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S.E.C. v. BREMONT

No. 96 Civ. 8771 (LAK).

954 F.Supp. 726 (1997)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. Joseph BREMONT, Jimmy B. Sanchez, Comcar International, Ltd., Commercial Capital Resources, Inc., Defendants, and Loomis Ltd., Michael Spector and R.P.S. Financial Group, Inc., Relief Defendants.

United States District Court, S.D. New York.

February 18, 1997.

Attorney(s) appearing for the Case

Alberto J. Troncoso, Edwin H. Nordlinger, New York City, Andrew J. Geist, Armonk, NY, Eric M. Schmidt, New York City, Anahita N. Kotval, Securities and Exchange Commission, for Plaintiff.

Larry H. Krantz, Anderson & Rottenberg, P.C., New York City, for Defendants Joseph A. Bremont, Comcar International, Ltd., and Commercial Capital Resources, Inc.

Richard M. Asche, Litman, Asche & Gioiella, L.L.P., New York City, for Defendant Jimmy B. Sanchez.

MEMORANDUM OPINION

KAPLAN, District Judge.

The SEC here claims that the defendants have engaged in a scheme to induce investors to pay defendants fees to obtain orders from major banks to purchase so-called "prime bank instruments" ("PBIs") from the investors. The Commission contends that PBIs do not exist, that the purchase orders are not forthcoming, that defendants are well aware of both facts, and that the defendants' operations simply defraud the investors...

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