UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 49712 / May 17, 2004
File No. 3-11491
Commission Institutes Penny Stock Bar Proceedings Against Larry A. Stockett
The Securities and Exchange Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 (the "Order") against Larry A. Stockett, of Las Vegas, Nevada. The Division of Enforcement alleges that between at least July 1999 and April 2002, Stockett, formerly the president of Hightec, Inc. ("Hightec"), participated in an offering of Hightec stock, which was at relevant times a penny stock. The Order is based upon the entry of a permanent injunction against Stockett.
The Division of Enforcement alleges in the Order that on March 4, 2004, the United States District Court for the District of Nevada entered a final judgment permanently enjoining Stockett from violations of Sections 5(a) and 5(c) of the Securities Act of 1933 and Sections 10(b), 13(a), 13(d) and 16(a) of the Securities Exchange Act of 1934 and Rules 10b-5, 12b-25, 13a-1, 13a-11, 13a-13, 13d-1, 13d-2, 16a-2 and 16a-3 thereunder. [Securities and Exchange Commission v. Larry A. Stockett, Civil No. CV-S-02-0607-PMP-LRL (D. Nevada).]
A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Stockett an opportunity to dispute these allegations, and to determine whether a penny stock bar is appropriate and in the public interest.
Pursuant to the Commission's Rules of Practice, an initial decision shall be issued by the administrative law judge within 210 days from service of the Order upon Stockett.
See also the Order in this matter