Grifco Inc (GFCI)

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The ranch sale and the restitution obligations

As far as I know the gross amounts owed are set forth below. Does not include the Useltons or others involved.

FBI

http://www.fbi.gov/houston/press-releases/2012/two-more-handed-sentences-in-grifco-fraud-scheme

"Judge Hittner also ordered Jarvis and Ellerman to pay restitution to their victims. A hearing to determine the amount of such restitution will be held no later than August 2, 2012. Jarvis, who admitted obtaining at least $2 million from the conspiracy, has agreed to sell real property located at 28322 Meadow Falls, Magnolia, Texas, currently valued at $1.8 million, and also to sell certain luxury vehicles, including a Chevrolet Corvette and a Porsche automobile, and to apply the proceeds against his restitution obligation.

Jarvis had been permitted to remain on bond pending his sentencing hearing but was taken into custody on May 3, 2012, for violating conditions of his bond, where he will now remain pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future. Ellerman has been in custody since April 20, 2010, when he was arrested at George Bush Intercontinental Airport upon returning to the United States after a lengthy stay in Panama"

SEC

http://www.sec.gov/litigation/litreleases/2012/lr22384.htm

"The complaint charges that Dial, Ellerman, and Jarvis violated Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 (Securities Act) and Section 10(b) of the Securities Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder. The SEC seeks permanent injunctions, disgorgement with prejudgment interest, officer and director bars, and penny stock bars against each.

Dial, Jarvis, and Ellerman have consented to the entry of a final judgment that: (i) enjoins them from future violations of Sections 5(a), 5(c), and 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder; (ii) and bars them from serving as an officer or director of a public company or participating in an offering of any penny stock. Dial, Jarvis, and Ellerman also consented to entry of a final judgment that orders them to pay disgorgement and prejudgment interest in the amount of $1,600,628, $2,095,524, and $939,650, respectively, which will be deemed satisfied upon entry of a restitution order in an equal or greater amount in a related enforcement action brought by the United States Attorney’s Office for the Southern District of Texas (Houston); United States v. Alex Ellerman et al., Cr. NO. H-10-56-S (S.D. Tex.) (U.S. v. Ellerman)."
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This is dated information. If anyone has updated information, please post.
GLTA
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