August 30, 1989 |
The Securities and Exchange Commission has won an injunction against the last defendant in a stock-manipulation case involving Magna Technologies, a defunct Thousand Oaks company that said it was going to market an assortment of futuristic-sounding products--from pumps without blades to beverage pouches. But the SEC said in court papers filed last week that the company was nothing more than "a desk, a phone and a chair." U.S. District Judge Mariana R.
June 25, 1991
Herbert Stone, a former New York stockbroker who pleaded guilty last August to 12 counts of conspiracy, and securities and wire fraud in connection with a defunct Thousand Oaks company, last week was sentenced by a federal judge in Los Angeles to 30 months in prison. Stone, 63, was one of four defendants accused of manipulating the stock of Magna Technologies Inc.--a publicly traded company with few assets, no income and substantial debts--and reaping more than $1 million in illicit profits.
March 29, 1990 |
Four former promoters of a defunct Thousand Oaks company have been named in a 42-count criminal indictment unsealed by a grand jury in Los Angeles Tuesday. The charges, stemming from the rapid rise and collapse of the stock of Magna Technologies in 1985, include multiple counts of conspiracy and securities and wire fraud. The indictment says Magna was a "shell corporation" with no assets that was used by the defendants to profit by manipulating its stock.