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U.S. Securities and Exchange Commission

John P. Utsick, Robert Yeager, Donna Yeager, Worldwide Entertainment, Inc., The Entertainment Group Fund, Inc., American Enterprises, Inc., and Entertainment Funds, Inc.

On April 17, 2006, the SEC obtained permanent injunctions and other relief by consent against Worldwide Entertainment, Inc., Entertainment Group Fund, Inc., and their principal John P. ("Jack") Utsick, American Enterprises, Inc., Entertainment Funds, Inc., and their principals Robert Yeager and Donna Yeager.† The SECís complaint alleged that from at least 1998 through late 2005, the defendants raised more than $300 million from over 3,300 investors nationwide in connection with their fraudulent sale of unregistered securities used to fund entertainment ventures produced and/or promoted by Utsick.† For more information about the SECís action, you can read Litigation Release No. 19659 (Apr. 17, 2006).

On April 20, 2006, the Court appointed Michael I. Goldberg, Esq. as Receiver over the corporate defendants.† For the latest information about the Receivership, you can visit the Receiverís website.

 

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


Modified: 05/17/2006