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U.S. Securities and Exchange Commission

U.S. Securities and Exchange Commission

Litigation Release No. 18204 / June 30, 2003

Securities and Exchange Commission v. Alfred Louis Vassallo, Jr. aka Bobby Vassallo, Case No. CV 03-4613 RGK (JTLx) (C.D. Cal.)

Presto Telecommunications CEO Consents to Subpoena Enforcement Action

On June 27, 2003, the Securities and Exchange Commission filed an application in United States District Court for the Central District of California seeking an order to compel Alfred Louis Vassallo, Jr. aka Bobby Vassallo, Chief Executive Officer and President of San Diego-based Presto Telecommunications, Inc., to provide testimony and produce documents to the SEC's staff. Vassallo agreed to the entry of a court order enforcing the subpoena and setting designated dates for his testimony and the production of documents. The subpoena, which seeks testimony and documents from Vassallo, was served in connection with an ongoing investigation to determine whether there have been violations of the antifraud and other provisions of the federal securities laws in relation to the offer and sale of Presto securities.



Modified: 07/02/2003