HOW IS MR.IVAN WEBB EVEN ON A BOARD OF DIRECTORS WHEN THE SEC HAS BANNED HIM FOR LIFE!!!! TOTAL PUMP&DUMP
WHAT A JOKE 50 SHARE VOLUME!!!!
TOTAL SHAME!!!
Broadband ex-president ordered to pay $300,000 Settlement transfers assets to company, investors
BRIAN BRUS
The U.S. District Court in Oklahoma City on Friday approved a settlement worth more than $300,000 from former Broadband Wireless International Corp. President Ivan Webb to the temporary receiver of the company and its investors.
Under a civil lawsuit filed by the Securities and Exchange Commission, Webb returned to Broadband in excess of a million shares of stock which he owned, court-appointed receiver Peter Bradford said. Webb also transferred some property, cash, real estate and interest in oil and gas properties to the company, Bradford said.
"This is just another chapter in the receiver attempting to recover assets and moving the company forward toward a successful business operation," Bradford said.
Broadband's stock rode high during late 1999 and early 2000, but the company was sued in August for allegedly scheming to pump up the company over the Internet and then dumping the stock at an inflated price.
The stock price rose by 10,000 percent, and shareholders lost money as they hung on after the stock peaked at $12.98 in February 2000.
Donald Knight, a convicted felon from Edmond who once allegedly controlled Broadband and its stock, fled last summer as the SEC and the Oklahoma Department of Securities filed joint lawsuits saying he helped orchestrate the scheme and made $5 million at the expense of other shareholders. Officials said they believe he is living in luxury in Costa Rica.
The courts have recently pulled millions of shares of Broadband stock from investors who allegedly received the stock illegally or as a gift. One of the shareholders who had stock revoked last month was Knight's wife.
Friday's settlement was not filed with the Western District Court, although Judge David L. Russell reviewed it, Bradford said.
Webb also furnished a financial disclosure statement that said the settlement was fair, and reflected his assets and liabilities.
The conclusion of the federal lawsuit against Webb has yet to be decided by SEC authorities, Webb said.
SEC attorney Harold Loftin could not be reached for comment.
