UNITED STATES SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 14879 / April 16, 1996 SECURITIES AND EXCHANGE COMMISSION v. CRAIG I. DEITCHMAN, individually and doing business as PLATINUM SECURITIES and the PLATINUM GROUP, 96 Civ. 1792 (JBW) (E.D.N.Y.) The Securities and Exchange Commission announced that it filed a Complaint in the United States District Court for the Eastern District of New York against Craig I. Deitchman ("Deitchman"), individually and doing business as Platinum Securities and The Platinum Group, alleging that Deitchman, a 28 year old resident of Brooklyn, New York, fraudulently offered and sold securities to his customers, misappropriated and diverted customer funds, violated the penny stock rules, and did business as an unregistered broker. In its Complaint, the Commission seeks a permanent injunction against Deitchman, disgorgement plus prejudgment interest, and civil penalties. Simultaneously with the filing of the Complaint, the Commission submitted Deitchman's consent to the entry of a final judgment permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933, and Sections 10(b), 15(a) and 15(g) of the Securities Exchange Act of 1934, and Rules 10b-5, 15g-2, 15g-3, 15g-4, 15g-6 and 15g-9 thereunder. The final judgment also orders Deitchman to pay disgorgement plus prejudgment interest thereon totaling $10,340.22, provided, however, that such amount and any civil penalty, are waived based upon his demonstrated inability to pay. Deitchman neither admits nor denies the allegations in the Complaint. The Commission thanks the National Association of Securities Dealers, Inc. for its assistance in this matter.