U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 17470 / April 12, 2002
DISGORGEMENT AND CIVIL PENALTY CLAIMS AGAINST TAMARACK FUNDING CORPORATION AND RELATED CORPORATE RELIEF DEFENDANTS DISMISSED BY SEC
Securities and Exchange Commission v. Tamarack Funding Corp. and Garry P. Isaacs, Civil Action No. 00-6730 (S.D. Florida, filed May 31, 2000)
The Securities and Exchange Commission ("Commission") announced that on March 14, 2002, it voluntarily dismissed its claims for disgorgement and civil penalties against Tamarack Funding Corporation, a Texas corporation ("TFC of Texas") and Tamarack Funding Corporation, a Florida corporation ("TFC of Florida") (collectively, "TFC"), and its disgorgement claims against relief defendants Tamarack Lenders Trust and Tamarack Capital Management Corp. (collectively the "Tamarack Entities"). The SEC had previously obtained a Judgment of Permanent Injunction and Other Relief ("Judgment") against the Tamarack Entities and their president, Garry P. Isaacs ("Isaacs"), by their consent, without admitting or denying the allegations of the Complaint, in connection with the fraudulent offering unregistered securities issued by TFC. The Judgment enjoined TFC and Isaacs from 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, and provided for setting disgorgement against the Tamarack Entities and Isaacs and, for civil money penalties against TFC and Isaacs.
The SEC voluntarily dismissed its claims for disgorgement against the Tamarack Entities, and its claims for civil penalties against TFC, because those entities are defunct and no longer operating, are currently in bankruptcy and do not have any assets. A Final Judgment Setting Amount of Disgorgement, Prejudgment Interest, and Imposing Civil Penalties against Garry P. Isaacs was entered by the United States District Court for the Southern District of Florida on October 23, 2001.