PLEASE NOTE THAT THIS POSTING IS BEING MADE BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
SECURITIES EXCHANGE ACT OF 1934
RELEASE NO. 38565 / May 1, 1997
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the "Exchange Act"), of over-the-counter trading of the securities of Genesis International Financial Services, Inc. ("GIFS") at 9:30 a.m. EDT, on May 1, 1997, and terminating at 11:59 p.m. EDT on May 14, 1997. GIFS, a Chattanooga, Tennessee based holding company, purportedly maintains investments in financial services, medical products, agricultural and gold mining industries, as well as investments in real estate, securities, "projects," and other undisclosed "hard assets."
The Commission temporarily suspended trading in the securities of GIFS because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the value of certain assets claimed by GIFS and the purported sale of a GIFS subsidiary.
The Commission cautions broker-dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker of dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff of the Securities and Exchange Commission in Washington, D.C. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to GIFS' securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker-dealer or other person has any information which may relate to this matter, the Miami, Florida office of the Securities and Exchange Commission should be telephoned at (305) 982-6337.
HERE IS AN UNOFFICIAL COPY OF THE COMMISSION ORDER SUSPENDING TRADING.
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
May 1, 1997
______________________________
:
GENESIS INTERNATIONAL : ORDER OF
FINANCIAL SERVICES, INC. : SUSPENSION OF : TRADING
File No. 500-1 :
______________________________ :
It appears to the Securities and Exchange Commission that there is a lack of current and accurate information concerning the securities of Genesis International Financial Services, Inc. ("GIFS"), because of questions regarding the accuracy of assertions by GIFS, and by others, in documents sent to, and statements made to, market-makers of the stock of GIFS, other broker-dealers, and to investors concerning, among other things, the value of certain assets claimed by GIFS and the purported sale of a GIFS subsidiary.
The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-listed company.
Therefore, it is ordered, pursuant to Section 12(k) of the Securities Exchange Act of 1934, that trading in the above- listed company is suspended for the period from 9:30 a.m. EDT, May 1, 1997 through 11:59 p.m. EDT, on May 14, 1997.
By the Commission.
/s
Jonathan G. Katz
Secretary |
