Starlog Franchises (RETN) played a role in the massive SEXI scam..
sec.gov
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 15571 / November 25, 1997
SECURITIES AND EXCHANGE COMMISSION v. CHARLES O. HUTTOE, ET AL., Civil
Action No. 96-02543 (GK)(D.D.C.)
The Securities and Exchange Commission ("Commission") today announced
settlements with Charles O. Huttoe and certain other persons and entities
to be named as Relief Defendants in the action previously filed against
him. The Commission filed its complaint on an emergency basis in this
action on November 7, 1996, and charged Huttoe, formerly the Chairman of
the Board and Chief Executive Officer of Systems of Excellence, Inc.
("SOE"), with orchestrating what was then an ongoing, massive market manipulation of that company's securities. The complaint alleged that he secretly distributed millions of SOE shares in the names of his family members and corporations, issued false favorable information concerning SOE and its business, and then sold his shares into the inflated market. The Commission has also moved to recover Huttoe's illegal profits from several Relief Defendants were the beneficiaries of a massive effort by Huttoe to dissipate and secrete those profits before the Commission's complaint was filed.
The Commission also announced developments with regard to several other Relief Defendants. Today, Starlog Franchise Corp. Hope Associates, L.L.C., Michael Michaelson, Raymond J. Markman, Herman Rush, Mark Savel and George Holsten filed consents to the entry of orders requiring them to disgorge a total of $950,000 that the Commission alleged they received, directly or indirectly, from Huttoe. Finally, the Commission announced that on November 7, 1997, the Court granted its motion for leave to amend its complaint to add Mary Jane Hubbard as a Relief Defendant, granted a preliminary injunction against Hubbard and froze $531,450 representing funds Hubbard received from Huttoe. |
