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U.S. Securities and Exchange Commission


Litigation Release No. 16923 / March 2, 2001

United States of America v. Luis Bulas, Jr., Case No.: 99-871-CR-Roettger

The Securities and Exchange Commission ("Commission") and the Securities Fraud Unit of the United States Attorney for the Southern District of Florida, announced that on February 9, 2001, Luis Bulas, Jr. ("Bulas") was sentenced to 30 months in a federal prison and three years supervised release, and was ordered to pay $1,107,505.53 million in criminal restitution. He was also ordered to sell his property in Switzerland with the proceeds to satisfy the restitution order in favor of his victims. Bulas had previously plead guilty to one count of mail fraud for obtaining funds from investors on the false pretense that he would invest their monies in stocks, mutual funds, secured promissory notes and other investments when, in fact he misappropriated their funds during 1995 through 1997.

For further information see Litigation Releases No. 15917 and 16337.