UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 49257 / February 17, 2004
Admin. Proc. File No. 3-11399
PUBLIC ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST IDT VENTURE GROUP, INC.
On February 5, 2004, the Commission entered an Order Instituting Public Proceedings and Notice of Hearing Pursuant to Section 12(j) of the Securities Exchange Act of 1934 ("Order") against IDT Venture Group, Inc. ("IDT Venture"), a Florida corporation headquartered in Boca Raton, Florida, which purportedly invested venture capital in other companies. IDT Venture registered common stock with the Commission.
The Order alleges that IDT Venture failed to file mandatory annual and quarterly reports with the Commission. Specifically, the Order alleges that IDT Venture failed to file annual reports on Forms 10-KSB for the years ended February 28, 2001, February 28, 2002, and February 28, 2003. Additionally, IDT Venture failed to file quarterly reports on Form 10-QSB for the quarters ended: May 31, 2001; August 31, 2001; November 30, 2001; May 31, 2002; August 31, 2002; November 30, 2002; May 31, 2003; and August 31, 2003.
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide the Respondent an opportunity to dispute these allegations, and to determine what remedial sanctions, if any, are appropriate and in the public interest.
The Order requires Administrative Law Judge to issue an initial decision no later than 120 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice.