Well, it look like they've finally put the old Pangia-related 2000 BS to bed with a snarl and a swat on the wrist....
ENFORCEMENT PROCEEDINGS - ENVIRONMENTAL SOLUTIONS WORLDWIDE, INC. AND ITS..........
Aug 26, 2003 (SECURITIES AND EXCHANGE COMMISSION RELEASE/ContentWorks via
COMTEX) -- On June 2, 2003, the U.S. District Court for the District of Columbia
entered agreed permanent injunctions against Environmental Solutions Worldwide,
Inc. (ESWW) and its former chairman and president, Bengt Odner (Odner).
On Aug 13, 2002, the Securities and Exchange Commission filed a complaint against ESWW
and other persons, alleging that they perpetrated a massive stock fraud in the
NASDAQ Over-the-Counter securities market. In connection with the scheme, the
complaint alleged that ESWW illegally issued 15 million shares of its stock in a
sham private offering and "pumped" the price of its stock by materially
misrepresented test results of its catalytic converter prototype in press
releases and other public statements. The complaint also alleged that in June
2000, Odner, of the United Kingdom, repeated several of the prior
misrepresentations of the test results in a promotional interview published in
an investment publication and posted on ESWW's Internet website.
Without admitting or denying the Commission's allegations, ESWW consented to a
final judgment permanently enjoining it from future violations of Sections 5(a)
and 5(c) of the Securities Act of 1933 and Sections 10(b), 13(a), 13(b)(2)(a),
and 13(b)(5) of the Securities Exchange Act of 1934 ("Exchange Act") and Rules
10b-5, 12b-20, 13a-1, and 13b2-1 thereunder, and Odner consented to a final
judgment permanently enjoining him from future violations of Section 10(b) of
the Exchange Act and Rule 10b-5 thereunder. Odner was also ordered to pay a
$25,000 civil penalty. For more information, see Litigation Release No. 17673A
(Aug. 13, 2002). [SEC v. Environmental Solutions Worldwide, Inc. et al., Cause
No. 1:02-CV-575 JDD (D.C.)] (LR-18310)
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Perhaps ESWW can get on with the real production and marketing programs now.
John :-) |
