SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 18223 / July 10, 2003

FINAL JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST NORMAN BENJAMIN

Securities and Exchange Commission v. Americash-Inc.com, Inc., National Business Concepts, Inc. d/b/a Americash, Norman Benjamin and World Business Systems LLC d/b/a World Business Systems, Inc., Case No. 02-80457-CIV-HURLEY (S.D. Fla.)

The Securities and Exchange Commission (SEC) announced that on June 13, 2003, the United States District Court for the Southern District of Florida, entered a Final Judgment of Permanent Injunction (Final Judgment) against Norman Benjamin (Benjamin) the president and director of Americash-Inc.Com, Inc., a Florida corporation. The Final Judgment, entered by his consent and without admitting or denying the allegations of the SEC's Complaint, enjoins Benjamin from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder. In addition to enjoining Benjamin, the Final Judgment orders him to pay disgorgement in the amount $65,365.40 plus prejudgment interest thereon, but partially waives disgorgement and does not impose a civil penalty based on Benjamin's Sworn Statement of Financial Condition and other supporting documents.

On May 16, 2002 the SEC filed an emergency civil action against defendants Americash-Inc.com, Inc., National Business Concepts, Inc. d/b/a Americash and Norman Benjamin and relief defendant World Business Systems LLC, d/b/a World Business Systems, Inc. The SEC alleged that the defendants, through a boiler room, raised approximately $1.2 million from more than 45 investors to fund a purported "payday advance" business. In raising money for this enterprise from investors, the defendants falsely represented that the investment was low risk, that a 36% return was guaranteed and that all monies were lent out to Americash customers. According to the SEC complaint, Americash in fact operated as a Ponzi scheme, paying interest to existing investors with new investor monies, and spending investor funds on salaries, commissions, and expenses to operate its boiler room.

See also, Litigation Releases No. 17526 (May 21, 2002).

http://www.sec.gov/litigation/litreleases/lr18223.htm