Great White Marine & Recreation, Inc.
On June 19, 2001, the SEC obtained permanent injunctions against Great White Marine & Recreation, Inc. (Great White), and its former chairman and president, Alvis Colin Smith, Jr., in connection with their fraudulent distribution of unregistered Great White securities. The SEC alleged that Great White and Smith raised at least $10.8 million, that Smith misappropriated $3 million for personal use, and that Great White made a $1 million to pay investors as part of a Ponzi scheme. For more information about the SEC's action, you can read several Litigation Release Nos: 16225 (July 29, 1999), 16364 (Nov. 18, 1999), 17062 (July 6, 2001), and 17194 (Oct. 16, 2001).
The Court appointed Clark B. Will as collection, liquidating, and disbursement agent. Mr. Will has set up a
website for Great White investors.