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U.S. Securities and Exchange Commission

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 20298 / September 25, 2007

SEC v. Mohamad Zein and Provident Capital Investments Inc., Civil Action File No. 1:07-CV-2330 (N.D. Ga.)

SEC Sues Mohamad Zein and Provident Capital Investments Inc. for Their Role in Defrauding the Fulton County Georgia Sheriff's Office

On September 25, 2007, the Securities and Exchange Commission filed a civil injunctive complaint against Mohamad Zein and Provident Capital Investments Inc. ("Provident") for their role in defrauding the Fulton County Sheriff's Office ("FCSO"). The Commission's complaint alleges that Zein and Provident made misrepresentations of material fact to the FCSO through the issuance of fictitious account statements, which falsely represented the nature of and rate of return of the investment made by the FCSO with Provident.

Without admitting or denying the allegations in the complaint, Zein and Provident have consented to the entry of a proposed final judgment, pending approval by the court, which would permanently enjoin them from future violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Zein has also agreed to pay a civil penalty of $5,000.

SEC Complaint in this matter

 

http://www.sec.gov/litigation/litreleases/2007/lr20298.htm


Modified: 09/25/2007