U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Floyd Leland Ogle, et al.

On June 16, 2000, the SEC obtained permanent injunctions against Floyd Leland "Lee" Ogle, the former president of Exsorbet Industries, Inc., and several other defendants in connection with a microcap market manipulation scheme. The SEC alleged that the defendants manipulated the price of Exsorbet stock from $1 to $13 per share from November 1993 through February 1996. As part of the final judgments, the Court entered permanent injunctions against the defendants and ordered them to pay approximately $2 million in disgorgement and civil penalties. For additional information about the SEC's action, you can read Litigation Release Nos. 16050 (Feb. 2, 1999) and 16604 (June 22, 2000).

In July 2002, the Court appointed Phillip L. Stern as Receiver to administer the disgorgement funds. The Receiver is currently in the process of receiving and analyzing claims to participate in the administration of the disgorgement funds. The Receiver asks anyone that purchased shares of Exsorbet common stock between November 1993 and February 1996 and who wishes to participate in the distribution of funds to provide documentation evidencing the following:

  • the number of shares purchased;
  • date of purchase;
  • price per share and total amount paid for shares purchased;
  • continued ownership or sale of such shares; and
  • if sold, date sold, price per share and amount received from the sale.

Submissions must be received no later than January 31, 2003. Any information should be sent to the Receiver at the following address:

Phillip L. Stern
Freeman, Freeman & Salzman, P.C.
401 North Michigan Avenue, Suite 3200
Chicago, IL 60611-4207
Phone: (312) 222-5100


Modified: 12/27/2002