March 14, 2002 |
David Fitzgerald, former head of underwriter Pacific Genesis Group Inc., has agreed to pay $300,000 to settle securities fraud charges concerning municipal bond sales for a Southern California housing development, a lawyer for the Securities and Exchange Commission said. The SEC in December 2000 sued Fitzgerald and Alameda, Calif.-based Pacific Genesis, charging they misled investors with an inflated appraisal and other improper disclosures in selling about $70 million of bonds for the project.
December 29, 2000 |
Pacific Genesis Group Inc., an Alameda-based municipal-bond underwriter, has been charged by U.S. regulators with fraudulently selling $70 million worth of bonds over four years to finance a Southern California housing development where the regulators allege little construction occurred. Pacific Genesis Chairman David Fitzgerald, who also was charged, said he and the firm would contest the Securities and Exchange Commission's civil-fraud allegations.
February 26, 1999 |
Municipal bond underwriter Pacific Genesis Group Inc. agreed to settle charges brought by state regulators that it defrauded investors by failing to disclose the risks of tax-exempt municipal bonds that helped finance speculative real estate deals, officials said Thursday. Under terms of the agreement, San Francisco-based Pacific Genesis Group agreed to market its land-backed bonds only to suitable investors and disclose risks connected with the transactions.
November 3, 1996 |
A proposed $17.5-million tax-free junk bond deal promoted by a controversial San Francisco underwriter has prompted complaints from San Clemente officials over sales pitches that may imply the city is issuing the bonds. City Treasurer Paul Gudgeirsson said the city has nothing to do with the high-risk bonds, marketed on behalf of Pacific Ocean Estates Public Financing Authority to raise cash to acquire and develop a 210-acre parcel just outside the San Clemente city limits.
January 12, 1997 |
Michael Jordan does it. Paul Newman does it. Even Mario Cuomo did it. So when the tiny town of Mendota was asked to endorse a product--in this case a new type of bond financing--city officials jumped at the chance. The desperately poor farming city, the self-proclaimed Cantaloupe Center of the World, earned an $80,000 fee by lending its tax-free borrowing privileges to private developers for real estate projects hundreds of miles away--including one near Malibu.
December 20, 1997
A federal judge issued a preliminary injunction against software designed by Avant Corp., ordering the Fremont, Calif.-based company to stop marketing or selling any Cadence Design Systems Inc. software product. Avant said the order will have no impact on its customers or current products. . . . An independent reviewer will have 18 months to examine the books of municipal bond dealer Pacific Genesis Group Inc.