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U.S. Securities and Exchange Commission

Litigation Release No. 18735 / June 3, 2004


SEC v. Global Timber Corporation, Stephen J. Sand, Jose F. Garcia, Jonathon Bentley-Stevens, David A. Kirk, and Pamela J. Vega, Civil Action No. 98 CV 1072 DMS S.D. Cal.)

The Securities and Exchange Commission announced that on March 23, 2004, a federal judge in San Diego, California, entered a Final Judgment of Permanent Injunction and Other Relief against defendants Jonathon Bentley-Stevens and David A. Kirk. The judge entered the Final Judgment following a February 27, 2004 unanimous jury verdict finding that Stevens and Kirk violated the antifraud provisions of the federal securities laws, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.

The Commission's complaint alleged that Stevens and Kirk committed fraud in connection with the purchase or sale of securities issued by Global Timber Corporation, a public company. Specifically, the Commission alleged that, from at least November 1995 through December 1996, Stevens and Kirk misrepresented to the public that Global had the right to harvest certain timber located in the Philippines. By this misrepresentation, Stevens and Kirk grossly overstated Global's financial condition. Stevens and Kirk incorporated these false statements in documents submitted to market makers, the National Association of Securities Dealers, and the Commission.

For additional information about this matter, see also Litigation Release Numbers 15774 (June 9, 1998) and 37580 (August 19, 1996).



Modified: 06/03/2004