U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 18814 \ July 30, 2004
SECURITIES AND EXCHANGE COMMISSION v. WULF INTERNATIONAL LTD. AND GEORGE R. WULF, Civ. No. A03CA-565SS (USDC WD Tex).
The Commission announced that on July 20, 2004, the district court for the Western District of Texas entered an order requiring George R. Wulf to pay disgorgement and prejudgment interest of $53,904.34 and a civil penalty of $120,000 for his role in issuing fraudulent press releases about Wulf International Ltd., a company for which Wulf is the founder, former chairman, and former chief executive officer. The Commission's complaint alleged that, between January 2001 and April 2002, Wulf International, through Wulf, made fraudulent statements in press releases concerning: (1) its receipt of financing commitments for low-income housing projects in the Philippines and Pakistan; (2) its receipt of approval from the Philippines government for the housing project in that country; and (3) related earnings projections.
Previously, the court entered judgments permanently enjoining Wulf International and Wulf from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The previous judgment against Wulf also barred him from acting or serving as an officer or director of any public company, and from participating in an offering of penny stock. Wulf International and Wulf consented to those judgments without admitting or denying any of the allegations in the Commission's complaint.