UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16132 \ May 5, 1999
[In re: An Application To Enforce Administrative
Subpoenas of the Securities and Exchange Commission
v. Theodore O. Pollard and World Investment Network,
Ltd., CV-98-0056-MISC (FMS)]
PALO ALTO MAN ARRESTED FOR FAILURE TO COMPLY
WITH SEC SUBPOENA
Theodore O. Pollard of Palo Alto, CA, was arrested
at his home by the U.S. Marshal yesterday pursuant
to a bench warrant issued by the Honorable Fern
A. Smith, United States District Court Judge,
Northern District of California. Pollard’s arrest
resulted from his continued non-compliance with
two Securities and Exchange Commission ("Commission")
subpoenas ordering him to testify and produce
documents from his company, World Investment Network,
Ltd. ("WIN"), in connection with a Commission
investigation.
As part of the Commission’s focus on securities
violations over the Internet, Pollard and WIN
have been under investigation for suspected fraud
in connection with the sale of so-called "prime
bank" securities over WIN’s website. The
Commission issued a press release on October 19,
1993 warning investors about the dangers of fraudulent
schemes involving the issuance and trading of
"prime" bank, "prime" European
bank or "prime" world bank financial
instruments. On March 5, 1999, the Court issued
a contempt order against Pollard and WIN and ordered
a monetary fine against Pollard for every day
he remained in contempt. When Pollard failed to
comply with the Court’s order, the Commission
sought and obtained a bench warrant for Pollard’s
arrest. At a hearing before Judge Smith, Pollard
was ordered to appear with counsel on May 14,
1999 for further proceedings.
http://www.sec.gov/litigation/litreleases/lr16132.htm
|
