BANKING & FINANCE - March 16, 1994
From Times Staff and Wire Reports
Court Holds Fund Operators in Contempt: The Securities and Exchange Commission’s Los Angeles office said U.S. District Judge Robert Takasugi issued a contempt order against Jack Nicholes D’Uva, Mark Thomas Taggatz and Alliance Global Asset Management for violating previous court orders. The defendants were charged a year ago with the fraudulent offering and sale of partnership units in nine non-existent mutual funds. The SEC contends that the defendants “have continued to fraudulently operate Alliance as an unregistered investment adviser,” soliciting investors via cold calls and falsely stating that the company has a successful three-year operating history. Alliance Global is unrelated to the New York-based Alliance Capital fund group.
