U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17234 / November 15, 2001
SECURITIES AND EXCHANGE COMMISSION v. GOING PLATINUM, INC. AND ALAN H. CATALAN, NO. 01-MC-222 (RK) (E.D. PA)
SEC FILES ACTION TO ENFORCE SUBPOENAS AGAINST GOING PLATINUM, INC. AND ALAN H. CATALAN
On November 14, 2001, the Commission filed an application to enforce two subpoenas that had been issued to Going Platinum, Inc. and Alan H. Catalan. The subpoenas, which were served on August 14, 2001, seek documents relating to the Commission's investigation into whether Going Platinum, Inc. and Catalan have engaged in a fraudulent scheme to sell unregistered securities over the Internet. The securities at issue appear to be part of a Ponzi or pyramid scheme, under which members of certain programs offered on Respondents' website, GoingPlatinum.com, are led to expect exorbitant returns on an initial investment of $25.
Going Platinum, Inc. and Catalan refused to produce the subpoenaed documents, despite being given three extensions of time in which to do so.
A hearing date on the Commission's application will be scheduled.
For tips on how to avoid Internet "pump and dump" stock manipulation schemes, visit http://www.sec.gov/investor/online/pump.htm. For more information about Internet fraud, http://www.sec.gov/divisions/enforce/internetenforce.htm. To report suspicious activity involving possible Internet fraud, visit http://www.sec.gov/complaint.shtml.