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U.S. Securities and Exchange Commission

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 49526 / April 2, 2004

ADMINISTRATIVE PROCEEDING
File No. 3-11454


In the Matter of

LASV ENTERPRISES, INC.,

Respondent.


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ORDER INSTITUTING
PROCEEDINGS, MAKING FINDINGS,
AND REVOKING REGISTRATION OF
SECURITIES PURSUANT TO
SECTION 12(j) OF THE SECURITIES
EXCHANGE ACT OF 1934

I.

The Securities and Exchange Commission ("Commission") deems it necessary and appropriate for the protection of investors that proceedings be, and hereby are, instituted pursuant to Section 12(j) of the Securities Exchange Act of 1934 ("Exchange Act"), against LASV Enterprises, Inc. ("LASV" or "Respondent").

II.

In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the "Offer"), which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission's jurisdiction over it and the subject matter of these proceedings, Respondent consents to the entry of this Order Instituting Proceedings, Making Findings, and Revoking Registration of Securities Pursuant to Section 12(j) of the Securities Exchange Act of 1934 ("Order"), as set forth below.

III.

On the basis of this Order and Respondent's Offer, the Commission finds that:

A. LASV is a Delaware corporation. Since 1993, its common stock has been registered with the Commission pursuant to Section 12(g) of the Exchange Act. It was quoted on the Over-the-Counter Bulletin Board until February 19, 2002, and is currently quoted on the "Pink Sheets" disseminated by Pink Sheets LLC.

B. LASV failed to comply with Section 10(b) of the Exchange Act and Rule 10b-5 thereunder as follows:

    1. LASV filed Forms S-8 on May 30, 2000, June 19, 2000, November 15, 2000, December 11, 2000, December 12, 2000, and December 13, 2000, a Form 10-KSB on January 12, 2001, Forms 10-QSB on September 5, 2000, May 7, 2001, and May 29, 2001, and a Form 8-K on May 22, 2000, containing misrepresentations and omissions of material fact, concerning, among other things, the identity and stock holdings of its control person and its ownership of a Dominican real estate property.

    2. LASV filed a Form 10-KSB on January 12, 2001, and Forms 10-QSB on September 5, 2000, May 7, 2001, and May 29, 2001, that included financial statements that failed to conform with Generally Accepted Accounting Principles, as required by Commission Regulation S-B.

    3. From April 2000 through July 2001, LASV issued press releases containing misrepresentations and omissions of material fact concerning, among other things, the ownership of a Dominican real estate property, the grant of a casino license relating to the property, and the financing to develop the property.

C. As described in Paragraphs III.B.1. and III.B.2. above, LASV failed to comply with Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1, 13a-11, and 13a-13 thereunder, while its common stock was registered with the Commission, by filing false and misleading reports on Forms 10-KSB and 10-QSB and by filing a false and misleading current report on Form 8-K.

D. LASV failed to comply with Section 13(a) of the Exchange Act and Rules 13a-1 and 13a-13 thereunder while its common stock was registered with the Commission, in that it has not filed an annual report on Form 10-KSB since April 4, 2001, or periodic or quarterly reports on Forms 10-QSB subsequent to the fiscal quarter ending June 30, 2001.

IV.

Section 12(j) of the Exchange Act provides as follows:

The Commission is authorized, by order, as it deems necessary or appropriate for the protection of investors to deny, to suspend the effective date of, to suspend for a period not exceeding twelve months, or to revoke the registration of a security, if the Commission finds, on the record after notice and opportunity for hearing, that the issuer of such security has failed to comply with any provision of this title or the rules and regulations thereunder. No member of a national securities exchange, broker, or dealer shall make use of the mails or any means of instrumentality of interstate commerce to effect any transaction in, or to induce the purchase or sale of, any security the registration of which has been and is suspended or revoked pursuant to the preceding sentence.

In view of the foregoing, the Commission finds that it is necessary and appropriate for the protection of investors to impose the sanction specified in Respondent's Offer.

Accordingly, it is hereby ORDERED, pursuant to Section 12(j) of the Exchange Act, that registration of each class of Respondent's securities registered pursuant to Section 12 of the Exchange Act be, and hereby is, revoked.

By the Commission.

Jonathan G. Katz
Secretary

 

http://www.sec.gov/litigation/admin/34-49526.htm


Modified: 04/05/2004