Issue 93-13 LIBRARY January 22, 1993 :</:·:\<UU>:'U>()\':::-:.··:::::/j ADMINIST~TlVE ·.·PRriCEEDINGS .U.S.seCtJAfHES' EMa" 'NCS Co"ttrSS'ht' PROCEEDINGS AGAINST INVESTMENT ADVISER AND ASSOCIATED PERSON The Commission announced the entry on January 22 of an Order Instituting Proceedings, Making Findings and Imposing Remedial Sanctions pursuant to Section 9 of the Investment Company Act of 1940 (ICA ) and Section 203 of the Investment Advisers Act of 1940 (IAA) against a registered investment adviser, USAA Investment Management Co. (IMCO), and a person formerly associated with the adviser, Steven D. Harrop. IMCO and Mr. Harrop were charged with aiding and abetting violations of ICA Rule 22c-l, and violations of ICA Section 34(b), resulting from purchases of approximately $178 million of unrated securities by USAA Tax Exempt Fund, Inc. (TEFl) during 1989 and 1990. These violations were discovered during a routine examination of TEFl's Tax Exempt Money Market Fund in November and December 1990. IMCO and Mr. Harrop both consented to the order without admitting or denying any of the violations set out therein. IMCO agreed to be censured for its violations; to comply with adopted procedures concerning specific ICA requirements and supervision of its employees; and to payment of a civil penalty of $50,000. Mr. Harrop agreed to be censured for his violations; to payment of a civil penalty of $5,000; and to cease and desist from future violations of these provisions. (Rels. IC-19224; IA- 1359) CIVIL PROCEEDINGS INJUNCTIVE ACTION FILED AGAINST F.N. WOLF & CO., INC. AND HIBBARD BROWN & CO., INC. The Chicago Regional Office filed a complaint on January 19 in the U. S. District Court for the Southern District of New York seeking to preliminarily and permanently enjoin F.N. Wolf & Co., Inc. and Hibbard Brown & Co., Inc. from further violations of the antifraud provisions of the federal securities laws. The complaint alleges, in part, that in connection with the offer and sale of the securities of Treats International Enterprises, Inc. that Wolf and Hibbard used high pressure, "boiler room," sales techniques based on firm-generated and distributed sales scripts and research reports which contained numerous material misrepresentations and omissions about Treats, which were known by each firm's management. In addition, the complaint seeks other equitable relief and civil penalties including an accounting, preservation of assets and the appointment of individual consultants to review each firm's policies and procedures. [SEC v. F.N. Wolf & Co., Inc. and Hibbard Brown & Co., Inc., SDNY, Civil Action No. 93-0379)
EMa" 'NCS Co"ttrSS'ht' PROCEEDINGS AGAINST INVESTMENT ADVISER AND ASSOCIATED PERSON
The Commission announced the entry on January 22 of an Order Instituting Proceedings, Making Findings and Imposing Remedial Sanctions pursuant to Section 9 of the Investment Company Act of 1940 (ICA ) and Section 203 of the Investment Advisers Act of 1940 (IAA) against a registered investment adviser, USAA Investment ManagementCo. (IMCO), and a person formerly associated with the adviser, Steven D. Harrop. IMCO and Mr. Harrop were charged with aiding and abetting violations of ICA Rule 22c-l,and violations of ICA Section 34(b), resulting from purchases of approximately $178 million of unrated securities by USAA Tax Exempt Fund, Inc. (TEFl) during 1989 and 1990. These violations were discovered during a routine examination of TEFl's Tax Exempt Money Market Fund in November and December 1990.
IMCO and Mr. Harrop both consented to the order without admitting or denying any of the violations set out therein. IMCO agreed to be censured for its violations; to comply with adopted procedures concerning specific ICA requirements and supervisionof its employees; and to payment of a civil penalty of $50,000. Mr. Harrop agreed to be censured for his violations; to payment of a civil penalty of $5,000; and to cease and desist from future violations of these provisions. (Rels. IC-19224; IA-1359)
CIVIL PROCEEDINGS
INJUNCTIVE ACTION FILED AGAINST F.N. WOLF & CO., INC. AND HIBBARD BROWN & CO., INC.
The Chicago Regional Office filed a complaint on January 19 in the U. S. District Court for the Southern District of New York seeking to preliminarily and permanently enjoinF.N. Wolf & Co., Inc. and Hibbard Brown & Co., Inc. from further violations of the antifraud provisions of the federal securities laws. The complaint alleges, in part, that in connection with the offer and sale of the securities of Treats International Enterprises, Inc. that Wolf and Hibbard used high pressure, "boiler room," sales techniques based on firm-generated and distributed sales scripts and research reportswhich contained numerous material misrepresentations and omissions about Treats, which were known by each firm's management. In addition, the complaint seeks other equitable relief and civil penalties including an accounting, preservation of assets and the appointment of individual consultants to review each firm's policies and procedures. [SEC v. F.N. Wolf & Co., Inc. and Hibbard Brown & Co., Inc., SDNY, Civil Action No. 93-0379)
SELF-REGULATORY ORGANIZATIONS
ACCELERATED APPROVAL OF PROPOSED RULE CHANGE
The Commission approved on an accelerated basis a proposed rule change filed by the Participants Trust Company (SR-PTC~92-15) relating to the payment of dividends to its shareholders. Publication of the order is expected in the Federal Register duringthe week of January 18. (Rel. 34-31746),
IMHEDIATE EFFECTIVENESS PROPOSED RULE CHANGES
The National Securities Clearing Corporation filed a proposed rule change (SR-NSCC-92 -15) relating to a change in the fees for Networking and Fund/Serv. The rule change is effective upon filing. Publication of the proposal is expected in the Federal Register during the week of January 18. (ReI. 34-31747)
The Midwest Securities Trust Company filed a proposed rule change relating to the modification of its fee schedule to provide discounts to primary users. The rule change is effective upon filing. Publication of the proposal is expected in the Federal Register during the week of January 18. (ReI. 34-31748)
SECURITIES ACT REGISTRATIONS
The following registration statements have been filed with the SEC under the Securities Act of 1933. The reported information appears as follows: Form, Name, Address and Phone Number (if available) of the issuer of the security; Title and the number and/or face amount of t.he securities being offered; Name of the managingunderwriter or depositor (if applicable); File number and date filed; Assigned Branch; and a designation if the statement is a New Issue.
S-8 SABA PETROLEUM CO, 2112 HURD DR, LAS COLINAS TECH CENTER, IRVING, TX 75038 (214) 550-9000 - 200,000 ($700,000) COMMON STOCK. (FILE 33-56978 - JAN. 14) (SR. 12)
SO, KFC NATIONAL PURCHASING COOPERATIVE INC, 950 BRECKENRIDGE LN STE 300, LOUISVILLE, KY40207 (502) 896-5900 - 3,800 ($1,208,000) COMMON STOCK. (FILE 33-56982 - JAN. 14)(BR. 3)
SO, ~ISCONSIN PHARMACAL COMPANY INC, N168 ~22223 MAIN ST, JACKSON, ~I 53037 (414) 677-4121 - 51,800 ($725,200) COMMON STOCK. (FJLE 33-56984 - JAN. 14) (SR. 1)
S-8 EXTEN INDUSTRIES INC, 1660 HOTEL CIR N, STE 718, SAN DIEGO, CA 92108 (619) 294-8001- 10,000 ($60,000) COMMON STOCK. (FILE 33-56986 - JAN. 14) (BR. 11)
S-8 SOMATIX THERAPY CORPORATION, 850 MARINA VILLAGE PKWY, ALAMEDA, CA 94501 (510) 748-3000 - 2,023,186 ($18,196,174) COMMON STOCK. (FILE 33-56988 - JAN. 14)(BR. 4)
2 NEWS DIGEST, January 22, 1993
REGISTRATIONS CONTINUED
S-8 KRANZCO REALTY TRUST, 128 FAYETTE STREET, CONSHOHOCKEN, PA 19428 (215) 941-9292 -1,000,000 ($21,250,000) COMMON SHARES OF BENEFICIAL INTEREST. (FILE 33-56990 -JAN. 14) (BR. 6)
S-3 COOPER DEVELOPMENT CO, 455 E MIDDLEFIELD RO, MOUNTAIN VIEW, CA 94043 (415) 969-9030- 1,209,792 ($3,024,480) COMMON STOCK. (FILE 33-57026 - JAN. 14) (BR. 8)
Companies and individuals must report to the Commission within ten days on Schedule l3D if after the acquisition of equity securities of a public company their beneficial interest therein exceeds five percent. Persons eligible to use the short form (Schedule l3G) may in lieu of filing a Schedule l3D file a Schedule l3G within 45 days after the end of the calendar year in which the person became subject to Section l3(d)(1). Companies and individuals making a tender offer must have on file at the time the tender offer commences a Schedule l4D-1.
The following is a list of recent filings of Schedules l3D and 14D, which includes the following information: Column 1 - the company purchased (top), and the name of the purchaser; Column 2 - the type of security purchased; Column - 3 - the type of form filed; Column 4 - the date the transaction occurred; Column 5 - the current number of shares (in OOO's) owned (top) and the current percent owned; Column 6 - the CUSIP number (top) and the percent owned; and Column 7 - the status of the filing,i.e., new, update or revision.
EVENT SHRS(OOO)/ CUSIP/ FILINGNAME AND CLASS OF STOCK/OWNER FORM DATE %OWNED PRIOR% STATUS
AEP INDS INC COM 501 00103110EHRMAN WILLIAM ET AL 130 12115/92 10.4 9.7 UPDATE
AEP INOS INC COM 501 00103110EHRMAN WILLIAM ET AL 130 12/15/92 10.4 9.7 RVSION
ADVANCED PROMOTION TECH INC COM 427 00795210PElZER TERREN S 130 1/ 7/93 6.1 0.0 NEW
ADVANCED PROMOTION TECH INC COM 427 00795210PElZER TERREN S 130 11 7/93 6.1 0.0 RVSION
AOTEC INC COM 24 00899210
EHRMAN WILLIAM ET AL 130 12122192 0.5 7.4 UPDATE
ADTEC INC COM 24 00899210
EHRMAN WILLIAM ET AL 130 12/22/92 0.5 7.4 RVSION
NEWS DIGEST, January 22, 1993 3
ACQUISITIONS CaNT.
NAME AND CLASS OF STOCK/MER FORM EVENT DATE
SHRS(OOO)/XOWNEO
CUSIP/PRIOR%
FILING STATUS
AEROVOX INC COM 267 01099210 PEQUOT GEN PARTNERS ET Al 130 1/ 5/93 5.2 0.0 NEW
AEROVOX INC COM 267 01099210 PEQUOT GEN PARTNERS ET AL 130 1/ 5/93 5.2 0.0 RVSION
ALPHA SOLARCO INC DENNEHY WILSON ET AL
COM 130 11/30/92
23,851 24.0
020n410 0.0 RVSION
AMERICA SVC GROUP INC COM 220 02499810 HAMBRO J 0 & PARTNERS LTD 130 1/ 7/93 6.3 0.0 NEW
AMERICA SVC GROUP INC COM 220 02499810 HAMBRO J 0 & PARTNERS LTD 130 1/ 7/93 6.3 0.0 RVSION
AMERISCRIBE CORP COM 329 03094810 GAMCO INVESTORS INC ET Al 130 1/14/93 5.7 6.7 UPDATE
AMERISCRIBE CORP COM 329 03094810 GAMCO INVESTORS INC ET AL 130 1/14/93 5.7 6.7 RVSION
APPLIED BIOSYSTEMS INC COM 750 03790610 PERKIN-ELMER CORP 130 1/11/93 5.2 0.0 NEW
ASPEN BANKSHARES INC COM 104 04524310 BARRY B JOHN 130 1/11/93 5.5 0.0 NEW
ASPEN BANKSHARES INC COM 104 04524310 BARRY B JOHN 130 1/11/93 5.5 0.0 RVSION
ASTREX INC COM 336 04635710 COSTARAS WILLIAM 130 1/13/93 8.2 0.0 NEW
AURORA ELECTRS INC COM 464 05162910 COWART JIM C ET AL 130 1/15/93 10.0 0.0 NEW
AURORA ELECTRS INC COM 464 05162910 COWART JIM C ET AL 130 1/15/93 10.0 0.0 RVSION
BOLAR PHARMACEUTICAL FIDELITY INTL LTD
INC COM 130 1/ 8/93
2,462 11.1
09751610 12.2 UPDATE
BoLAR PHARMACEUTICAL FIDELITY INTL LTD
INC COM 130 1/ 8/93
2,46211.1
09751610 12.2 RVSION
BOLAR PHARMACEUTICAL FMR CORP
INC COM 130 1/ 8/93
2,462 11.1
09751610 12.2 UPOATE
BOLAR PHARMACEUTICAL FMR CORP
INC COM 130 1/ 8/93
2,462 11.1
09751610 12.2 RVSION
CII FINL INC COM 373 12599910 JETHIRA LTD 130 1/ 8/93 5.2 0.0 NEW
Form 8-K is used by companies to file current reports on the following events:
Item 1. Changes in Control of Registrant.Item 2. Acquisition or Disposition of Assets.Item 3. Bankruptcy or Receivership. 'Item 4. Changes in Registrant's Certifying Accountant.Item 5. Other Materially Important Events.Item 6. Resignations of Registrant's Directors.Item 7. Financial Statements and Exhibits.Item 8. Change in Fiscal Year.
The following list of companies have filed 8-K reports for the date indicated and/oramendments to 8-K reports previously filed, responding to the item(s) of the form specified. Copies of the reports may be purchased from the Commission's Public Reference Room (when ordering, please give the dAte of the report). An invoice will be included with the requested material when mailed.
10 NEWS DIGEST, January 22, 1993
8K REPORTS
NAME OF ISSUER
----------------------------------~-----AEROSONIC CORP/DE/AMERICAN CITY BUSINESS JOURNAL INC AMERICAN GENERAL FINANCE CORP AMERICAN MEDICAL TECHNOLOGIES INC AQUA BUOY CORP ARTRA GROUP INC AUDRE RECOGNITION SYSTEMS INC AUTOCAM CORP/MIBAREFOOT INC /DEBARNETT BANKS INC BARTON INDUSTRIES INC BOI( FINANCIAL CORP BOSTON CAPITAL TAX CREDIT FUND III L P CADIZ LAND CO INC CENTRAL ILLINOIS PUBLIC SERVICE CO CENTURY PACIFIC HOUSING FUND I CENTURY PACIFIC TAX CREDIT HOUSING FUND CHEMICAL ~ASTE MANAGEMENT INC CHILDRENS DISCOVERY CENTERS OF AMERICA I CIPSCO INC CITIBANK SOUTH DAKOTA N A STANDARD CREDI CITIBANK SOUTH DAKOTA NA STANDARD CREDIT CITIBANK SOUTH DAKOTA NA STANDARD CREDIT CITIBANK SOUTH DAKOTA NA STANDARD CREDIT CITIBANK SOUTH DAKOTA NA STND CREDIT CAR CLARIDGE HOTEL & CASINO CORP CONSECO INC CRITICAL INDUSTRIES INC CYPRESS EQUIPMENT FUND II LTD DAKOTA BAN CORP INC DIAPULSE CORP Of AMERICA DOVER REGIONAL FINANCIAL SHARES DREXEL BURNHAM LAMBERT REAL ESTATE ASSOC ELECTROSOUND GROUP INC ENHANCED IMAGING TECHNOLOGIES INC ENVIROPACT INC ESSEX REAL ESTATE PARTNERS LTD F&E RESOURCE SYSTEMS TECHNOLOGY INC FAIRMOUNT CHEMICAL CO INC FIRST FILMS INC FIRST FINANCIAL MANAGEMENT CORP FLORIDA POWER & LIGHT CO FORD CREDIT AUTO LOAN MASTER TRUST FORD CREDIT AUTO LOAN MASTER TRUST SERlE FORD CREOIT AUTO LOAN MASTER TRUST SERlE FORD CREDIT AUTO LOAN MASTER TRUST SERlE GANNETT CO INC /DE/GFC FINANCIAL CORP GMAC MORTGAGE CORP OF IOWA MORT PAS THR GMAC MORTGAGE CORP OF IOWA MORT PAS THR GMAC MORTGAGE CORP OF IOWA MORT PAS THR GMAC MORTGAGE CORP OF IOWA MORT PAS THR GMAC MORTGAGE CORP OF IOWA MORT PAS THR GREENWICH CAPITAL ACCEPTANCE INC
STATE 8K ITEM NO. NAME OF ISSUER ----------------------------------------
C(DE 1 234 5 678 .. --------------
DATE --- .... ---
COMMENT
GREYHOUND FINANCIAL CORP HANGER ORTHOPEDIC GROUP INC IMC FERTILIZER GROUP INC IN HOME HEALTH INC /MN/LEUCADIA NATIONAL CORP LITEL COMMUNICATIONS INC MASS MICROSYSTEMS INC MBNA CORP MELLON BANK CORP METATEC CORP MID AM INC ONBANCORP INC PDG ENVIRONMENTAL INC PREMIER BANCORP INC PRIME BANCORP INC PROGRAM ENTERTAINMENT GROUP INC PSI ENERGY INC QUADRA LOGIC TECHNOLOGIES INC QUAL MED INC IDE I REGIONAL EQUITIES CORP REN CORP USA RENTECH INC /COI ROBERTS PHARMACEUTICAL CORP RYAN MORTGAGE ACCEPTANCE CORP IV SALOMON INC SAXON MORTGAGE SECURITIES CORP SERIES 19 SEALRIGHT COMPANY INC SEARS CREDIT ACCOUNT TRUST 1990 E INEW/SEARS MORT SEC CORP MORT PASS THRO CERT SEARS SAVINGS BANK SEIBELS BRUCE GROUP INC SGI INTERNATIONAL SLM ENTERTAINMENT LTD SUMMIT HEALTH LTD TEXAS UTILITIES ELECTRIC CO THOUSAND TRAILS INC TWIN CREEK EXPLORATION CO INC U S ROBOTICS INC UF BANCORP INC ULT IMATE CORP US WEST INC USTRAILS INC
DE DE DE MN NY DE CA MD PA FL OH DE DE LA DE NV IN
VALLEY NATIONAL CREDIT CARD TRUST 1990-A NY X 01/12/93 VIDEO COMMUNICATIONS & RADIO INC CO X 01/12/92 WHEELABRATOR TECHNOLOGIES INC IDEI DE X X 01101/93 YANKEE ENERGY SYSTEM INC CT X 01/04/93
