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Microcap & Penny Stocks : SHAL
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To: realmoney who wrote (684)5/15/1999 1:25:00 PM
From: StockDung   of 941
 
Restaurant CEO Faces SEC Suit - (WOODLAND HILLS) -- The head of a Woodland Hills-based restaurant chain has been hit with a Securities and Exchange Commission fraud suit. The complaint alleges Jonathan Papa, the chairman and chief executive of the Papashon chain, defrauded 13-hundred investors out of 21-point-six Million dollars in a scheme to raise money for restaurants never built. The ''Los Angeles Times'' reports there is an agreement which includes a permanent injunction barring any future securities violations such as the company's former ''boiler room'' operation in Woodland Hills. The judgement also requires Papa and his Papa Holdings to pay back all so- called ill-gotten gains.
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