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U.S. Securities and Exchange Commission

Stephen C. Sayre, et al.

On April 8, 2000, the SEC obtained a temporary restraining order freezing the assets of Stephen C. Sayre, Independent Financial Reports, Inc. (IFR) and relief defendant Silver Screen Industries, Inc.† According to the SECís amended complaint, Sayre made materially false and misleading statements in stock recommendations issued through his company IFR about eConnect, whose stock at the time was quoted on the OTC Bulletin Board. †

The amended complaint also alleged that Sayre purchased eConnect shares before issuing the buy recommendations and sold them at dramatically higher prices once the recommendations drove up eConnect's stock price.† The Court entered a final judgment against Sayre and IFR, permanently enjoining them from future violations of the federal securities laws and ordering Sayre to pay a civil penalty.† The Court also ordered Sayre, IFR and Silver Screen to pay disgorgement with prejudgment interest.†

For more information about the SECís action, you can read Litigation Release Nos. 16509 (Apr. 10, 2000), 16525 (Apr. 21, 2000), 17038 (June 19, 2001) and 20845 (Jan. 7, 2009).

The Court also appointed Gilardi and Co. LLC to distribute funds to eConnect investors who qualify under a Court-approved distribution plan. †For the most current information about the distribution, you can visit Gilardiís website.



Modified: 11/15/2010