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Replies to post #47385 on SK3 Group Inc. (SKTO)
05/09/13 11:41 AM
05/09/13 11:50 AM
05/09/13 12:09 PM
I just met with Mr.Hipple. He has nothing to do with SK3 or SKTO.
05/09/13 4:27 PM
05/09/13 4:46 PM
05/10/13 11:41 AM
05/10/13 12:43 PM
In the Matter of Robert John Hipple
On March 11, 2010, the Commission issued an Order Making Findings and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Section 21C of the Securities Exchange Act of 1934, Sections 9(b) and 9(f) of the Investment Company Act of 1940, and Rule 102(e)(1) of the Commission's Rules of Practice (Order). The Order finds that Hipple is an attorney licensed in Florida and Georgia, and that he and an associate controlled the management and operations of iWorld Projects and Systems, Inc. (iWorld Florida), a private Florida company, when it was acquired in early 2005 by iWorld Projects & Systems, Inc. (iWorld), a business development company. The Order further finds that Hipple, in his capacity as CEO and CFO of iWorld, failed to institute or circumvented internal controls and falsified books and records when he fraudulently overstated the value of iWorld's primary asset - its investment in several portfolio companies - in three consecutive quarterly Commission filings in 2005, and that Hipple, who personally performed iWorld's accounting and financial reporting functions, misled iWorld's auditors into believing that the company had independently evaluated the worth of its portfolio companies.
The Order finds that Hipple willfully violated Sections 10(b) and 13(b)(5) of the Securities Exchange Act of 1934 (Exchange Act) and Rules 10b-5, 13a-14, 13b2-1, and 13b2-2 thereunder, and Sections 34(b) and 57(a) of the Investment Company Act of 1940 (Investment Company Act). The Order further finds that, as a result of the foregoing, Hipple willfully aided and abetted and caused iWorld's violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 13a-11, 13a-13 and 12b-20 thereunder, and Section 31(a) of the Investment Company Act and Rule 31a-1 thereunder.
Based on the above, the Commission orders Hipple to cease and desist from committing or causing any violations and any future violations of Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5, 13b2-1, 13b2-2, and 13a-14 thereunder, and Sections 34(b) and 57(a) of the Investment Company Act, and from causing any violations of and any future violations of Sections 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 12b-20, 13a-11, and 13a-13 thereunder and Section 31(a) of the Investment Company Act and Rule 31a-1 thereunder. The Order prohibits Hipple, pursuant to Section 21C(f) of the Exchange Act, for a period of five years, from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act, or that is required to file reports pursuant to Section 15(d) of the Exchange Act. The Order also prohibits Hipple, from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter, with the right to reapply for association after five years to the appropriate self-regulatory organization, or if there is none, to the Commission. Finally, the Order, pursuant to Rule 102(e)(1)(iii) of the Commission's Rules of Practice, denies Hipple the privilege of appearing or practicing before the Commission as an accountant. Without admitting or denying the Commission's findings in the Order, Hipple consented to the entry of the Order. (Rels. 34-61688; IA-29173; AAE Rel. 3120; File No. 3-13543
