SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16810 / November 28, 2000
SECURITIES AND EXCHANGE COMMISSION v. BRYCAR FINANCIAL CORPORATION AND BRYAN J. EGAN, DEFENDANTS, AND CAROL A. EGAN, RELIEF DEFENDANT, Civil Action No. CV-S-00-1125-LDG-LRL (D. Nev.)(LDG) (September 19, 2000)
Court Appoints Temporary Receiver for Brycar Financial Corporation
On November 13, 2000, the Honorable Lloyd D. George of the U.S. District Court for the District of Nevada entered an order appointing Las Vegas attorney John E. Ham as temporary receiver for defendant BryCar Financial Corporation in the Commission's action against BryCar, its president, Bryan J. Egan, and relief defendant Carol A. Egan. The Commission alleges that BryCar and Egan engaged in fraudulent activities and offered or sold securities while failing to be registered with the Commission as a broker-dealer. Defendants consented to the appointment of the temporary receiver.
The Court's order provides, among other things, that as temporary receiver, Mr. Ham has the authority to take immediate custody and control of all assets of BryCar. Moreover, the order empowers Mr. Ham to search for any hidden or undisclosed assets of BryCar. By the terms of the order, the temporary receiver shall file with the Court a summary report based upon his investigation and shall also report upon whether continuance of the receivership is necessary. The Court additionally ordered that no defendant shall take any action which would interfere with the temporary receiver's actions to discharge his duties.
Investors or other interested parties should direct any questions to Mr. Ham at Santoro, Driggs, Walch, Kearney, Johnson & Thompson, 3773 Howard Hughes Parkway, Suite 290N, Las Vegas, Nevada, telephone (702) 791-0308.