U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

Friendly Power Company

On July 17, 1998, the SEC obtained an order halting on-going sales of unregistered Friendly Power Company securities by three Florida boiler rooms and a group of Florida companies. The SEC alleged that the defendants fraudulently sold about $5 million of unregistered securities to approximately 300 mostly elderly investors. For more information about the SEC's action, you can read Litigation Release Nos. 15927 (Oct. 5, 1998), 16169 (May 28, 1999), 16320 (Sept. 3, 1999), and 16874 (Jan. 29, 2001).

On July 17, 1998, the Court appointed Hilarie Bass as the Receiver for the boiler rooms. On December 17, 1998, the Receiver made an initial distribution of $1.2 million to the defrauded non-San Francisco limited partnership investors. On March 30, 2001, the Receiver sent to all of the defrauded investors a report outlining the latest information about the Receivership.

If you have questions about the status of the Receivership, you may contact the Receiver at:

Hilarie Bass, Esq.
Greenberg Traurig, P.A.
1221 Brickell Avenue
Miami, FL 33131
Email: bassh@gtlaw.com


Modified: 04/03/2001