There are no scandals. Riley was the Chairman of the Board in 1994. Patrick received four (4) $4,500 bonds with a total face value of $20,000 of the 1971 CATV Division issue which were sold for total proceeds of $13,316.66.

The primary purpose of the offering circular was to provide the investing public with all material facts pertaining to the offering. (Prel. (6) Silo Farm Location – The bond prospectus boasted that the silo system was capable of being installed close to major markets thereby reducing excessive transportation costs. A graduate of Dartmouth College, he received his MBA at the Wharton School of the University of Pennsylvania. .

I. -[17]-For fiscal year 1991-92, interest earnings were $36.8 million, or 7.4% of the discretionary budget; for fiscal year 1992-93, $64.5 million, or 12.4% of the discretionary budget; and for fiscal year 1993-94, they were budgeted at $58.3 million, or 15.1% of the discretionary budget.

Alcock & Co. has acted as underwriter of all the bonds sold by the District since 1965 and as its fiscal agent.

There was no disclosure in the bonds or in the bond resolutions of the loans to Patrick or his affiliates. 117), 114. Alcock & Co. on April 26, 1973 for $10,500.

The purpose of these offerings was to acquire, renovate and operate nursing homes. -Chairman, Board-of-Advisors, of Swytch.io, a company deploying blockchain to create a global market for incentives to reduce atmospheric carbon and accelerate capital for renewable energy investments. Harriett M. Wieder, age 75, was first elected Supervisor in 1978, was Chairman of the Board in 1993 and a member through 1994. The cost of a bond offering requiring discounts of ten (10) percent and fiscal agent's fees of five (5) percent plus the issuer paying the cost of the issue is exhorbitant as a general rule. (Stipulation), 73. 9. File No. 80-81), 29. She also writes regularly on Afghanistan’s politics and economy, entrepreneurship in fragile states, the fight to end child marriage, and issues affecting women and girls for publications including the New York Times, Financial Times, Fast Company, Christian Science Monitor, and CNN.com. (Judicial Notice – Tenn. Annotated Statute Ch. The Report of Investigation does not constitute an adjudication of any fact or issue addressed in the Report.

102B pp. The debt service reserve fund was used to offset any insufficiencies in funds available for the semi-annual interest payments to bondholders.

5-7; Carty Tr. The Commission's investigation concerning pay-to-play practices in Florida continues.

HPO Services, Inc ("HPO") is a company owned by Wade H. Patrick. His research has been published in journals including Citizenship Studies, Comparative Political Studies, Ethnic and Racial Studies, Global Governance, Global Policy, the International Migration Review, Migration Studies, Proceedings of the National Academy of Sciences, and the Review of Middle East Studies. Patrick knew that the records being kept by the District were totally inadequate and not accurate so as to reflect the use of funds and was repeatedly advised of the inadequacies of the books and records by the accountant engaged by the District. Misrepresentations and Omissions of Material Facts Concerning the District's Financial Condition, Records and Management's Conflicts of Interest, 97. Moreover, volatile derivative securities comprised from 27.6% to 42.2% of the combined County Pools' portfolio and from 31% to 53% of the Commingled Pool's portfolio.

The offering circular typically contained sections describing First Humanics, the nursing home to be acquired, the bonds, sources and uses of bond proceeds, risk factors and, as appendices, a financial feasibility study and the Company's audited financial statements. For instance, as San Francisco’s district attorney, she steadfastly refused to seek the death penalty for a man accused of murdering a police officier as she is opposed to capital punishment. WC-81-61 WK-P (N.D.

(Prel. 23-24; Tr. The bond offering prospectus also included excerpts from the bond indenture. During and after the issuance of the bonds (which were issued in five increments between December 21, 1973 and May 6, 1974), Russ and Dimeo allegedly in a scheme to misappropriate proceeds of the issue, or approximately $1,700,000, with four of the project's equipment suppliers, Ray W. Lipper, Center Line Tool Company, Inc., M. Kelley Sims, Sims Walding Supply Company, Vern Hunt, Vern Hunt Company, and George Flowers. (Prel. The Utility District's Garbage Division has utilized only one landfill since its organization in which it had a beneficial interest, that being the landfill commonly referred to as the Jonesboro site. Ex. From 1997 to 2007, she served as Senior Editor where she covered the U.S. House. Action No. Additionally, the Treasurer also stated that it was his investment policy to hold all securities purchased to maturity, that it was his opinion that interest rates could not be sustained at a high rate and that it was also his opinion that there was no risk of principal loss.

193-196, Ex. Firestone’s legal career includes positions as an attorney at the Federal Communications Commission, as director of litigation for a Washington, D.C. public interest law firm, and as a communications and entertainment attorney in Los Angeles. The report further stated that interest earnings had "become an increasingly important source of revenue" and were subject to a variety of factors that may cause such revenue to fluctuate significantly." He served as the 47th vice president of the United States from 2009 to 2017. These matters affected the issuer's ability to repay the securities and the County Pools' ability to perform under agreements to repurchase or provide for repayment of the securities; the tax-exempt status of certain offerings; an undisclosed interest rate cap on variable rate securities sold in certain offerings; and. No court cases. Patrick received a loan of $9,000 and Bullington Enterprises received a loan of $10,000 from funds diverted from the bond proceeds (Prel. However, the Company remained liable for all payments to bondholders. -[5]-The Commission has previously reviewed disclosure practices of issuers and others in connection with offerings of municipal securities. ., together with the report accompanying the audited financial statements." Dr. Albright also serves on the Boards of the Aspen Institute and the Center for American Progress. (Prel. The Commission's investigation remains ongoing.

(Tr. From 1997 to 2004, Lemmon covered presidential politics and public policy issues for the ABC News Political Unit and served as an editorial producer during the first year of “This Week with George Stephanopoulos.” In 2004, she left ABC News to pursue her interest in international development and began MBA study at Harvard. (Ex. The Commission alleged in the complaint that James J. Russ, Roman A. Dimeo and Walter A. Sawhill engaged in a scheme to promote an industrial development revenue project in Haysville, Kansas. (Michaels Tr. As a result, nothing adequately describing the commingling of nursing home revenues or resulting financial interdependence among First Humanics' homes was disclosed. If the bonds could not be remarketed, the County Pools, pursuant to a Standby Withdrawal Agreement, stood ready to purchase the tendered securities in an amount up to the County's unrestricted funds in the County Pools, which included funds in the County's discretionary budget. There is no mention of these advantages in the common stock prospectus. 98-948-CIV-ORL-18A (M.D. 64-65; Patrick Tr. 10. Ex. Material about Marine and its operational plans and projections was copied from advertising brochures, news articles and the 1972 Annual Report to Shareholders which had previously been furnished to the underwriter by Marine. Such notes are later repaid with the expected tax and other revenue received. Action No. From January 1993 to December 6, 1994, Orange County had invested essentially all of its liquid assets in the County Pools, almost $2.3 billion. The Statute of the State of Tennessee requiring utility districts to prepare annual financial statements was ignored by the District until at least 1974.

From 1993 to 1997, Dr. Albright served as the U.S. permanent representative to the United Nations and was a member of the President’s Cabinet. 17-18), VIII. ), Litigation Release No. Where the funds pledged to repay the noteholders were invested in the County Pools, the issuer looked to that investment to satisfy its repayment obligations. (Ex. (3) The lack of security available to the bondholders. At all times, effective control of the nursing homes remained with First Humanics.

The level of review performed by each Supervisor varied. In addition, all of the parties agreed to cooperate with the Commission staff in the continuing investigation and any resulting litigation. From the foregoing facts, the Court adopts the following conclusions of Law: 1. A remarketing agent would attempt to resell the bonds during a seven-day period. Since 2019, he has been the Chair of the Senate Committee on the Judiciary. The Commissioners were not advised by Patrick prior to the issuance of the bonds what discount would be granted to Alcock. Most of the bonds were at discounts of twenty (20) percent or more. The Agenda Item Transmittal typically contained a very brief description of a particular transaction and was sent to the Supervisors three to five business days prior to a Board meeting.

Named one of 15 Faith Leaders to Watch by the Center for American Progress. 78aa), and it has in personam jurisdiction of the defendants. (Stipulation), 6.

No accounting was made by Patrick or the District for the proceeds of the sale of the District's bonds and certificates of indebtedness or transactions between Patrick and the District prior to January 1, 1970, nor of any rents that may have been paid by the District to Patrick. § 666, arising from the conduct that is the subject of the Commission's Complaint. Risk factors and other Important information relating to the speculative nature of an investment in Marine that were included in the common stock prospectus are absent from the bond "offering prospectus" and that document contains considerable bullish promotional information that is inappropriate in a prospectus used to sell securities. Each of the issues of bonds was payable solely from revenue generated from the particular division which issued the bonds.

76-359-LG (D. C.

Thereafter, the Supervisors chose to authorize and approve approximately $1.3 billion of municipal securities offerings. Final authority to approve each issuance of Orange County municipal securities rested with the Supervisors, pursuant to State law. (Prel. As consideration for agreement to pay the interest, Alcock was permitted to buy $50,000 of the bonds at a forty-two (42) percent discount with payment for the bonds being deferred over a period of nine months.

R. However, the Medicos offering circular omitted to disclose numerous material facts. George Floyd (born December 21, 1960 in Tampa, Florida) was a safety who played three seasons in the National Football League for the New York Jets. A. The Commission's investigation continues as to the conduct of other entities and individuals involved in this matter. The antifraud provisions of the federal securities laws, while not imposing a structured form of disclosure as required for the offering of non-exempt securities pursuant to the Securities Act of 1933, do prohibit the deception of investors in connection with the offering of exempt securities. The total amount of the bonded indebtedness for the Utility District as a result of the bond offerings was $3,675,000. K. Revenues from First Humanics' nursing homes were generally paid directly to the company and, from 1984 on, First Humanics freely and openly commingled all such revenues in a central bank account located in Dixon, Illinois (Dixon account). Richard M. Hewitt, Administrator of the Fort Worth Regional Office of the Securities and Exchange Commission, announced today that on January 19, 1977, Federal District Judge Frank G. Theis of Wichita, Kansas, granted the Commission's motion for preliminary injunction enjoining defendants Tower Brokerage, Inc.; Hugh Bell, both of St. Petersburg, Florida; Richard T. Heagy of Memphis, Tennessee; and Theodore DuBowik of Phoenix, Arizona, from future violations of the anti-fraud provisions of the federal securities laws.