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Technology Stocks : Teletek (TLTK): Relaxed and Holding -- Ignore unavailable to you. Want to Upgrade?

To: Dr. Microcap who wrote (3625)	8/17/1999 5:39:00 PM
From: Arcane Lore	Read Replies (1) \| Respond to of 3645

STEVEN TRAPP AND RAYMOND KRIPAITIS BARRED On August 17, the Commission instituted administrative proceedings against two former registered representatives, Steven Gale Trapp (Trapp) and Raymond R. Kripaitis (Kripaitis). In these two enforcement actions, the SEC alleges that Trapp and Kripaitis participated in secret arrangements with the former president of Teletek, Inc. (Teletek), under which they were to receive undisclosed compensation if they sold Teletek stock to their customers. At the time, Teletek had its principal office in Las Vegas, Nevada, and was engaged in the business of marketing international telephone calling services. The SEC alleges that Trapp and Kripaitis sold Teletek stock to their customers without disclosing their arrangements with the company's president or the compensation that they received. The Commission found that Trapp and Kripaitis willfully violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Without admitting or denying the allegations in the Orders, Trapp and Kripaitis have each consented to be barred from association with any broker or dealer. Based on their demonstrated inability to pay, Trapp and Kripaitis will not be required to disgorge the undisclosed compensation that they received, nor will civil monetary penalties be assessed against them. Trapp and Kripaitis were indicted in U.S. v. Damon Cozzolino, et al., CR-S-96-287, a factually-related criminal prosecution in the United States District Court for the District of Nevada. Both individuals subsequently pleaded guilty to one count of conspiracy. (Rels. 34-41749; 34-41750; File Nos. 3-9974; 3-9975) sec.gov