Renee
13 años hace
SOYO Group: SEC ADMINISTRATIVE PROCEEDING
File No. 3-14674
______________________________
In the Matter of :
ORDER OF SUSPENSION PURSUANT
ERIC JON STRASSER, : TO RULE 102(e)(2) OF THE
COMMISSION’S RULES OF PRACTICE
Respondent. :
I.
The Securities and Exchange Commission (“Commission”) deems it appropriate to issue an order of forthwith suspension of Eric Jon Strasser (“Strasser”) pursuant to Rule 102(e)(2) of the Commission’s Rules of Practice [17 C.F.R. §200.102(e)(2)].1
The Commission finds that:
1. Strasser, age 47, is a resident of Las Vegas, Nevada. Between approximately 2005 and 2009, Strasser was a consultant to Soyo Group, Inc. (“Soyo”) who acted as its de facto controller in that he prepared Soyo’s periodic filings with the Commission and was a liaison between Soyo and its auditor. In the mid-1980s, Strasser worked as an auditor and passed the examination to become a certified public accountant, but he never obtained a license.
2. On April 22, 2011, an amended judgment of conviction was entered against Strasser in United States v. Strasser, No. 2:10-cr-00266-LDG-LRL-1, in the United States District Court for the District of Nevada, finding him guilty of one count of misprision of a felony under 18 U.S.C. §4.
3. As a result of this conviction, Strasser was sentenced to 5 years of probation and ordered to pay restitution in the amount of $190,000.
III.
In view of the foregoing, the Commission finds that Strasser has been convicted of a felony within the meaning of Rule 102(e)(2) of the Commission’s Rules of Practice.
Accordingly, it is ORDERED, that Eric Jon Strasser is forthwith suspended from appearing or practicing before the Commission pursuant to Rule 102(e)(2) of the Commission’s Rules of Practice.
By the Commission.
Elizabeth M. Murphy
http://www.sec.gov/litigation/admin/2011/34-66024.pdf
Bruce A Thompson
16 años hace
Item 1.03 - Bankruptcy or Receivership.
Item 2.04 - Triggering Events That Accelerate or Increase a Direct Financial
Obligation or an Obligation under and Off-Balance Sheet Arrangement.
Item 4.01 - Changes in Registrant's Certifying Accountant.
Item 4.02 - Non-reliance on Previously Issued Financial Statements or a Related
Audit Report or Completed Interim Review.
Item 5.02 - Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 30, 2009, Vasquez & Company LLP ("Vasquez") resigned as the Company's auditors. Vasquez did not issue an audit report for the year ended 2008. During the audit for the year ended 2008, Vasquez had a disagreement or difference of opinion with employees and senior management of the Company because they significantly expanded the scope of their audit for further investigation going as far back as the year ended 2007 and interim quarterly periods ended in 2007.
In addition, Vasquez advised the Company that "our audit report for the year ended 2007 and our pre-issuance review procedures for the interim quarterly periods ended in 2007 and interim quarterly periods ended in 2008 should no longer be relied upon."
On May 5, 2008, the Company discontinued all operations and filed for Chapter 7 bankruptcy protection. The petition was filed in the United States Bankruptcy Court, Central District of California, Riverside Division, Case number 09-19355-RN. A Chapter 7 trustee has been appointed by the Bankruptcy Court to administer the Company's assets and liabilities.
The Company has defaulted on all loans owed to creditors, including loans in the approximate outstanding balances of $24,000,000 and $1,500,000 owed to United Commercial Bank, the Company's primary creditor. The Company has not paid interest or principal on the loans since March of 2009. Pursuant to the Company's stipulation to the application of UCB in the Superior Court, San Bernardino County, Case number KC055623, Kenneth Krasne has been appointed as receiver for those assets of the Company that constitute collateral for its loan from UCB, which collateral includes almost all of the Company's accounts receivables and inventory, and equipment.
On May 10, 2009, the Company accepted the resignation of Nancy Chu as the Company's Chief Financial Officer and a member of the Board of Directors.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
SOYO GROUP, INC.
http://ih.advfn.com/p.php?pid=nmona&cb=1244289587&article=37780210&symbol=NO^SOYO