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SEC Sues 3 Over Alleged Share Manipulation

August 11, 2004|From Bloomberg News

Stan Lee Media Inc. co-founder Peter Paul, former executive Stephen Gordon and a third man were sued by the Securities and Exchange Commission, which claims they manipulated shares of the Encino company.

Gordon and Paul enlisted the help of Jeffrey Pittsburg, formerly an executive and part owner at broker-dealer Pittsburg International Inc., to create a "false and misleading appearance" of active trading, the SEC claimed in a lawsuit filed in U.S. District Court in Los Angeles.

Paul, who was extradited from Brazil about a year ago, is being held in New York without bail while awaiting trial on criminal charges on the alleged stock manipulation. Gordon and Pittsburg also were charged in that case. "Peter Paul is innocent and is looking forward to his day in court," said Paul's attorney Robert Sticht. Pittsburg's lawyer declined to comment.

Gordon, 54, agreed to a court order barring him from being an officer at a public company, without admitting wrongdoing, the SEC said. He's serving a 6 1/2 -year sentence in federal prison for his role in a check-bouncing scheme that helped topple Stan Lee in 2001.

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