U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.

LITIGATION RELEASE NO. 17185 / October 12, 2001

Securities and Exchange Commission v. Shreveport Wireless Cable Television Partnership, Complete Communications Corporation, The Estate of Joseph S. Steingold, Stuart Weingarden, Champion Communications Corporation, B.R. Cable Communications Corporation, Samuel Abrams, Wireless Cable Television of Shreveport Limited Liability Company, CA. No. 94-1781 (D.D.C. HHK/DAR)

SEC SETTLES CASE AGAINST WIRELESS CABLE DEFENDANTS

The Securities and Exchange Commission announced that on September 11, 2001, the Honorable Henry H. Kennedy Jr., United States District Judge for the District of Columbia, entered Final Judgments against Shreveport Wireless Cable Television Partnership ("Shreveport"), Complete Communications Corporation ("Complete"), The Estate of Joseph S. Steingold ("Steingold"), Stuart Weingarden, Champion Communications Corporation ("Champion"), B.R. Cable Communications Corporation ("B.R. Cable"), Samuel Abrams, and Wireless Cable Television of Shreveport Limited Liability Company ("Wireless").

Without admitting or denying the Commission's allegations, Steingold, Champion, B.R. Cable, Complete, and Wireless consented to the entry of a judgment that permanently enjoins Champion, B.R. Cable, Complete, and Wireless from violating Sections 5(a) and 5(c) of the Securities Act of 1933 ("Securities Act"). Under the judgment, Steingold, Champion, B.R. Cable, Complete, and Shreveport are jointly and severally liable for $24,737,830.78 in disgorgement and $16,589,573.39 in prejudgment interest. In addition, Champion, B.R. Cable, Complete and Wireless are each required to pay a civil penalty in the amount of $100,000.

Without admitting or denying the Commission's allegations, Weingarden also consented to the entry of a judgment prohibiting future violations of Sections 5(a) and 5(c) of the Securities Act. The judgment requires Weingarden to pay disgorgement in the amount of $447,337.88, plus pre-judgment interest of $261,354.66, but waives payment of such monies based on Weingarden's sworn financial statements.

Without admitting or denying the Commission's allegations, Abrams also consented to the entry of a judgment prohibiting future violations of Sections 5(a) and 5(c) of the Securities Act. The judgment requires Abrams to pay disgorgement in the amount of $154,000, plus pre-judgment interest thereon in the amount of $93,619.72, but waives payment of such monies based upon Abrams' sworn financial statements.

The Commission's Amended Complaint, filed January 11, 1995, alleged the following: that Joseph S. Steingold, Champion, B.R. Cable, Complete, Wireless, Weingarden, and Abrams were engaged in a fraudulent scheme to offer and sell unregistered securities to investors throughout the United States. The Amended Complaint more specifically alleges that Joseph S. Steingold, Weingarden, and Champion raised over $10 million through the nationwide sale of 700 units of Reading Wireless Cable Television Partnership; that Joseph S. Steingold, Weingarden and B.R. Cable raised over $17.7 million through the nationwide sale of 1,200 unites of Baton Rouge Limited Liability Corporation; and that Joseph S. Steingold, Shreveport, Complete, Abrams, and Wireless attempted to raise over $12.5 million thought the nationwide sale of 840 Shreveport Partnership units. The securities involved purported to be general partnership units or limited liability units, when in fact they were unregistered securities.

For information about related matters, see Lit. Rel. No. 14695 (October 19, 1995).