Milan Capital Group, Inc.

On January 7, 2000, the SEC obtained a temporary restraining order, asset freeze, and other emergency relief against Milan Capital Group, Inc. The SEC alleged that Milan Capital, while failing to register as a broke-dealer, fraudulently convinced approximately 200 investors to buy almost $9 million in shares of several IPOs. For more information about the SEC's action, you can read Litigation Release Nos. 16405 (Jan. 10, 2000), 16802 (Nov. 16, 2000), and 17122 (Sept. 7, 2001).

On January 21, 2000, the Court appointed Aaron R. Marcu as Receiver for Milan Capital Group, Inc. In September 2002, the Receiver distributed approximately $3.4 million to approved claimants. For more information about the Receivership, please read Mr. Marcu's press release that includes a link to his third interim report.

http://www.sec.gov/divisions/enforce/claims/milan.htm