U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16284 / September 17, 1999
COURT FINDS VIRTUAL GAMING ENTERPRISES, INC. IN CIVIL CONTEMPT FOR FAILURE TO COMPLY WITH SEC SUBPOENA, Civil Action No. 99 MC 0336 (S.D. Cal.)
The Securities and Exchange Commission ("Commission") announced that on September 3, 1999, the United States District Court for the Southern District of California held Virtual Gaming Enterprises, Inc. ("Virtual Gaming") in civil contempt for its continued non-compliance with a Commission subpoena, ordering the company to testify and produce documents in connection with a Commission investigation. The Court also ordered Virtual Gaming to pay a civil fine of $5,000 per day for every day beyond September 10, 1999, that the company fails to comply with the requirements of the Commission's subpoena.
Virtual Gaming is a Nevada corporation with its headquarters in Escondido, California. Virtual Gaming's stock is registered with the Commission and is quoted on the OTC Bulletin Board under the symbol "VGAMD." As part of the Commission's focus on securities violations in the microcap market, Virtual Gaming has been under investigation for suspected fraud in connection with the sale of its stock.