Litigation Release No. 16221 / July 26, 1999

SECURITIES AND EXCHANGE COMMISSION v. PARKERSBURG WIRELESS LIMITED LIABILITY COMPANY, ET AL., Civil Action No. 94-1079

SEC Settles with Promoter of Wireless Cable Securities

On June 29, 1999, the United States District Court for the District of Columbia entered two final judgments in a matter concerning the fraudulent sale of unregistered securities in the wireless cable venture Parkersburg Wireless Limited Liability Company ("PWLLC"). One judgment enjoins Rodney Bonvicino from future violations of the antifraud provisions of the securities laws, Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. The Commission had alleged that Bonvicino promoted the sale of these PWLLC securities. The judgment did not impose a civil money penalty, based on Bonvicino's inability to pay. Bonvicino consented to entry of the final judgment, without admitting or denying the allegations in the complaint.

The second final judgment enjoins PX Marketing, a company through which Bonvicino is alleged to have promoted and sold units in PWLLC, from future violations of the same provisions of the federal securities laws. PX Marketing also consented to entry of the order without admitting or denying the allegations in the complaint. The Commission previously obtained a temporary restraining order, asset freeze, partial summary judgment order, and other relief with respect to Bonvicino, PX, and other defendants. (See Litigation Release Nos. 14501, 14325, 14179, 14126, 14091, 14085; SEC v. Parkersburg Wireless Limited Liability Co., 991 F. Supp. 6 (D.D.C. 1997)).