Home Theater Products Inc

Home Theater Seeks Bankruptcy Protection: The Anaheim-based company filed for Chapter 11 bankruptcy protection as federal investigators probed allegations that it defrauded investors by inventing millions of dollars of bogus profit. Home Theater Products Inc. is the subject of a criminal investigation by the FBI, said Irwin Zucker, acting president of the company. The Securities and Exchange Commission is conducting a separate probe under a formal order of investigation, he said.

Paul R. Safronchik, the former chief executive of the now-defunct Home Theater Products International Inc., was sentenced Monday to three years in federal prison for a scheme in which his company logged millions of dollars of bogus sales. Prosecutors said investors in the Anaheim company lost more than $20 million as a result of the scheme. Safronchik, 37, of Aurora, Ore., also was ordered by Judge Gary L. Taylor to pay $300,000 in restitution to investors.

Douglas Roy, former controller of the now-defunct Home Theater Products International Inc., has been sentenced to six months' home detention for his role in a bogus sales scheme at the Anaheim company. Roy, a 29-year-old Pomona resident, pleaded guilty last September to conspiracy to commit securities fraud and could have received up to five years in prison. In addition to the home detention, he was placed on three years' probation by U.S. District Judge Gary L. Taylor in Santa Ana.

Home Theater Products Inc. in Anaheim has acquired Changer Development Group from BAC Corp. for $200,000 plus 300,000 shares of stock. CDG owns the rights to BAC Corp.'s CD Storage and Retrieval System. The company calls the system a compact disk library system, capable of playing music from more than 1,000 CDs.

Paul R. Safronchik, the former chief executive of the now-defunct Home Theater Products International Inc., was sentenced Monday to three years in federal prison for a scheme in which his company logged millions of dollars of bogus sales. Prosecutors said investors in the Anaheim company lost more than $20 million as a result of the scheme. Safronchik, 37, of Aurora, Ore., also was ordered by Judge Gary L. Taylor to pay $300,000 in restitution to investors.

Douglas Roy, former controller of the now-defunct Home Theater Products International Inc., has been sentenced to six months' home detention for his role in a bogus sales scheme at the Anaheim company. Roy, a 29-year-old Pomona resident, pleaded guilty last September to conspiracy to commit securities fraud and could have received up to five years in prison. In addition to the home detention, he was placed on three years' probation by U.S. District Judge Gary L. Taylor in Santa Ana.

The former president of Home Theater Products International Inc., which collapsed in 1995 in the wake of a bogus-sales scandal, agreed to plead guilty to a charge of insider stock trading, according to documents filed Friday in federal court. Jerome A. Adamo is scheduled to be arraigned and to enter his plea at a Feb. 4 hearing in U.S. District Court in Santa Ana, Assistant U.S. Atty. David C. Marcus said.

The former president of Home Theater Products International Inc. pleaded guilty Wednesday to one charge of insider stock trading stemming from the 1995 collapse of the company over bogus sales figures. Jerome A. Adamo, 62, of Buena Park is the third top Home Theater executive to enter into a plea bargain with federal prosecutors, Assistant U.S. Atty. David C. Marcus said. Paul R.

The former chairman of Home Theater Products International Inc. has been ordered by a federal judge to pay $25.3 million to investors who bought stock in the company when 75% of its sales were bogus. Paul R. Safronchik, who pleaded guilty last December to criminal conspiracy, bank fraud and securities fraud, lost his civil case before it got to trial in U.S. District Court in Santa Ana.

Three former executives previously convicted of carrying out a bogus sales scheme at an Anaheim home theater systems company have agreed to repay nearly $1.2 million in profits from the fraud to settle a lawsuit by the Securities and Exchange Commission. But SEC spokesman James A. Howell said the payments were waived after the men produced financial statements showing they didn't have enough money. The complaint and the agreement were filed Wednesday in federal court in Santa Ana.

The former president of Home Theater Products International Inc. pleaded guilty Wednesday to one charge of insider stock trading stemming from the 1995 collapse of the company over bogus sales figures. Jerome A. Adamo, 62, of Buena Park is the third top Home Theater executive to enter into a plea bargain with federal prosecutors, Assistant U.S. Atty. David C. Marcus said. Paul R.

The former president of Home Theater Products International Inc., which collapsed in 1995 in the wake of a bogus-sales scandal, agreed to plead guilty to a charge of insider stock trading, according to documents filed Friday in federal court. Jerome A. Adamo is scheduled to be arraigned and to enter his plea at a Feb. 4 hearing in U.S. District Court in Santa Ana, Assistant U.S. Atty. David C. Marcus said.

The former chairman of Home Theater Products International Inc. has been ordered by a federal judge to pay $25.3 million to investors who bought stock in the company when 75% of its sales were bogus. Paul R. Safronchik, who pleaded guilty last December to criminal conspiracy, bank fraud and securities fraud, lost his civil case before it got to trial in U.S. District Court in Santa Ana.

Home Theater Seeks Bankruptcy Protection: The Anaheim-based company filed for Chapter 11 bankruptcy protection as federal investigators probed allegations that it defrauded investors by inventing millions of dollars of bogus profit. Home Theater Products Inc. is the subject of a criminal investigation by the FBI, said Irwin Zucker, acting president of the company. The Securities and Exchange Commission is conducting a separate probe under a formal order of investigation, he said.

Home Theater Products International Inc., reeling from claims that it overstated its annual profit and sales by $9 million, has been hit with the resignation of a second outside auditor and has asked that its stock be delisted from the Nasdaq market system. Trading in the shares of the financially beleaguered company has been halted since Sept. 25.

Trading was indefinitely suspended Monday in shares of Home Theater Products International Inc. in the wake of a former auditor's allegations that the consumer electronics maker was involved in a scheme to overstate profit and revenue. Nasdaq officials, whose investigators talked to Beverly Hills accountant Jaak Olesk early Monday, said trading will remain suspended until the company can re-establish its financial viability. Olesk, who resigned as Home Theater's auditor Sept.

Three former executives previously convicted of carrying out a bogus sales scheme at an Anaheim home theater systems company have agreed to repay nearly $1.2 million in profits from the fraud to settle a lawsuit by the Securities and Exchange Commission. But SEC spokesman James A. Howell said the payments were waived after the men produced financial statements showing they didn't have enough money. The complaint and the agreement were filed Wednesday in federal court in Santa Ana.

Home Theater Products International Inc., reeling from claims that it overstated its annual profit and sales by $9 million, has been hit with the resignation of a second outside auditor and has asked that its stock be delisted from the Nasdaq Stock Market. Trading in the shares of the financially beleaguered company has been halted since Sept. 25.

Bank of America said Wednesday that it has filed a lawsuit seeking repayment of about $15 million in loans to troubled Home Theater Products International Inc., which is under investigation by regulators for allegedly overstating profits and revenue. The bank filed its lawsuit Tuesday in Los Angeles Superior Court. Home Theater, the Anaheim-based maker of stereo and television component systems, had a $10-million line of credit from the bank, which was later extended to about $15 million.