UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16508 / April 7, 2000
Securities and Exchange Commission v. New World Web Vision.Com, Inc., Captial Corp Investments International Inc., and Dwight D. Dubose. Civil Action No. 4: 00-CV-0231-Y (N.D. Tex., Fort Worth Division)
The Securities and Exchange Commission today announced that the Honorable Terry R. Means, United States District Judge for the Northern District of Texas, entered an agreed preliminary injunction order against New World Web Vision.com, Inc. ("World Web"), Capital Corp Investments International Inc. ("Capital"), and Dwight D. Dubose ("Dubose"). Previously, the Court entered a temporary restraining order, froze the defendants' assets and appointed a temporary receiver to manage and preserve the defendants' assets for the benefit of investors. Based on the defendants' agreement, the preliminary injunction prohibits them from further violations of the federal securities laws, extends the asset freeze and continues the appointment of the temporary receiver.
The Commission's Complaint alleges that from at least November 1998 through March 2000, the two companies publicly offered and sold unregistered shares of stock through two Internet web sites and sent thousands of unsolicited e-mail messages, commonly known as "spam." The complaint further alleges that Dubose, playing off the recent successes of Internet IPOs', made numerous misleading claims that World Web and/or Capital were preparing to conduct an IPO. The Commission alleges that Dubose offered and sold "pre-IPO shares" at $.60 per share, and fraudulently told investors that their shares would soon be worth $16-$17 per share when the companies went public.
As a result of their alleged misconduct, the Complaint charges the defendants with violating Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In addition to the preliminary injunction, the Commission seeks permanent injunctive relief, disgorgement of unjust profits, prejudgment interest, and civil monetary penalties.
Investors are advised to read the SEC's "Cyberspace" Alert before purchasing any investment promoted on the Internet. The free publication, which alerts investors to the telltale signs of online investment fraud, is available on the Investor Assistance and Complaints link of the SEC's Home Page on the World Wide Web www.sec.gov. It can also be obtained by calling 800-SEC-0330.
Investors are encouraged to report suspicious Internet offerings (or other suspicious offerings) via e-mail to email@example.com. A user friendly form to assist you in making a report is available at the SEC Home Page www.sec.gov. Investors can also mail a report to SEC's Enforcement Complaint Center, Mail Stop 8-4, 450 Fifth Street, N.W., Washington, D.C. 20549.http://www.sec.gov/litigation/litreleases/lr16508.htm