UNITED STATES SECURITIES AND EXCHANGE COMMISSION Litigation Release 15478 / September 8, 1997 SECURITIES AND EXCHANGE COMMISSION V. DONALD R. MOORE, INDIVIDUALLY AND D/B/A INTERNATIONAL SOCIETY OF INVESTORS, ET AL., Civil Action No. 5:93CV97-V (W.D.N.C.) The Commission announced that on August 26, 1997, the Honorable Richard L. Voorhees, United States District Judge for the Western District of North Carolina, entered a Judgment granting the Commission's motions for summary judgment, permanent injunction, and disgorgement and civil penalties against Donald R. Moore ("Moore"). The judgment of permanent injunction enjoined Moore from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Moore was ordered to pay disgorgement in the amount of $606,258.81, the sum which Moore fraudulently obtained from investors, along with prejudgment interest thereon. Moore was further ordered to pay a civil penalty of $100,000 since his conduct involved fraud and resulted in a substantial loss to other persons. The Commission's complaint, filed on September 30, 1993, alleged that, from approximately September 1990 through at least April 1991, Moore and a co-defendant solicited individuals each to invest $1,500 for which Moore promised to provide 100 shares of stock. The shares of stock were to be issued in an off-shore bank in the Republic of Nauru, later identified to be the defendant, Pioneer Inc.. Moore received more than $300,000 from more than 300 investors in at least 34 states and several foreign countries from the sale of the stock. Additionally, Moore and a co-defendant solicited individuals to invest in certificates of deposit issued by Pioneer Inc. and Pioneer Ltd. (represented to be a licensed and chartered bank in Grenada) from approximately the Spring of 1991 through at least December 1991. Moore received more than $240,000 from hundreds of investors from at least 46 states, United States territories and several foreign countries from these sales. The complaint further alleged that Moore and others made numerous misrepresentations and omissions of material facts to investors in connection with the offer and sale of Pioneer Inc. stock, and Pioneer Inc. and Pioneer Ltd. certificates of deposit. The misrepresentations and omissions made by Moore concerned the returns that such securities would provide to investors, the safety of these investments, the involvement of major insurance companies to insure investors' funds, guarantees that investors' funds would be refunded, the operations and status of Pioneer Inc. and Pioneer Ltd. including the expertise of their management. For more information, see Litigation Release 13831 (October 12, 1993), Litigation Release 14152 (July 7, 1994), Litigation Release 14225 (September 9, 1994) and Litigation Release 14314 (October 31, 1994). ======END OF PAGE 1======