Powell Indicted
JOHN
R. POWELL - Laguna Beach CA
INDICTED
U.S. SECURITIES & EXCHANGE
COMMISSION
Litigation Release No. 18281 / August 8, 2003
United States v. John R. Powell, Criminal Case No. CR 03-782
(C.D. Cal.)
JOHN R. POWELL, MOVIE PRODUCER AND FORMER STOCKBROKER,
INDICTED FOR LYING TO THE SEC
On August 5, 2003, a federal grand jury indicted John R.
Powell, former President of Irvine Securities, Inc. and
currently a movie producer, for making false statements to the
Securities and Exchange Commission. The indictment charges
Powell with making false statements to a federal agency and
obstruction of justice. The indictment alleges that during 2002,
the Commission proposed settling a civil case filed by the
Commission against Powell and others. During the course of
settlement discussions, the Commission staff stated that it
would consider waiving a portion of the proposed amount of
disgorgement and an additional money penalty if Powell was
unable to pay the full amount. The Commission required Powell to
submit sworn financial statements demonstrating his inability to
pay. Powell submitted two sworn financial statements, dated
January 2002 and July 2002.
The indictment alleges that in each of the financial
statements, Powell claimed he had a negative net worth and that
he had no equity in his Laguna Beach house because his mortgage
was essentially equal to the property's "quick sale"
market value. The indictment further alleges that Powell, in
fact, knew at the time he submitted the January 2002 financial
statements that his residence had been appraised at a value of
over $3 million, that a mortgage lender would loan him at least
$1,750,000 against the property, and that he had at least
$500,000 in equity in the property. In Powell's July 2002
financial statements submitted to the Commission, Powell did not
disclose that he had refinanced his house in February 2002 to
withdraw more than $428,000 in cash from the property. Nor did
the financial statements disclose that Powell deposited this
money directly into a bank account in the name of a film
production company that Powell owned and controlled. Powell
subsequently wrote checks on this bank account to pay for his
monthly mortgage payments and other living expenses.
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 more information, see
Litigation Release Nos. 18182
(June 9, 2003), and 15822
(July 29, 1998).
The criminal case is being prosecuted by the United States
Attorney's Office for the Central District of California.
http://www.sec.gov/litigation/litreleases/lr18281.htm
Do
you need a Securities Fraud Attorney or Lawyer?
Let us help you
recover your losses. Get Help with Securities Fraud Now!
Seeking all
Information on Rockbridge Securities Inc. of Irvine California
Report-Rockbridge-Securties@securitiesfruad.org
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.
Please
look through the site and check back daily as new revisions are
made!
Strategic
Affiliation with:
Did
you lose with Enron? Click Here
What
People are saying about: The Site?
John
D. ~ San Pedro ~ California writes:
"Thanks
for the update on your web site, very nice..."
Dave
W. ~ San Fran ~ California writes:
"Thanks
so much for all your help..."
Mike
L. ~ Houston ~ Texas ~ writes :
"Thank
you for everything..."
OUR
Mission is SIMPLE:
"Prevention
of the Mistakes of a few from being Repeated by Many"
We
Seek to: Assist - Protect & Defend
The
individuals and entities listed herein have either been
implicated, indicted, convicted, suspected, believed or are
under investigation by various governmental regulators,
investigators, CID (Criminal Investigation Division) law
enforcement officers for involvement in fraudulent business
practices including without limitation Securities Fraud,
Violations to Securities Laws, Purposeful malicious actions
involving investment activities and business schemes.
New
agreements and strategic relationships have been negotiated and
agreed upon in recent days and weeks these new logos,
affiliations and strategic relationships will soon be linked to
or from this site. Please write to: subscribe@securitiesfraud.org
REPORT SECURITIES FRAUD NOW:
Report-Fraud-Today@SECURITIESFRAUD.ORG
__________________________________________________
Approved SEAL (click below)
The
S.F.P.O. Organizational Seal
Are
you facing Criminal
Charges, Federal Charges? When facing federal criminal
charges Hedding Law firm are the people to call. Nick
Hedding Specializing in Criminal Defense.
This
site is dedicated to all the victims of Securities Fraud....
We
thank the founder of this site for his contribution to ending
securities fraud.
If
you are a Securities Law Attorney Representing the Interests of
Investors, and willing to work with our Organization and Clients
Please email your personal and firm's profile to:
Attorney-Referral-Serivce@securitiesfraud.org
We
may have clients and authorities in your area waiting for
assistance.
We
even can provide a recommendation for Leads.
Do
you like our Internet
Domain Name? You
can get your very own Internet Domain name for under 10
bucks. Yes Under Ten dollars and you can own your very own
domain
name on the world wide web!
Hosting
Services Donated by BiCoastal Hosting
For the Best Nightclubs
in Las Vegas visit Key VIP
|
About Us
