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

Platinum Investment Corporation, et al.

To date, the SEC has recovered approximately $478,565.65. On July 10, 2007, the Court approved a distribution plan submitted by the SEC, and appointed Mr. David R. Kittay, Esq., as Distribution Agent. After payment of any tax liabilities and the agentís fees and expenses, Mr. Kittay will distribute the funds on a pro rata basis to the investors named in the proposed plan. To request a copy of the plan or if you have any questions, you may contact James Kasmarcik at (212) 336-0105.

Background

On July 31, 2002, the SEC filed a civil action against Platinum Investment Corporation (Platinum), Platinum Investment Holding Corp. (PIHC) and five individuals associated with Platinum and PIHC: Lee Antonucci; Andrew Antonucci; Marcos Martinez; James Frace and Mathew Beaulieu. In the complaint, the SEC alleged that the defendants fraudulently obtained at least $1.5 million by, among other things, making material misrepresentations to investors concerning PIHC and a purported entity called New Focus Capital Partners. The Court later determined that a total of over $2.1 million was fraudulently obtained. The Court has entered judgments against each of the defendants in this action ordering them to pay various amounts of disgorgement, prejudgment interest and civil penalties.† For more information about the SECís action, you can read Litigation Release Nos. 17643 (July 31, 2002), 17679 (Aug. 14, 2002) and 18064 (Apr. 2, 2003).

http://www.sec.gov/divisions/enforce/claims/platinumnvestment.htm


Modified: 03/05/2008