AGENT FACES SEC CHARGES; UNREGISTERED SHARES AT ISSUE.Byline: Daily News Staff and Wire Services The Securities and Exchange Commission has accused a Westlake Village real estate agent of illegally raising $5 million through an offering of shares of Interactive Medical Technology Inc. The SEC says Clark M. Holcomb, along with former IMT IMT, n.pr See inspiratory muscle training. Chief Executive Officer William E. Shell, failed to register 2.5 million shares of IMT common stock before selling them to 300 investors in 1992 and 1993. Santa Monica-based IMT develops organic nutrition and wellness products. The SEC also alleges that Holcomb, 47, acted as a broker-dealer for the offering without registering with the agency, a separate violation of securities laws. Holcomb consented to the SEC charges, filed in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of federal court Wednesday, without admitting or denying the allegations. The SEC imposed no penalty against him based on his inability to pay. By agreeing to the charges, Holcomb will face stiffer penalties if the agency discovers he has violated securities laws again. ``This is a simple registration case; we do not allege fraud here,'' said SEC spokesman Henry Klehm. ``Shell had previously been enjoined from this same conduct.'' Shell and IMT were barred in 1992 from offering shares based upon the company's previous offering of unregistered securities, the SEC said. Shell hasn't responded to the complaint, the SEC said. Shell and Holcomb could not be reached for comment and are not represented by attorneys. IMT said in a statement released Thursday it has not had any affiliation with Holcomb and Shell during the past 18 months. It said the SEC actions involving the pair have no impact on IMT and noted that no fine was assessed by the SEC in its consent decree A settlement of a lawsuit or criminal case in which a person or company agrees to take specific actions without admitting fault or guilt for the situation that led to the lawsuit. A consent decree is a settlement that is contained in a court order. with IMT. ``The prior case will be a factor to be considered when a judge awards penalties against Dr. Shell,'' Klehm said. Shell, a founder of IMT, served as the company's president, chief executive officer and chairman, the SEC said. He also has a cardiology cardiology Medical specialty dealing with heart diseases and disorders. It began with the 1749 publication by Jean Baptiste de Sénac of contemporary knowledge of the heart. Diagnostic methods improved in the 19th century, and in 1905 the electrocardiograph was invented. practice in Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. . Interactive Medical changed its ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors to NONI noni, n See morinda. last month, saying the new symbol better reflects the company's focus on nutritional products. |
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