SEC Files Against Republic Resources

The U.S. Securities and Exchange Commission said Friday that it had filed a complaint against Republic Resources Inc., a Newport Beach-based jojoba bean research and development company, for failing to file financial reports in the last six months.

The SEC action, filed in federal district court in Washington, alleges that Republic failed to file its annual report for the fiscal year that ended Oct. 31, 1986, and its quarterly report for the period that ended Jan. 31, 1987.

Richard Murphy, president of Republic Resources, admitted that the annual and quarterly reports had not been filed and blamed the failure on “various factors,” including a change in corporate auditors. Murphy said the company was “working on filing the statements now.”

The SEC suit asks the court to order Republic to file its delinquent reports and to never violate SEC reporting provisions again.