SECURITIES AND EXCHANGE COMMISSION V. MET CAPITAL CORPORATION

JEFFREY HACKMAN, Defendants, United States District Court

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14674 / October 2, 1995

SECURITIES AND EXCHANGE COMMISSION V. MET CAPITAL CORPORATION AND

JEFFREY HACKMAN, Defendants, United States District Court for the

Southern District of Florida, Civil Action No. 95-8596.

The Securities and Exchange Commission filed a civil enforcement

action on September 27, 1995 in the United States District Court

for the Southern District of Florida naming as defendants Met

Capital Corporation (Met) and Jeffrey Hackman.

The Complaint alleges that Met and its then President, Jeffrey

Hackman, made misrepresentations of material fact while acquiring

control of other companies in exchange for Met stock including

Met’s intention to infuse cash into the acquired companies.

Met, under the control of Jeffrey Hackman, filed reports with the

Commission which failed to disclose such material information as

the fact that certain material transactions for Met had been with

companies also under the control of the Hackman family and that

Jeffrey Hackman had previously been associated with companies for

which bankruptcy petitions had been filed.

The Commission’s Complaint requests that the Court enjoin the

defendants from violating Section 17(a) of the Securities Act of

1933 and Sections 10(b) and 13(a) of the Securities Exchange Act

of 1934 and Rules 10b-5, 12b-20, 13a-1, 13a-11, and 13a-13

thereunder.

The Complaint also asks the Court to impose civil penalties on the defendants.

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