Discovery Minerals LTD (DSCR)

[laraz5]

FRED SCHIEMANN PERMANENTLY BARRED

This won't end well for DSCR, seems the CFO is a sec convicted criminal

The Commission announced that on June 16, 1993 the Honorable Edward C. Reed, U.S. District Judge for the Northern District of Nevada issued a permanent injunction against Fred V. Schiemann (Schiemann) of Reno, Nevada. The order enjoins Schiemann from aiding and abetting future violations of the antifraud provisions. Schiemann consented to the issuance of the permanent injunction without admitting or denying the allegations of the Commission's complaint. The issue of the amount of disgorgement was left open.
The complaint alleged that while acting as a certified public accountant for the company, Pacific Waste Management, Inc. (Pacific Waste), Schiemann fraudulent inflated assets of the company in two audited financial statements distributed to the public and market makers. The inflated audited financial statements were relied on by an attorney to issue an opinion that those selling the securities of Pacific Waste need not comply with Rule lSc2-6. Broker-dealers relied on the opinion and did not comply with Rule 15c2-6 when soliciting the securities of Pacific Waste to their retail customers. Schiemann was aware that these audited financial statements would be relied on for this purpose. [SEC v. Pacific Waste Management, Inc .. et al., Civil
No. CV-N-93-232-ECR, USDC Nevada] (LR-13704

http://www.sec.gov/news/digest/1993/dig071393.pdf


Imho