Hawa Corporation, et al.

Litigation Release No. 17580 / June 24, 2002

SEC v. Hawa Corporation, et al., Case No. 01-8220-CIV- Hurley (S.D. Fla.)(filed March 15, 2001)

SEC SETTLES CASES AGAINST SARA GOMEZ DE FERRO

The Securities and Exchange Commission (Commission) announced today that it dismissed its civil injunctive action against Defendant Sara Gomez de Ferro (Gomez) in the matter of SEC v. Hawa Corporation, et al. Case No. 01-8220-CIV-Hurley (S. D. Fla. 2001). The Commission's Complaint in the civil injunctive action alleged that from October 1998 to March 2001, Gomez and others made material misrepresentations and omissions in connection with the sale of securities issued by Hawa Communications, Inc. (HawaCom). [SEC v. Hawa Corporation, et al., Case No. 01-8220-CIV- Hurley (S.D. Fla.)(filed March 15, 2001)].

In connection with the dismissal, the Commission instituted a settled cease-and-desist proceeding against Gomez. Without admitting or denying the allegations of the Commission's Order Instituting Proceedings, Making Findings and Imposing a Cease-and-Desist Order, Gomez consented to the entry of a cease and desist order prohibiting her from violating Section 10(b) of the Securities and Exchange Act of 1934 (Exchange Act) and Rule 10b-5 thereunder.

The civil litigation against defendant Ilona Alexis Mandelbaum is continuing solely as to setting the amount of disgorgement and civil penalties.

For more information see Litigation Releases 16935 (March 16, 2001); 17399 (March 6, 2002); and 17412 (March 15, 2002).