CSDD: just a wee problem.....
From the RB boards:
By: PaulKersey
Reply To: None
Sunday, 18 Apr 1999 at 11:22 AM EDT
Post # of 88
SCAM ALERT !
Guess what folks our unscrupulous CEO, Mr. S. Everett Coryell has a history of securities fraud.
www2.state.id.us
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Contact:
Marilyn Scanlan
Bureau Chief
Securities Bureau
(208) 332-8004
NEWS RELEASE
For Immediate Release March 27, 1996
JUDGMENTS ENTERED IN SECURITIES LAWSUIT
Gavin M. Gee, Director of the Idaho Department of Finance, announced today that the Honorable
D. Duff McKee, District Judge of the Fourth Judicial District Court in Boise entered judgments
against Steven Everett Coryell, Boise, Idaho, and his company, National Investigative
Consultants, Inc. (NIC)
The Court's action stems from a civil injunctive complaint filed on December 20, 1995, charging
that the defendants violated the anti-fraud and registration provisions of the Idaho Securities Act.
The defendants admitted the allegations in the complaint which included that they sold securities
in the form of stock, distressed loans packages and limited partnership interests to 13 residents
of Boise, Meridian, Nampa and McCall.
Between 1991 and 1994, the defendants engaged in a series of various securities transactions.
Among the allegations made in the complaint, and admitted by defendants, are the following:
Steven Coryell assembled packages of defaulted loans which he had acquired from financial
institutions. He represented to investors that he would collect on these loans and guaranteed a
25% return on investor money in six months. With one exception, investors lost their entire
investment.
The second group of transactions involved the sale of stock in a Canadian company traded on the
Calgary Stock Exchange. Steven Coryell represented to investors that their money would be given
to a named stockbroker for purchase of the shares. Coryell did not forward the investors' money
to the stockbroker, nor did he purchase the stock for investors. Rather, Coryell kept the investor
money for his own use.
The final securities transactions engaged in by defendants was the sale to one investor of a
limited partnership interest. Defendant Steven Coryell made numerous misrepresentations to
induce this investment. Among these misrepresentations was that the investor's money would be
used solely for the partnership's business when in fact, the investor's funds were deposited into
defendant NIC's bank account and commingled with and used for Steven Coryell's other
businesses.
None of the securities, nor defendants, were registered with the Department as required by the
Idaho Securities Act.
The court's order finds that the defendants violated the securities laws and permanently enjoins
them from engaging in such practices in the future. Further, full restitution to investors in the
amount of nearly $345,000 was ordered by the court. The case continues against the remaining
defendant, Melvin E. Coryell.
The Department of Finance advises all individuals to invest only with licensed brokerage firms
and to exercise caution in making investment decisions. |
