SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16456 / February 24, 2000
Securities and Exchange Commission v. Vladislav Steven Zubkis, et al., 98 Civ. 8086 (JGK), U.S.D.C., S.D.N.Y.
The Securities and Exchange Commission ("Commission") announced that in a decision dated February 21, 2000, the Honorable John G. Koeltl of the United States District Court for the Southern District of New York has held that Vladislav Steven Zubkis ("Zubkis") violated the antifraud provisions, as well as other provisions, of the federal securities laws. Zubkis, age 40, resides in Bonita, California, near San Diego. Zubkis controlled International Brands, Inc., which was formerly known as Stella Bella Corporation U.S.A. ("Stella Bella").
The court, in granting the Commission´s motion for partial summary judgment, found that Zubkis:
Judge Koeltl permanently enjoined Zubkis from further violations of these provisions of the federal securities laws, finding that "there is a strong basis for concluding that Mr. Zubkis, unless enjoined from doing so, will again violate federal securities laws." Judge Koeltl further found Zubkis substantially unfit to serve as an officer or director of a public company and permanently prohibited him from serving as such pursuant to Section 20(e) of the Securities Act and Section 21(d)(2) of the Exchange Act. Finally, Judge Koeltl ruled that further proceedings would be needed to determine the amount of ill-gotten gains that Zubkis should be required to disgorge.