Vestron Financial Corp., et al.

Litigation Release No. 17443 / March 27, 2002

Securities and Exchange Commission v. Vestron Financial Corp., et al., Case No. 01-4269-CIV-SEITZ (USDC/SD FL)

The Securities and Exchange Commission ("SEC") announced that on January 24, 2002, the Honorable Patricia A. Seitz ("Seitz"), United States District Judge for the Southern District of Florida, entered an order appointing Russell C. Weigel III, Esquire of Montello & Kenney, P.A., as receiver for Vestron Financial Corporation ("Vestron Financial"), Vestron Investment Club ("Investment Club"), Crescent Capital Partners, LP ("Capital Partners") and Crescent Capital Offshore Fund ("Offshore Fund").

The SEC's Complaint filed on October 16, 2001, alleged that Defendants Vestron Financial, Salman Shariff, Investment Club, Capital Partners and Offshore Fund (collectively referred to as "Defendants") were violating the anti-fraud, registration, investment company and investment advisor provisions of the federal securities law. The SEC alleged that Defendants perpetrated a massive fraud, which duped hundreds of unsuspecting investors nationwide out of over $11 million. The SEC also named North Coast Holdings, Ltd and Rainbow Bridge as Relief Defendants because they purportedly received proceeds from Defendants' fraudulent scheme.

On October 25, 2001, the Court entered an Order granting a Temporary Asset Freeze and Other Relief as to all Defendants and Relief Defendants. On November 2, 2001, the Court entered an Order Freezing Assets and Other Relief.