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Microcap & Penny Stocks : Comparator (IDID): Stock Talk Only -- Ignore unavailable to you. Want to Upgrade?

To: flash who wrote (545)	8/20/1998 9:48:00 PM
From: Thomas Stanton	Respond to of 610

SEC/Former Comparator Sys Execs -2: Alleged Asset Inflation Dow Jones Newswires WASHINGTON -- The Securities and Exchange Commission announced today that it obtained final judgments against three former executives of Comparator Systems Corp. Robert Reed Rogers, former chairman, chief executive officer and treasurer of the company; Gregory Armijo, former vice president of operations, corporate secretary and board member; and Scott Hitt, former executive vice president and board member, caused the company to file false and misleading financial statements for fiscal years ending June 30, 1994, June 30, 1995 and for three quarters of fiscal year 1996, which grossly inflated the company's assets for that period, according to an SEC complaint filed in May 1996. The SEC further alleged that the defendants filed these bogus financial statements for the purposes of enabling the company's common shares to remain listed for trading on the Nasdaq SmallCap Market System and to facilitate the sale of the company's common shares to the pubic. Comparator Systems was delisted by Nasdaq in May 1996. Rogers and Armijo, the SEC said, were barred from violating certain provisions of securities laws in the future and barred from ever serving as officers or directors of public companies in judgments entered in Sept. 1996. A supplemental judgment entered, Aug. 14, against Rogers ordered him to disgorge $263,106 in salary from the company, $4,469 in profits from a sale of the company stock and to pay $29,921 in interest. Rogers was also ordered to disgorge 30.54 million shares of the company's stock and to disavow all debts owed to him by Comparator Systems and incurred during the period covered by the SEC's complaint. Also, on Aug. 14, a supplemental judgment entered against Armijo ordered him to disgorge $106,401 in salary form the company, $9,990 in profits from the sale of Comparator shares and to pay $13,038 in interest. Armijo was also ordered to disgorge 3.58 million shares of the company's stock and disavow all debt owed to him by the company an incurred during the period covering the SEC's complaint. Hitt, pursuant to a final judgment entered against him in May 18, was barred from violating certain provisions of securities laws in the future, barred from ever serving as an officer or a director of any public company. The judgment also ordered him to disgorge $516,614 plus interest of $87,635 and a to pay a civil penalty of $516,614. The defendants were not represented by counsel, according Christian Mixter, Chief Litigation Counsel in the SEC Division of Enforcement. -By Humberto Sanchez (202) 862-9251