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Litigation Release No. 19276 / June 21, 2005

SEC v. Glen W. Hilker, Larry M. Baker , Project Dacono LLC and HB Investors LLC, and relief defendants HSB Development Co. LLC, Westco Investment & Finance, Inc., TriCord LLC and Brookshire Development Co. LLC, Civil Action No. 03-RB-1338 (District of Colorado)

District Court Dismisses Claims Against Project Dacono LLC

The Securities and Exchange Commission announced that on March 31, 2005, the Honorable Robert E. Blackburn of the United States District Court for the District of Colorado entered an order of dismissal as to Project Dacono LLC without prejudice, pursuant to the stipulated motion of the Commission and Project Dacono..

The Commission's action against defendants Glen W. Hilker and Larry M. Baker, and against relief defendants TriCord LLC and Brookshire Development Co. LLC, is continuing. Default judgments have been entered against defendant HB Investors LLC, and relief defendants HSB Development Co. LLC and Westco Investment & Finance, Inc. The Commission alleged that, from at least September 2000 through March 2003, defendants Hilker and Baker, through defendant HB Investors LLC, collectively raised over $4.7 million on behalf of defendant Project Dacono LLC for the purchase and development of real estate located in Dacono, Colorado. In raising these funds, the defendants made numerous false statements to investors, primarily concerning the use of investor proceeds.

The Commission alleged that the defendants violated the antifraud provisions of the federal securities laws set forth in Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Commission's action seeks permanent injunctions prohibiting future violations of these provisions, disgorgement of the defendants' ill-gotten gains plus prejudgment interest, and civil penalties against each defendant.

For additional information see:

SEC v. Glen W. Hilker et al., -- Litigation Release LR 18253 (July 28, 2003)


Modified: 06/21/2005