Corporations Department Puts Fraudulent Bond Broker Out of Business; State Court Dismisses Challenge to Pacific Genesis' License Revocation.Business/News Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--June 8, 2001 California Corporations Commissioner Demetrios A. Boutris announced today that the suspension of Pacific Genesis Group's securities license is now final and that Pacific Genesis' challenge to the Department's March 28, 2001 license revocation The recall of some power or authority that has been granted. Revocation by the act of a party is intentional and voluntary, such as when a person cancels a Power of Attorney that he has given or a will that he has written. has been dismissed in State Court. "Pacific Genesis is finally and completely barred from doing business in California," said Corporations Commissioner Boutris. "Unscrupulous operators beware be·ware v. be·wared, be·war·ing, be·wares v.tr. To be on guard against; be cautious of: "Beware the ides of March" Shakespeare. v. -- if you try to defraud To make a Misrepresentation of an existing material fact, knowing it to be false or making it recklessly without regard to whether it is true or false, intending for someone to rely on the misrepresentation and under circumstances in which such person does rely on it to his or California investors, the Department of Corporations will not rest until we shut you down." Recent legal maneuvering by Pacific Genesis suggested that the firm was attempting to circumvent cir·cum·vent tr.v. cir·cum·vent·ed, cir·cum·vent·ing, cir·cum·vents 1. To surround (an enemy, for example); enclose or entrap. 2. To go around; bypass: circumvented the city. the Department's March 28 summary license revocation so as to avoid the consequences in pending regulatory actions in other jurisdictions. The Department of Corporations stands shoulder to shoulder with federal and other states' authorities and will coordinate with them to shut down perpetrators of fraud. In a vigorous prosecution on behalf of California investors, the Department of Corporations convinced Sacramento Superior Court Judge Lloyd G. Connelly that the withdrawal of Pacific Genesis' challenge of the March 28 license revocation gave immediate and full effect of the original revocation order. The Department of Corporations is a licensing and regulatory agency regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation of securities, franchises, off-exchange commodities, investment and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , independent escrows, consumer and commercial finance lending and residential mortgage lending. See our web site at www.corp.ca.gov. |
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