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twitterLas Vegas man fined
Monday, Feb. 4, 2002 | 11:13 a.m.
The chief executive of World Homes Inc., a small Las Vegas building materials company that was accused by the Securities and Exchange Commission of federal securities law violations, was ordered to pay $120,000 in civil penalties to the government.
The SEC sued World Homes, Chief Executive Merle Ferguson and Susan Donohue, secretary and treasurer of the company, in U.S. District Court in June. The SEC accused World Homes and Ferguson of issuing "several false and misleading press releases" from January 2000 through February 2001 and engaging in improper stock sales.
U.S. District Judge Philip Pro affirmed a consent agreement between the SEC and the defendants in which Ferguson was fined and the defendants agreed not to take action denying the SEC's allegations or create an impression that the complaint is without factual basis.
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