SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17961 / February 3, 2003

SECURITIES AND EXCHANGE COMMISSION V. GOLDVENTURES CLUB AND ALEXANDER KHAMIDOULINE, d/b/a www.gold-ventures.net, Case No. 1:02-CV-1434 (CAP) (N.D. Ga.)

The Securities and Exchange Commission announced that the Honorable Charles A. Pannell, United States District Court Judge for the Northern District of Georgia, entered a Default Judgment of Permanent Injunction and Other Relief against Gold-Ventures Club and Alexander Khamidouline, d/b/a www.gold-ventures.net. The Judgment enjoins Gold-Ventures and Khamidouline from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. In addition to enjoining the Defendants, the Judgment also provides for disgorgement and the imposition of a civil money penalty, which will be determined by the Court upon the Commission's motion.

On May 28, 2002, the Commission filed this action and obtained an ex parte temporary restraining order, asset freeze and other relief against Gold-Ventures and Khamidouline, for violating the antifraud and securities registration provisions of the federal securities laws. The SEC's complaint alleges that Gold-Ventures and Khamidouline, a resident of Russia, defrauded investors since at least March 2002 through their website, www.gold-ventures.net, and "spam" e-mails directed to potential U.S. investors.

See also, Litigation Release No. 17537 (May 28, 2002).

http://www.sec.gov/litigation/litreleases/lr17961.htm