U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16814 / December 4, 2000
S.E.C. v. Interstate Transfer Company and Janis A. Patterson, Civil Action No. 2:00CV 928C (USDC Utah).
On November 29, 2000, the Securities and Exchange Commission filed a complaint against Interstate Transfer Company ("ITC") and Janis A. Patterson, ITC's president and owner, for violating an Order to Cease and Desist issued by the Commission against ITC and Patterson. In March 1999, the Commission ordered ITC and Patterson to cease and desist from violations of Sections 17(a)(3), 17(f)(2) and 17A(d) of the Securities Exchange Act of 1934 and Rules 17f-2, 17Ad-2, 17Ad-6, 17Ad-10, 17Ad-15 and 17Ad-16 thereunder, which are regulations governing the conduct of registered transfer agents. The March 1999 Order also fined Patterson $5,000 for violating those transfer agent provisions.
The complaint alleges that ITC and Patterson continued to violate virtually all of the regulations which were the subject of the Commission 1999 Cease-and-Desist Order. The complaint requests that, pursuant to Section 21(e) of the Securities Exchange Act of 1934, the federal district court enforce the Commission's Cease-and-Desist Order, enjoin ITC and Patterson from further violations and fine the defendants for their violations of the Commission's Cease-and-Desist Order.