U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission



SEC v. John R. Manion, Rocco J. Anselmo, James L. Rammelt, Ivan Kron, Donald S. Italia and William E. Sklar, Action No. CIV 99-1103 PHX (ROS)(D. Ariz.)

Defendant James L. Rammelt's Attorney Withdraws Earlier Statements Concerning Commission's Allegations In Insider Trading Matter

On June 22, 1999, the Securities and Exchange Commission ("Commission") filed a civil action in the United States District Court for the District of Arizona against six defendants, including James L. Rammelt ("Rammelt") of Racine, Wisconsin, for insider trading in the stock of Bio-Dental Technologies Corp. ("Bio-Dental"). The Complaint alleged that the defendants traded prior to the June 3, 1996 announcement that Zila, Inc. ("Zila") would acquire Bio-Dental. Rammelt settled the Commission action and agreed to pay a total of $83,203 in disgorgement, interest and civil penalties. Subsequently, Rammelt's attorney, Patrick J. Lubenow ("Lubenow") made statements which were construed by the Commission as denials of the allegations of the Complaint, thereby violating his agreement to settle the proceeding without admitting or denying the allegations. Rather than have the Commission vacate the judgment and restore the proceeding to its active docket, Lubenow issued the following statement which the Commission has accepted:

My client, James L. Rammelt has agreed to settle this civil litigation without admitting or denying any of the allegations in the Complaint. To comply with Mr. Rammelt's settlement with the Securities and Exchange Commission, I withdraw all statements I have made that are inconsistent with the terms of the settlement. I further withdraw all statements I have made which are inconsistent with the allegations contained in the Commission's Complaint. I will have no further comment.