AI
Wednesday, February 19, 2003 11:28:21 PM
Apparently the Moller crew has stubbed their collective toes during their financing efforts............
From today's SEC Digest:
COMMISSION SETTLES WITH DEFENDANTS IN "FLYING CAR" SCHEME
On Feb. 12, the Commission filed a civil fraud action against Paul S. Moller (Moller) and Moller International, Inc. (Moller International) in connection with a fraudulent unregistered stock offering and the filing of a fraudulent registration statement with the Commission.
The Commission's complaint alleges Moller International, a California company, and Moller began selling the unregistered shares of stock directly to the public via the Internet raising approximately $5.1 million from more than 500 investors nationwide. The company was supposedly engaged in the development of a revolutionary personal aircraft, dubbed "the Skycar" that would allow a person to travel at speeds over 400 miles-per-hour above roadways for about the same price as a luxury automobile. Moller, age 64, the company's founder, chief executive office and president, made false and misleading statements about the company's imminent listing on the NYSE and the Nasdaq Stock Market, the projected value of company shares after such listing, and the prospect for Skycar sales and revenue. The company also filed a fraudulent registration statement with the Commission that exaggerated the true scope of patents the company held for the Skycar.
In its complaint, the Commission alleged that the defendants violated the antifraud and the registration provisions of the federal securities laws. Simultaneously with the filing of its action, the Commission announced that each of the Defendants had agreed to a settlement in which they consented to the entry of a permanent injunction and Moller agreed to pay a civil penalty in the amount of $50,000. [SEC v. Moller International, Inc. and Paul S. Moller, Defendants, USDC, Eastern District of California, Sacramento Division, Civil Action No. 2:03-CV-261 (WBS) DAD] (LR-17987)
http://www.sec.gov/news/digest/dig021903.txt
Considering the minimal fine, etc., it wasn't apparently considered a "..hanging offense.." by the Feredale's.
".....C'est la guerre........
Maybe they will be able to sort it all out, and get on with the project.
Still a pretty cool idea to have your own 4-passenger "...Harrier.." parked next to your Hummer in the driveway some day...!!! Perhaps "..Uncle Bill.." will decide he wants them to exclusively use Microsoft AirCar software - and they'll be off to the races like that new scooter thingamajig.......
John
From today's SEC Digest:
COMMISSION SETTLES WITH DEFENDANTS IN "FLYING CAR" SCHEME
On Feb. 12, the Commission filed a civil fraud action against Paul S. Moller (Moller) and Moller International, Inc. (Moller International) in connection with a fraudulent unregistered stock offering and the filing of a fraudulent registration statement with the Commission.
The Commission's complaint alleges Moller International, a California company, and Moller began selling the unregistered shares of stock directly to the public via the Internet raising approximately $5.1 million from more than 500 investors nationwide. The company was supposedly engaged in the development of a revolutionary personal aircraft, dubbed "the Skycar" that would allow a person to travel at speeds over 400 miles-per-hour above roadways for about the same price as a luxury automobile. Moller, age 64, the company's founder, chief executive office and president, made false and misleading statements about the company's imminent listing on the NYSE and the Nasdaq Stock Market, the projected value of company shares after such listing, and the prospect for Skycar sales and revenue. The company also filed a fraudulent registration statement with the Commission that exaggerated the true scope of patents the company held for the Skycar.
In its complaint, the Commission alleged that the defendants violated the antifraud and the registration provisions of the federal securities laws. Simultaneously with the filing of its action, the Commission announced that each of the Defendants had agreed to a settlement in which they consented to the entry of a permanent injunction and Moller agreed to pay a civil penalty in the amount of $50,000. [SEC v. Moller International, Inc. and Paul S. Moller, Defendants, USDC, Eastern District of California, Sacramento Division, Civil Action No. 2:03-CV-261 (WBS) DAD] (LR-17987)
http://www.sec.gov/news/digest/dig021903.txt
Considering the minimal fine, etc., it wasn't apparently considered a "..hanging offense.." by the Feredale's.
".....C'est la guerre........
Maybe they will be able to sort it all out, and get on with the project.
Still a pretty cool idea to have your own 4-passenger "...Harrier.." parked next to your Hummer in the driveway some day...!!! Perhaps "..Uncle Bill.." will decide he wants them to exclusively use Microsoft AirCar software - and they'll be off to the races like that new scooter thingamajig.......
John
.......According to the Great Pumpkin, ".....You're in .....iHub....., Charlie Brown....."!!!
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