. Hunter tipped eight of his relatives and friends who also purchased INBC stock, and he financed the INBC trades of others. Goldman, an attorney who was one of Hunter's tippees, made $9,000 ~n profits.
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