Securities and Exchange Commission
Securities and Exchange Act of 1934
Release No. 44814 / September 19, 2001
Accounting and Auditing Enforcement
Release No. 1449 / September 19, 2001
File No. 3-10577
ADMINISTRATIVE PROCEEDING INSTITUTED TO DEREGISTER THE COMMON STOCK OF MADERA INTERNATIONAL, INC.
The SEC instituted an administrative proceeding pursuant to Section 12(j) of the Securities Exchange Act of 1934 to revoke the registration the common stock of Madera International, Inc. based on its failure to file required periodic reports with the Commission and its filing of false financial statements regarding phony sales.
In the Order Instituting Public Proceedings, the Division of Enforcement alleges that Madera violated the periodic reporting requirements of the Exchange Act by including in its annual report on Form 10-K for the fiscal year ended March 31, 1998 and quarterly report on Form 10-Q for the quarter ended June 30, 1998 financial statements that materially misstated Madera's revenues and pre-tax profits by reporting fictitious sales to three companies. The Division also alleges that Madera failed to comply with Section 13(a) of the Exchange Act by not filing annual reports on Form 10-K and quarterly reports on Form 10-Q for any fiscal period subsequent to its fiscal quarter ended December 31, 1999.
A hearing will be held before an administrative law judge for the purpose of taking evidence to determine whether the allegations in the Order are true.