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John
Robert Powell
CRIMINAL
APPREHENDED
a.k.a.:
John R Powell, JP, JR Powell
Laguna
Beach and Irvine California
U.S. Securities and Exchange Commission
Litigation Release No. 18182 / June 9, 2003
United States v. John R. Powell
Criminal Case
No. CR 03-01172 (C.D. Cal.)
John R. Powell, Movie Producer And Former Stockbroker,
Arrested For Lying To The
SEC
On
June 6, 2003, federal authorities arrested John R. Powell,
former President of Irvine Securities, Inc. and currently a
movie producer who co-owns Filmstar
Productions, Inc., on a criminal complaint charging him with
making false statements to the Securities and Exchange
Commission. The complaint, filed on May 29, 2003, by the United
States Attorney's Office for the Central District of California,
charges Powell with making false statements to a federal
agency, in violation of Title 18, United States Code, Section
1001. An affidavit filed in support of the complaint alleges
that during late 2001 and 2002, Powell's attorney
discussed with the Commission possible resolution of a civil
case filed by the Commission against Mr. Powell
and others. During the course of settlement discussions, Powell
sought waiver of the amount of disgorgement and submitted two
sworn financial statements, dated January 2002 and July 2002.
The affidavit alleges that in each of the financial statements,
Powell claimed he had no equity in his Laguna Beach house
because his mortgage was exactly equal to the property's
"quick sale" market value.
The
affidavit further alleges that when the Commission obtained Powell's
credit report in approximately August 2002, the Commission
learned that Powell had refinanced his Laguna Beach home
in February 2002. Through that refinancing Powell
borrowed $1,750,000, and received a check in the amount of
$428,378.85. Powell deposited the money into the account of
Filmstar Productions, Inc., a company Powell co-owns and
operates. Since then, Powell has signed checks on the Filmstar
account made payable to himself and others. According to the
affidavit, the financial statements submitted to the Commission
did not disclose that Powell had refinanced his Laguna
Beach house in February 2002 to withdraw more than $428,000 in
cash from the property. Nor did the financial statements
disclose that Powell transferred this cash to Filmstar. Nor did
they identify the transfer of money to Filmstar as a loan from
Powell.
On
October 10, 2002, in an action brought by the Commission, the
United States District Court for the Central District of
California entered an injunction prohibiting Powell from
violating the securities registration and antifraud provisions
of the federal securities laws, Sections 5(a), 5(c), and 17(a)
of the Securities Act of 1933, Section 10(b) of the Securities
Exchange Act of 1934, and Rule 10b-5.
For additional information, see Litigation
Release No. 15822.
Indicted
John Robert Powell
You
may view this release by clicking here
(In
accordance with Title 17 U.S.C. Section 107, this material is
distributed without profit to those who have expressed a prior
interest in receiving the included information for research and
educational purposes.)
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