PROCEEDINGS INSTITUTED AGAINST SPACEDEV, INC. AND JAMES BENSON
The Commission announced institution of cease and desist proceedings
against Spacedev, Inc. and its chairman, James W. Benson. Spacedev
is a microcap company based in San Diego, California, whose stock is
quoted on the OTC Bulletin Board, and which promotes itself through
the Internet and other media. Spacedev proposes to engage in the
space exploration and development business, beginning with the
exploration of a near earth asteroid, scheduled to occur in the year
2000. The Commission's order alleges that Spacedev and Benson made
false and misleading statements to the public pertaining to
projected 1998 revenues and earnings, a purported agreement with the
National Aeronautics and Space Administration to use a satellite
communications system, and a financing agreement with a broker-dealer.
A hearing will be scheduled to determine whether the allegations are
true and, if so, whether a cease and desist order should be issued.
(Rels. 33-7561; 34-40307; File No. 3-9668)
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