TEN YEARS OF DOGS AND TAN CLAIMS NO RELATIONSHIP?Liar
By Order of the Board of Directors /s/Alan Phan ----------------------------------- Alan Phan Chairman Proxy Card THE HARTCOURT COMPANIES, INC.PROXY FOR ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON FRIDAY, NOVEMBER 15, 2002 AT 11:00 AM AT THE LOS ANGELES INTERNATIONAL AIRPORT HOLIDAY INN HOTEL LOCATED AT 9901 LA CIENEGA BLVD., LOS ANGELES, CALIFORNIA 90045 The undersigned hereby appoints Dr. Alan V. Phan and David V. Chen, and each of them, as proxies for the undersigned, each with full Power of Substitution, to represent the undersigned and to vote all shares of Common Stock of The Hartcourt Companies, Inc. (the "Company") that the undersigned is entitled to vote in the manner indicated on the reverse side hereof, and with discretionary authority as to any matters that may properly come before the Company's Annual Meeting of Shareholders to be held on Friday, November 15, 2002, and at any and all adjournments thereof, as set forth under the heading "Transaction of Other Business" in the accompanying proxy statement.
“www.sec.gov, 10 Oct 2002 [cached]
The nominees for election are Dr. Alan V. Phan, Mr. Anthony W J Qiao, Mr. Stephen Tang, Dr. Billy Y N Wang and Mr. David Y Chen, each one of them have been nominated by the management for election at the Annual Meeting of Shareholders.”
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19133 / March 15, 2005
SECURITIES AND EXCHANGE COMMISSION v. THE HARTCOURT COMPANIES, INC., ALAN V. PHAN, AND YONGZHI YANG, Civil Action No. CV 03-3698 LGB (PLAx) (C.D. Cal.)
SEC OBTAINS FINAL JUDGMENTS AGAINST THE HARTCOURT COMPANIES, INC., ALAN V. PHAN, AND YONGZHI YANG FOR FRAUD AND REGISTRATION VIOLATIONS
The Securities and Exchange Commission announced that the Honorable Lourdes G. Baird, United States District Judge for the Central District of California in Los Angeles, entered final judgments against The Hartcourt Companies, Inc., a Utah corporation with executive offices in Shanghai, China, Alan V. Phan, Hartcourt's former chairman, president, and CEO, and Yongzhi Yang, a former consultant to Hartcourt and a resident of Irvine, California. The judgments against Phan and Yang were entered on February 28, 2005, while the judgment against Hartcourt was entered on March 11, 2005.
The final judgments imposed the following sanctions against Hartcourt, Phan, and Yang:
Permanent injunctions against each defendant against future violations of the antifraud and securities registration provisions of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder;
Disgorgement of ill-gotten gains and prejudgment interest totaling $832,598 from Hartcourt and $189,619 from Yang;
Civil penalties of $275,000 against Hartcourt, $55,000 against Phan, and $20,000 against Yang; and
An order barring Phan from serving as an officer or director of a public company.
In its December 14, 2004 order granting the SEC's motion for summary judgment, the Court found that the defendants violated the registration and antifraud provisions of the federal securities laws in connection with a false Form S-8 registration statement filed by Hartcourt on September 7, 1999. The defendants used a Form S-8 registration statement to issue one million Hartcourt common shares to Yang's wife, purportedly to compensate her for providing bona fide consulting services to Hartcourt. Instead, Yang performed the actual consulting services and, at Phan's direction, improperly sold or transferred over 836,400 of those shares to provide a benefit of approximately $819,363 to Hartcourt. The Court also found that Yang received a personal benefit of $186,604 from the scheme.
For additional information about this matter, see Litigation Release No. 18187 (June 10, 2003).
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