A. B. Financing and Investments, Inc., and Anthony Blissett

Litigation Release No. 17948 / January 23 , 2003

SEC FILES CONTEMPT ACTION AGAINST DEFENDANT ANTHONY BLISSETT

SEC V. A. B. FINANCING AND INVESTMENTS, INC., AND ANTHONY BLISSETT, Case No. 02-23487-CIV-UNGARO-BENAGES (S.D. Fla.) (filed December 6, 2002)

The Securities and Exchange Commission (Commission) announced that on January 6, 2003, it filed with the United States District Court for the Southern District of Florida a Motion for an Order to Show Cause why Defendant Anthony Blissett (Blissett) should not be held in contempt for failure to comply with a previous Court Order. The Motion alleged that Blissett failed to provide a sworn accounting in accordance with a Court Order entered on December 6, 2002.

In its Complaint filed on December 6, 2002, the Commission alleged that A. B. Financing and Investments, Inc. (ABFI) and Blissett falsely guaranteed to investors and potential investors that ABFI would generate a 30%, risk-free and tax-free annual return on their investment. The Commission alleged that Blissett enticed potential investors to invest with ABFI by claiming that he could offer them an opportunity to make the type of investments, and corresponding profits, that have thus far been offered only to "whites" or select African Americans. Blissett also falsely represented that ABFI had over $36 million in assets, when, according to the Commission's Complaint, its financial documents and its federal income tax return for 2001 actually reflected a negative net worth of over $27 million.

The Commission's Complaint also alleged that, although ABFI and Blissett claimed to generate returns for investors by making investments in, among other things, real property and insured securities, in reality the speculative stock and real estate purchases that ABFI and Blissett made with investor proceeds lost millions of dollars.

On December 6, 2002, the Court entered an Order Granting the Commission's Ex Parte Motion for a Temporary Restraining Order, Asset Freeze and Other Emergency Relief against Blisssett and others. On December 13, 2002, the Court entered an Order of Preliminary Injunction and Other Relief as to Defendant Blissett by consent. The Court's Orders of December 6, 2002 and December 13, 2002 required Blissett to provide the Commission with a sworn accounting of all monies received by him from any other Defendant or Relief Defendant. To date, Blissett has not complied with the Court's Orders. The Motion for contempt is still pending before the Court.

See also Litigation Release No. 17885 (December 9, 2002)