SEC News Digest, 02-20-2001
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\ SEC NEWS DIGEST Issue 2001-34 February 20, 2001 ENFORCEMENT PROCEEDINGS ASSET FREEZE ORDERED AGAINST NEW YORK COMPANY OPERATING A PRIME BANK PONZI SCHEME The Commission yesterday filed an action in federal court and obtained an emergency asset freeze against Advance Local Development (Advance) and three of its officers for operating a prime bank fraud. The complaint alleges that from February 1999 through April 2000 Advance raised $16.5 million from investors by promising annualized rates of return as high as 2,600 percent per year, with no risk to capital According to the complaint, Advance represented that investor funds would be placed into a federally approved "bank to bank" trading program with Advance's share of the profits used to promote humanitarian efforts. The complaint alleged that investor funds were never placed into a trading program, as no such program exists Instead, investor funds were used to make undisclosed payments to the proposed defendants, placed in a brokerage account where they financed unsuccessful day trading activities, and for Ponzi payments to investors Judge John Gleeson in the United States District Court for the Eastern District of New York ordered that Advance's assets be frozen to protect funds for the benefit of investors pending determination of the matter on the merits. The complaint named as defendants Advance and its officers, Edmund Burton of Brooklyn, New York, and Thomas Wescott, and Ralph Odom both of Las Vegas, Nevada. The Commission alleged that Advance, Burton, Wescott and Odom violated the antifraud and securities registration provisions of the federal securities laws. In addition to the emergency relief granted by the Court, the action seeks preliminary and permanent injunctions, disgorgement plus prejudgment interest, and civil penalties. The complaint also seeks an accounting of investor funds and the appointment of a special officer to preserve assets and repay investors. [SEC v. Advance Local Development Corp., et al., No. CV01-0897, EDNY] (LR-16902) INVESTMENT COMPANY ACT RELEASES LINCOLN BENEFIT LIFE COMPANY, ET AL. A notice has been issued giving interested persons until March 13, 2001, to request a hearing on an application filed by Lincoln Benefit Life Company, Lincoln Benefit Life Variable Annuity Account (VA Account), Lincoln Benefit Life Variable Life Account (VL Account) and IAI Retirement Funds, Inc. for an order under Section 26(b) of Investment Company Act approving the proposed substitution of shares of certain management investment companies for shares of certain other management investment companies held by sub-accounts of the VA Account and the VL Account. (ReI. IC- 24858 - February 16) SELF-REGULATORY ORGANIZATIONS IMMEDIATE EFFECTIVENESS OF PROPOSED RULE CHANGES A proposed rule change filed by the National Association of Securities Dealers relating to fees assessed for the Automated Confirmation and Transaction Service (ACT) (SR- NASD-OI-05) has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934. Publication of the proposal is expected in the Federal Register during the week of February 19. (ReI. 34-43968) A proposed rule change filed by the Chicago Board Options Exchange (SR-CBOE-O 1- 02) amending its rules to allow for $0.50 strike price intervals for options based on certain Index Portfolio Shares has become effective under Section 19(b)(3)(A) of the Securities Exchange Act of 1934 Publication of the proposal is expected in the Federal Register during the week of February 19. (ReI. 34-43969) APPROVAL OF PROPOSED RULE CHANGE The Commission approved the proposed rule change (SR-PCX-00-05), and granted accelerated approval to Amendments No.2 and 3 thereto, except for portions relating to the execution of broker-dealer orders on Auto-Ex, submitted by the Pacific Exchange relating to its automatic execution system. Publication of the proposal is expected in the Federal Register during the week of February 19. (ReI. 34-43971) WITBDRA WAL SOUGHT A notice has been issued giving interested persons until March 9, 2001, to comment on the application of The S&P 500 (R) Protected Equity Fund, Inc. to withdraw its Common Stock, $10 par value, from listing and registration on the New York Stock Exchange. (ReI. 34-43970) 2 NEWS DIGEST, February 20,2001 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 and/or 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. Registration statements may be obtained in person or by writing to the Commission's Public Reference Branch at 450 Fifth Street, N.W., Washington, DC. 20549 or at the following e- mail box address: <publicinfo@sec>. In most cases, this information is also available on the Commission's website. <www.sec.gov>. S-l PACKARD BIOSCIENCE CO, 800 RESEARCH PKWY, MERIDEN, CT 06450 (203) 238-2055 - 11,500,000 ($162,796,300) COMMON STOCK. (FILE 333- 55258 - FEB. 09) (BR. 5) S-8 UNIVERSAL COMPRESSION HOLDINGS INC, 4440 BRITTMOORE RD, HOUSTON, TX 77041 (713) 466-4103 - 1,100,000 ($37,180,000) COMMON STOCK. (FILE 333-55260 - FEB. 09) (BR. 6) S-8 IKOS SYSTEMS INC, 19050 PRUNERIDGE AVE, CUPERTINO, CA 94086 (408) 245-1900 - 1,230,114 ($16,521,210) COMMON STOCK. (FILE 333-55264 FEB. 09) (BR. 3) S-8 FEDEX CORP, 942 SOUTH SHADY GROVE ROAD, MEMPHIS, TN 38120 (901) 369- 3600 - 1,551,900 ($32,900,280) COMMON STOCK. (FILE 333-55266 - FEB. 09) (BR. 5) S-l PHOENIX COMPANIES INC/DE, ONE AMERICAN ROW, PO BOX 5056, HARTFORD, CT 06102 (860) 403-5000 - $866,640,000 COMMON STOCK. (FILE 333-55268 - FEB. 09) (NEW ISSUE) S-4 WELLS FARGO & CO/MN, 420 MONTGOMERY ST, SIXTH & MARQUETTE, SAN FRANCISCO, CA 94163 (612) 667-1234 - 575,000 ($5,623,188) COMMON STOCK. (FILE 333-55272 - FEB. 09) (BR. 7) SB-2 VENTUREDRIVE INC, 2275 LAKESHORE BOULEVARD WEST, STE 304, TORONTO, ONTARIO, CANADA M8V 3Y3, A6 00000 - 2,000,000 ($2,000,000) COMMON STOCK. (FILE 333-55274 - FEB. 09) (NEW ISSUE) 3 NEWS DIGEST, February 20,2001 S-3 POLLUTION RESEARCH & CONTROL CORP ICAI, 506 PAULA AVE, GLENDALE, CA 91201 (818) 247-7601 - 2,407,370 ($3,153,655) COMMON STOCK. (FILE 333-55276 - FEB. 09) (BR. 5) S-8 JO-ANN STORES INC, 5555 DARROW RD, HUDSON, OH 44236 (216) 656-2600 - 319,000 ($1,419,550) COMMON STOCK. (FILE 333-55278 - FEB. 09) (BR. 2) S-8 JO-ANN STORES INC, 5555 DARROW RD, HUDSON, OH 44236 (216) 656-2600 - 600,000 ($3,324,000) COMMON STOCK. (FILE 333-55280 - FEB. 09) (BR. 2) S-8 AIRBORNE INC IDEI, POBOX 662, SEATTLE, WA 98111 (206) 285-4600 - 200,000 ($2,310,000) COMMON STOCK. (FILE 333-55282 - FEB. 09) (BR. 5) S-3 CRYOCON INC, 2250 NORTH 1500 WEST, OGDEN, UT 84404 (801) 395-2796 - 13,826,163 ($32,837,137) COMMON STOCK. (FILE 333-55284 - FEB. 09) (BR. 6) SB-1 GAMEHAPPY COM INC, 204 SOUTH PARKER, BRYAN, TX 77803 (979) 823-2877 500,000 ($500,000) COMMON STOCK. (FILE 333-55286 - FEB. 09) (NEW ISSUE) S-8 PEETS COFFEE & TEA INC, 1400 PARK AVE, EMERYVILLE, CA 94608 (510) 594-2147 - 5,102,178 ($50,422,550) COMMON STOCK. (FILE 333-55290 FEB. 09 ) (BR. 4) S-8 GLOBAL SEAFOOD TECHNOLOGIES INC, 555 BAYVIEW AVE, BILOXI, MS 39530 (228) 435-3632 - 1,000,000 ($1,000,000) COMMON STOCK. (FILE 333-55292 FEB. 09) (BR. 9) N-2 AIM MILLENNIUM ALTERNATIVE STRATEGIES FUND, 11 GREENWAY PLAZA, STE 100, HOUSTON, TX 77046 (713) 626-1919 - 40,000 (~1,000,000) COMMON SHARES OF BENEFICIAL INTEREST. (FILE 333-55294 - FEB. 09) (BR. 20) S-4 TIME WARNER TELECOM INC, 10475 PARK MEADOWS DRIVE, LITTLETON, CO 80124 (303) 566-1000 - 400,000,000 ($400,000,000) STRAIGHT BONDS. (FILE 333-55296 - FEB. 09) (BR. 7) S-8 PEREGRINE SYSTEMS INC, 3611 VALLEY CENTRE DR, 5TH FL, SAN DIEGO, CA 92130 (619) 481-5000 - 7,949,792 ($231,020,956) COMMON STOCK. (FILE 333-55298 - FEB. 09) (BR. 3) S-3 KVH INDUSTRIES INC \DE\, 110 ENTERPRISE CENTER, MIDDLETOWN, RI 02842 (401) 847-3327 - 890,000 ($8,010,000) COMMON STOCK. (FILE 333-55300 - FEB. 09 ) (BR. 5) S-8 UNIQUE BAGEL CO INC, 127 BUNGA EXT AYALA ALABANG VILLAGE, MUNTINLUPA CITY, METRO MANILA PHILIPP, R6 - 5,000 ($9,950) COMMON STOCK. (FILE 333-55302 - FEB. 09) (BR. 9) 4 NEWS DIGEST, February20,2001 S-3 REINSURANCE GROUP OF AMERICA INC, 1370 TIMBERLAKE MANOR PARKWAY, CHESTERFIELD, MO 63017 (636) 736-7000 - 400,000,000 ($400,000,000) STRAIGHT BONDS. (FILE 333-55304 - FEB. 09) (BR. 1) S-3 OMI CORPIM I, ONE STATION PLACE, 90 PARK AVE, STAMFORD, CT 60902 (203) 602-6700 - 6,699,143 ($40,194,858) COMMON STOCK. (FILE 333-55308 FEB. 09 ) (BR. 5) S-4 ELIZABETH ARDEN INC, 14100 NW 60TH AVE, MIAMI LAKES, FL 33014 (305) -81-8-80 - 160,000,000 ($160,000,000) STRAIGHT BONDS. (FILE 333-55310 - FEB. 09) (BR. 2) S-1 STRATUS SERVICES GROUP INC, 500 CRAIG ROAD, 3RD FL, MANALAPAN, NJ 07726 (732) 866-0300 - 1,891,712 ($6,620,992) COMMON STOCK. (FILE 333-55312 FEB. 09) (BR. 9) S-8 WELLPOINT HEALTH NETWORKS INC IDEI, 21555 OXNARD STREET, WOODLAND HILLS, CA 91367 (818) 703-4000 - 2,273,054 ($226,691,676) COMMON STOCK. 50,000,000 ($50,000,000) OTHER SECURITIES INCLUDING VOTING TRUST.