From today's SEC Digest:
COMPLAINT FILED AGAINST CURRENT AND FORMER OFFICIALS OF SAF T LOK, INC.
The Commission today announced the filing and settlement of an injunctive action against Franklin W. Brooks and John L. Gardner, the current chairman, and the former president and CEO, respectively, of Saf T Lok, Inc., a Florida-based manufacturer of gun safety locks. The Commission also announced the simultaneous institution and settlement of cease and desist proceedings against Saf T Lok, Inc. According to the complaint, in late 1997 and 1998, Brooks and/or Gardner caused Saf T Lok to publish various press releases and to make periodic filings with the Commission that falsely described certain sales, consulting and development contracts to which Saf T Lok was a party. Brooks and Gardner also authorized the release of a research report that included materially false and misleading financial projections.
Brooks and Gardner consented, without admitting or denying the allegations in
the complaint, to the entry of a final judgment enjoining both of them from future violations of Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder, and, enjoining Gardner from future violations of Section 13(a) of the Exchange Act and Rules 13a-11, 13a-13 and 12b-20 thereunder. Brooks and Gardner also each agreed to pay a $55,000 civil penalty. [SEC v. Franklin W. Brooks and John L. Gardner, S.D. Fla., Civil Action No. 00-9110-CIV-Ryskamp] (LR-16835; AAE Rel. 1354)
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