UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 48732 / October 31, 2003
File No. 3-11325
SEC INSTITUTES PENNY STOCK BAR PROCEEDINGS AGAINST MICHAEL A. SYLVER, FORMER PRESIDENT OF AMAZON NATURAL TREASURES, INC.
The Securities and Exchange Commission issued an Order Instituting Public Administrative Proceedings Pursuant To Section 15(b) Of The Securities Exchange Act Of 1934 (the "Order") against Michael A. Sylver, of Las Vegas, Nevada. The Order alleges that between that between 1997 and 2000, Sylver, formerly the president of Amazon Natural Treasures, Inc. ("Amazon"), participated in an offering of Amazon stock, which was at relevant times a penny stock. The Order is based upon the entry of a permanent injunction against Sylver.
The Division of Enforcement alleges in the Order that on June 5, 2003, the United States District Court for the District of Nevada entered a final judgment permanently enjoining Sylver from violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Sections 10(b), 13(a), 13(b)(2)(A) and (B) of the Exchange Act and Rules 10b-5, 12b-20, 12b-25, 13a-1, 13a-13, 13b2-1 and 13b2-2 thereunder. Sylver consented to the issuance of the injunction without admitting or denying the allegations of the complaint. [Securities and Exchange Commission v. Amazon Natural Treasures, Inc., Michael A. Sylver and Domingos Loricchio Jr., Civ. No. CVS-01-0229 (D. Nev.)]
A hearing will be held at a time and place to be scheduled to determine whether a penny stock bar against Sylver is appropriate in the public interest.
The Order provides that the Administrative Law Judge shall issue an initial decision no later than 210 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice.