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News Release: 02-02
GRAY DAVIS, Governor
Date: 02/14/02
DEMETRIOS A. BOUTRIS, Commissioner
Department of Corporations Assists Ongoing SEC Investigation
Subtitle
Sacramento, February 14, 2002 — The Davis Administration today advised holders of promissory notes issued by J.T. Wallenbrock Associates to beware of an offer to transfer their notes to Village Capital Trust Limited, an unlicensed entity operating out of Belize.
"A federal district court froze Wallenbrock's assets in a lawsuit brought by the Securities and Exchange Commission," said California Corporations Commissioner Demetrios A. Boutris. "Now Wallenbrock is trying to get investors to transfer their funds to an offshore company that has not been licensed to offer securities in California. We urge holders of Wallenbrock promissory notes to be very careful."
The Department of Corporations issued a desist and refrain order today to stop any further offering of promissory notes by Village Capital Trust Limited.
Investors may visit www.sec.gov to file a complaint or obtain further information concerning the SEC's lawsuit.
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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