Post by Sarel on Jan 29, 2009 0:11:53 GMT 4
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14702 / October 30, 1995
SECURITIES AND EXCHANGE COMMISSION v. SCOTT A. FRYE, 95 Civ.
9205, U.S.D.C., S.D.N.Y. (JSM)
NEW YORK -- The Securities and Exchange Commission ("Commission")
announced that, on October 27, 1995, a Temporary Restraining
Order ("Order") was issued by Judge John S. Martin of the
U.S.D.C., S.D.N.Y., against Scott A. Frye ("Frye"). The Order
also freezes the defendant's assets and orders the defendant to
submit an accounting. The Order stems from a Complaint filed by
the Commission on the same day, charging the defendant with
violations of the antifraud provisions of the federal securities
laws. A hearing will be held on November 3, 1995 on the
Commission's application for a Preliminary Injunction.
Named in the Complaint, filed on October 27, 1995, in the United
States District Court for the Southern District of New York, was:
SCOTT A. FRYE, age 27, who resides in Williamsport, Pennsylvania.
As detailed in the Complaint, beginning in or about May 1995
through the present, Frye has posted numerous messages on the
InterNet, a decentralized web of computers, accessible to
millions of potential investors across the country and world-
wide, in which Frye has solicited funds from investors. The
Complaint alleges that Frye has used messages posted on the
InterNet, and other written materials which he has distributed,
in an attempt to lure investors with promises of riskless profits
and above average returns from investments in two Costa Rican
enterprises, ICP and the Jupiter Agro Development Project.
However, as alleged in the Complaint, in connection with his
solicitations, Frye has made misrepresentations of material fact.
For example, Frye falsely represented that one of his companies
had a major distribution contract for its product with A&P
Supermarkets ("A&P"), when, in fact, it had no distribution
contracts with A&P. Additionally, the Complaint alleges that
Frye, when soliciting funds from investors, falsely stated that a
bank had guaranteed investors' principal and 15% interest for a
one year investment.
The Commission's Complaint against Frye seeks orders of
preliminary and permanent injunction against further violations
of the antifraud provisions of the federal securities laws,
disgorgement of ill-gotten gains, including prejudgment interest,
civil penalties and other ancillary relief.
Litigation Release No. 14702 / October 30, 1995
SECURITIES AND EXCHANGE COMMISSION v. SCOTT A. FRYE, 95 Civ.
9205, U.S.D.C., S.D.N.Y. (JSM)
NEW YORK -- The Securities and Exchange Commission ("Commission")
announced that, on October 27, 1995, a Temporary Restraining
Order ("Order") was issued by Judge John S. Martin of the
U.S.D.C., S.D.N.Y., against Scott A. Frye ("Frye"). The Order
also freezes the defendant's assets and orders the defendant to
submit an accounting. The Order stems from a Complaint filed by
the Commission on the same day, charging the defendant with
violations of the antifraud provisions of the federal securities
laws. A hearing will be held on November 3, 1995 on the
Commission's application for a Preliminary Injunction.
Named in the Complaint, filed on October 27, 1995, in the United
States District Court for the Southern District of New York, was:
SCOTT A. FRYE, age 27, who resides in Williamsport, Pennsylvania.
As detailed in the Complaint, beginning in or about May 1995
through the present, Frye has posted numerous messages on the
InterNet, a decentralized web of computers, accessible to
millions of potential investors across the country and world-
wide, in which Frye has solicited funds from investors. The
Complaint alleges that Frye has used messages posted on the
InterNet, and other written materials which he has distributed,
in an attempt to lure investors with promises of riskless profits
and above average returns from investments in two Costa Rican
enterprises, ICP and the Jupiter Agro Development Project.
However, as alleged in the Complaint, in connection with his
solicitations, Frye has made misrepresentations of material fact.
For example, Frye falsely represented that one of his companies
had a major distribution contract for its product with A&P
Supermarkets ("A&P"), when, in fact, it had no distribution
contracts with A&P. Additionally, the Complaint alleges that
Frye, when soliciting funds from investors, falsely stated that a
bank had guaranteed investors' principal and 15% interest for a
one year investment.
The Commission's Complaint against Frye seeks orders of
preliminary and permanent injunction against further violations
of the antifraud provisions of the federal securities laws,
disgorgement of ill-gotten gains, including prejudgment interest,
civil penalties and other ancillary relief.