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twitterJudge moves against firm
Friday, Sept. 20, 2002 | 11:02 a.m.
A federal judge ordered Composite Industries Inc. of Las Vegas, formerly known as World Homes Inc., and its owner Merle Ferguson to pay penalties of $120,000 plus $5,000 for each day that they fail to comply with a Jan. 14 order to stop violating federal securities laws.
U.S. District Judge Philip Pro on Tuesday ruled the defendants, which were sued by the Securities and Exchange Commission, are in civil contempt after they deliberately continued to violate the antifraud provisions of federal securities laws.
The defendants were accused of issuing false press releases that misrepresented the companies' agreements with customers, business operations and projected revenues.
The SEC said the defendants violated the January order by again issuing false statements.
Ferguson could not be reached for comment on the allegations.
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