Concord Camera Corp. Announces Arbitration Award Against Jack C. Benun.HOLLYWOOD, Fla.--(BUSINESS WIRE)--August 27, 1999-- Concord Camera Corp. ("Concord") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Market: LENS) today has announced that an arbitrator, in a decision issued August 24, 1999, has upheld the propriety of Concord's termination for cause of Jack C. Benun, the Company's former Chairman and Chief Executive Officer. Mr. Benun was terminated from the company in July, 1994. The Company and Mr. Benun have been engaged in an arbitration proceeding relating to the termination. The arbitrator found that Mr. Benun "perpetrated a fraud on the company by diverting and embezzling" company monies. In addition to the arbitration award, judgement had been previously entered in the United States District Court for the District of Columbia The United States District Court for the District of Columbia is the United States District Court that hears cases originating in the District of Columbia over which federal courts have original jurisdiction. enjoining Mr. Benun from acting as an officer or director of a public company. Pursuant to that judgment, Mr. Benun was required to make payments of $365,000 related to the fraud and embezzlement embezzlement, wrongful use, for one's own selfish ends, of the property of another when that property has been legally entrusted to one. Such an act was not larceny at common law because larceny was committed only when property was acquired by a "felonious taking," i. . That judgment arose out of a Securities and Exchange Commission prosecution against Mr. Benun. The Company will now pursue its further damage claims against Mr. Benun related to the fraud and embezzlement. Concord Camera Corp. is principally engaged in the manufacture and sale of popularly-priced, easy-to-use, conventional and single-use 35 millimeter and Advanced Photo System cameras and 110 cartridge cameras which it manufactures and assembles in the Peoples Republic of China on an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and basis and under the trade names CONCORD(R), KEYSTONE(R), LE CLIC CLIC Centre Local d'Information et de Coordination (French) CLiC Climate and Cryosphere (World Climate Research Programme project, Norway) CLIC Compact Linear Collider CLIC Connecticut Licensing Information Center (R), APEX(R) and, for sales outside the United States and Mexico, ARGUS Argus (är`gəs) or Argos (är`gŏs, –gəs), in Greek mythology. 1 Many-eyed monster, also called Panoptes. He guarded Io after she had been changed into a heifer. (R) trade names, as well as private labels. The Company sells and markets its camera products worldwide through direct sales offices in the United States, Canada, Germany, Hong Kong, United Kingdom, France and through independent sales agents. |
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