On November 17, 2005, the Commission filed an emergency civil action in United States District Court in Dallas, Texas, seeking to halt an ongoing, unregistered distribution of the common stock of Allixon International Corp. The suit alleges that in July 2005, a Turks & Cacios B.W.I. securities firm and its principal officer, through two affiliated offshore entities, acquired 94% of the supposedly freely tradeable shares of Allixon, a Delaware corporation based in South Korea, for $13,000. Since August 29, 2005, the Turks & Cacios firm and its principal officer have publicly sold approximately one million Allixon shares, on a continuing basis, into the market through a U.S. brokerage firm in Dallas, Texas, for approximately $4.3 million, of which at least $800,000 was wired offshore
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