The offering circular also failed to disclose both the August and December 1986 defaults which related directly to First Humanics' ability to pay bondholders. Prior to AND 1, Jay worked for McKinsey & Co and several organizations in NYC’s public and non-profit sectors. "It also states that "A Marine Protein Silo Fish Farm is capable of producing 1,000,000 pounds of fish per surface area per year, even after deducting space for road and equipment. (Ex. $16,604.27 at 8% From 6/30/75 to 6/30/79=4 yrs. 11; Ex. This work presents a systematic, comprehensive, and demographic data-driven taxonomy of migration regimes across 30 countries. 104B pp. Gould sometimes participated in working group meetings and also reviewed offering materials prepared by the working group. (Prel. 1. Gov't Code § 23003 (West 1988). 11) In fact, no properties were acquired by the District subsequent to the offer and sale of such bonds.

L. In addition, the vast majority of First Humanics' nursing homes were located in Illinois and heavily dependent on Illinois' Medicaid reimbursements, which were often insufficient and continually late. (Prel. Patrick authorized Diversified to pay from the proceeds of the District's 1974 Garbage Division bond offering, legal and professional fees of $865.00 and $250.00 in connection with Eastern TV Cable Corp., a company owned by Alcock. In fact, the silo system, much like the traditional systems, still depended upon a sufficient supply of water of adequate quality which naturally limited the potential location to land areas where such water is available. 85. The Agenda Item Transmittal typically contained a very brief description of a particular transaction and was sent to the Supervisors three to five business days prior to a Board meeting. As a reporter who was the first Latina in many newsrooms. -[22]-The six offerings, raising a total of approximately $1.3 billion, were authorized by the Supervisors during a three-month period in 1994 --the same three months during which the Supervisors were also in the process of adopting the County's final budget. 5-7; Carty Tr. Although LeGrotte was not primarily responsible for drafting Medicos offering circular, he assisted with its preparation. Action No. Accordingly, the County Pools invested in inverse floaters to speculate on the direction of short and long-term interest rates. Over a year and a half after the last closing in May 1974, a committee of the bondholders assumed control over the project and liquidated it. This strategy was profitable as long as the County Pools were able to maintain a positive spread between the long-term interest rate received on the securities and the short-term interest rate paid on the funds obtained through reverse repurchase agreements. LinkedIn: Jay is on the board of Investors’ Circle, an organization dedicated to the acceleration of patient capital markets for a sustainable future. In its Complaint, the Commission seeks permanently to enjoin both defendants from violating the antifraud provisions described above, and to enjoin Bynum from violating MSRB Rules G-17 and G-20, as well as Section 15B(c)(1) of the Exchange Act. 4), (b) The 1968 CATV Division offering was to construct a CATV system; (Prel. (Ex. Gould reviewed the Medicos offering circular, participated in earlier First Humanics offerings and bond closings and was involved in the operations of First Humanics. Ex. (Ex. 5, 6, 11, 13, 15, 16 and 17; Ex. He has since led technology-based change initiatives for The White House, The United Nations, The World Economic Forum and multiple Silicon Valley companies. (Ex. (Alcock Tr. The success or failure of any one nursing home was thereby dependent upon the success or failure of all the other nursing homes. Jule B. Greene, Administrator of the Atlanta Regional Office of the Securities and Exchange Commission, announced that on March 30, 1977, the Honorable Charles G. Neese, Judge of the United States District Court for the Eastern District of Tennessee, Northeastern Division in Greeneville, issued orders of preliminary and permanent injunction from further violations of the anti-fraud provisions of the federal securities laws against Washington County Utility District ("WCUD"), of Washington County, Tennessee, a "municipality or public corporation", Commissioners Paul G. Puckett of Johnson City, Tennessee, and Stella B. Harwood of Jonesboro, Tennessee and Hertz N. Henkoff of Boston, Massachusetts, an attorney who served as bond counsel for several issues of revenue bonds of WCUD. Salt Lake City, Utah, had the second-highest number of unscanned ballots with 30,146. Ray W. Lipper, Los Angeles, California – antifraud. Action No. (Michaels Tr. Tenn.), Litigation Release No. For instance, as San Francisco’s district attorney, she steadfastly refused to seek the death penalty for a man accused of murdering a police officier as she is opposed to capital punishment. This matter involves two successive efforts of a small, newly formed corporation, Marine Protein Corporation ("Marine") to raise financing for the establishment of facilities for Marine's operations. The activities of the First Humanics working group were largely directed by Sutliffe. Additionally, the Medicos offering circular portrayed Medicos as a "stand alone" nursing home. The 1974 Bond Offering by the Garbage Division was in the amount of $675,000. L. Rep. (CCH) 72,442 (March 9, 1994) (the "March 1994 Release"); Proposal of Amendments to Exchange Act Rule 15c2-12, Exchange Act Release No. Ex. In 2002, Graham won the U.S. Senate election in South Carolina after eight-term Republican incumbent Strom Thurmond announced his retirement. LeGrotte attended these group meetings. 14387 (January 23, 1995) (complaint). At each bond closing, the municipal issuer sold the bonds to an underwriter who, in turn, resold them to the investing public through various retail broker dealers. 119. Misstatements and Omissions Regarding the Tax-Exempt Status of the Offering. 24-28; Prel Ex. 17-19; Stipulation), 96. 1994-95 TAX AND REVENUE ANTICIPATION NOTES, SERIES B, issued on August 11, 1994. The District's liabilities exceeded its assets by approximately $230,000 at June 30, 1973 (Stipulation); this was not disclosed in the bond resolution dated April 1, 1974, for the fourth issue of Garbage Division Bonds. 11), (d) The 1971 CATV bond offering was to provide for the acquisition, construction and operation of extensions to the system; (Prel. In addition, LeGrotte signed certifications stating that the Medicos offering circular did not misrepresent or omit to state any material facts. Jackson is the mayor of a White Hall, a small town in central Alabama. 1-5 Where I live there isn’t even a term for “voter suppression”. 64-65; Prel. A. and O. above, by use of the means or instruments of transportation or communication in interstate commerce or by use of the mails, directly or indirectly, caused the employing of devices, schemes or artifices to defraud; obtaining of money or property by means of untrue statements of material facts or omissions to state material facts necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or engaging in transactions, practices or courses of business which operated as a fraud or deceit upon purchasers or prospective purchasers. (Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Exchange Act of 1934 and Rule 10b-5 thereunder.) Undisclosed, however, was the fact that the Notes for each of these offerings contained a 12% cap on the maximum variable interest rate that would be paid by the County. K. Revenues from First Humanics' nursing homes were generally paid directly to the company and, from 1984 on, First Humanics freely and openly commingled all such revenues in a central bank account located in Dixon, Illinois (Dixon account). Disclosure of these risk factors and other statements about the company's processes followed closely those disclosures which were included previously by the company in its private placement memoranda that was utilized to raise financing for the company's 1969-70 placement of securities referred to above. Most of these earlier offerings, however, had experienced financial problems and some eventually defaulted prior to the Medicos offering. Cal. (3) Fast Growth/Uniform Fish Sizes – The bond offering prospectus emphasizes particularly the silo's advantage in achieving fast growth and uniform sizes in fish. Investment Strategy and the Risks of That Strategy.

Following liquidation of the portfolio, the County realized a loss of approximately $600 million of its investment in the County Pools. C. In connection with each offering, First Humanics contracted to purchase a particular nursing home. The Plaintiff, Securities and Exchange Commission, and the Defendant, Wade H. Patrick, pursuant to order of this Court dated May 25, 1982, jointly present the following proposed Findings of Fact and Conclusions of Law: 1. Since the prior shareholders already had a lien on the property owned by the District for the Garbage Division, this representation was false and totally misleading. -[10]-Cal.

116), 82. (Stipulation; Prel.

In addition, Judge Neese signed an order of preliminary injunction with respect to Wade H. Patrick of Johnson City, Tennessee, the manager of WCUD and ordered that a trust be impressed upon all of his assets and that he make an accounting of all income, property or other assets received by him from WCUD or from other source as a result of activities involving WCUD. These offerings were directly related to the County Pools in one or more of the following ways: 1) the proceeds from certain offerings were reinvested in the County Pools to obtain interest earnings; 2). Puckett and Harwood were ordered to disgorge certain bonds of WCUD in their possession and to pay over to the Clerk of the Court for the benefit of bondholders the proceeds from the sale of certain other bonds of WCUD. Where the funds pledged to repay the noteholders were invested in the County Pools, the issuer looked to that investment to satisfy its repayment obligations. (Carty Tr. (Prel. That book was awarded the 2015 National Jewish Book Award for history. 6-2615; Stipulation), 48. When, for example, a public official has knowledge of facts bringing into question the issuer's ability to repay the securities, it is reckless for that official to approve disclosure to investors without taking steps appropriate under the circumstances to prevent the dissemination of materially false or misleading information regarding those facts. Marine's indebtedness continued to increase and on January 20, 1976, the trustee for bondholders filed a complaint in Arkansas federal court asking that the court decree Marine in default on the bonds. . Gov't Code §§ 53601, 53607 and 53608 (West 1983 & Supp. He also served as the 77th Attorney General from 1991 to 1993 during the George H. W. Bush administration.

Patrick unlawfully received one-half of such fiscal agent's fees. Kans.

The staff's inquiry principally focused on the period from January 1972 when the bond offering was conceived through 1976 when the bonds were declared to be in default.

The Commission's Complaint, filed on September 27, 1995, alleged, among other things, that during the years 1984 through 1989, Sutliffe was the undisclosed promoter and control person of two not-for-profit corporations, First Humanics Corp. (First Humanics) and its successor, International Elderly Care, Inc. (IEC), which participated in 26 public offerings of municipal and corporate bonds raising over $107 million. 40, Tr. With respect to debt securities in which the maturities exceeded thirteen months, the County Administrative Officer initiated the recommendation for Board action instead of the Treasurer. 2, 20, 30, 33, 38, 40, 42, 45, 46, 72, 110, 111; Prel. He is a member of the Council on Foreign Relations, a GLOCOM Fellow of the Japanese Institute of Global Communications in Tokyo, Japan, and was a Visiting Professor at the Duke University Terry Sanford Institute of Public Policy in 2003.

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