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Pastimes : Investment Chat Board Lawsuits
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To: Jeffrey S. Mitchell who wrote (3832)10/9/2002 2:59:27 PM
From: StockDung  Read Replies (1) of 12465
 
Las Vegas Entertainment Network <LVEN.PK> SEC files fraud charges against gaming firm

WASHINGTON, Oct 9 (Reuters) - U.S. securities regulators on Tuesday filed and settled financial fraud charges against Las Vegas Entertainment Network <LVEN.PK>, alleging the gaming company inflated its assets by millions of dollars.

The Securities and Exchange Commission also filed charges against the firm's Chief Executive Officer Joseph Corazzi and Chief Financial Officer Carl Sambus, alleging they filed the false statements regarding the company's assets.

The company's investor relations consultant Jay Goldberg was also charged with hyping Las Vegas Entertainment stock without disclosing he had received 85,000 company shares as compensation.

All parties involved settled the case without admitting or denying the allegations. The attorney representing Corazzi and Sambus declined to comment. Goldberg's lawyer did not immediately return calls for comment.

The SEC's complaint, filed in U.S. District Court in Los Angeles, alleged the company listed a counterfeit $3 million "gold certificate" and $3.5 million worth of expired marketing rights on its balance sheets as assets.

The SEC also revoked the firm's registration statement. It had traded on the pink sheets.

Corazzi and Sambus agreed to be barred from serving as an officer or director of a public company, and to pay respective fines of $75,000 and $25,000. Goldberg will pay a civil penalty of $10,000.

10/09/02 14:11 ET
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