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Microcap & Penny Stocks : Zia Sun(zsun)
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To: Sir Auric Goldfinger who wrote (9447)8/21/2000 9:44:23 PM
From: StockDung  Read Replies (1) of 10354
 
La Jolla Capital Corp.

In September 1997, NASDR ordered that La Jolla Capital Corp. ("La Jolla"), based in San Diego, be permanently barred from selling penny stocks and that five of its senior officials be sanctioned for allegedly circumventing the penny stock rules. In addition, the company and the five officials were ordered to pay a total of more than $950,000 in fines and restitution.

La Jolla and its president, Harold B.J. Gallison, were fined more than $400,000 for allegedly designing a system to circumvent the Securities and Exchange Commission's penny stock rules.

From January 1994 through May 1995, La Jolla and certain senior officials circumvented investor protection laws in numerous transactions involving 15 separate securities. All of the transactions involved penny stocks. La Jolla circumvented SEC penny stock rules by requiring investors to sign a misleading document that purported to exempt the transactions from the penny stock rule requirements. The letters were portrayed as a "formality." NASDR also charged that "in some cases investors' signatures were forged." La Jolla was also charged with having "implemented misleading and deficient supervisory policies and procedures" in connection with the alleged scheme.

rudyard.oag.state.ny.us
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