Been a busy morning for me. Googled ole rw this morning. She was in with a company called dimples group. have a gander at this
IN THE MATTER OF J. DOUGLAS ELLIOTT
The Commission announced that J. Douglas Elliott (Elliott) of North York, Ontario, Canada, consented to the entry of an administrative proceeding order finding that Elliott knew or should have known that he caused Dimples Group, Inc. (Dimples) to make material misrepresentations and omissions in violation of antifraud provisions of the federal securities laws during 1991 and 1992. The administrative order directs Elliott to cease and desist from committing or causing any violations or future violations of the antifraud provisions of the federal securities laws, Section 10(b)of the Exchange Act and SEC Rule 10b-5. As part of the settlement,the Commission agreed to dismiss its previously filed lawsuit against Elliott in the United States District Court for the Northern District of California.
From May 1990 until July 1997, Elliott was the president and chairman of the board of directors of Dimples, a now defunct Canadian corporation that sold cloth diapers in Canada and the United States during the early 1990s. Dimples Group Inc.'s stock was traded on the Vancouver Stock Exchange and the OTC Bulletin Board until July 1994, when it was delisted. Elliott is a licensed lawyer and currently is the chairman and president of Power Plus Corp., a public company based in Ontario, Canada, that trades on the Alberta Stock Exchange and in the United States on the OTC Bulletin Board.
The Commission's administrative order finds that Elliott, amongothers, orchestrated a campaign in the United States to solicit U.S. investors and stock brokers to buy Dimples common stock and that Elliott falsely represented in press releases and newsletters distributed to investors throughout the United States in 1991 and 1992 that Dimples would generate between $25 million and $35 million in revenues during the first year of its product sales in the U.S.;Dimples' redesigned diaper had been successfully test-marketed in upstate New York, generating $1 million in sales; Dimples' supplierwas financing production of all of its inventory; and Dimples had ensured through private placements that it was adequately financed to market its product successfully in the United States. The Commission's order finds that Elliott knew or should have known that these statements were false and that, by his conduct, Elliott caused Dimples to violate the antifraud provisions of the federal securities laws. (Rel. 34-40043; File No. 3-9614)
2 NEWS DIGEST, June 1, 1998
heres a link
sec.gov |
