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News Release: 01-13
GRAY DAVIS, Governor
Date: 06/15/01
DEMETRIOS A. BOUTRIS, Commissioner
Pacific Genesis Revocation Confirmed
Department of Corporations Refers Case to State and Federal Agencies
Sacramento, June 15, 2001 — The Davis Administration announced today that the California Department of Corporations turned back the final challenge to the revocation of Pacific Genesis Group's securities license. The Department has referred the case to the SEC, the California Department of Justice, the California Treasurer’s Office, the NASDR, and NAS06/15/01 for further enforcement under their respective jurisdictions.
"We are gratified that Judge Lloyd Connelly has ruled that the revocation stands," said California Corporations Commissioner Demetrios A. Boutris. "By successfully litigating this matter, the California Department of Corporations has laid the groundwork for our sister state and national agencies to protect investors nationwide from any possible fraudulent behavior by Pacific Genesis."
Using one last legal maneuver, Pacific Genesis made its final attempt to seek relief from the dismissal of its suit. However, Judge Connelly conclusively ruled that the revocation stands.
The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov.
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