In The Matter of George Wulf, Former Chairman And CEO Wulf International

SEC NEWS DIGEST
Issue 2004-146 July 30, 2004

The Commission announced that on July 20, 2004, the district court for
the Western District of Texas entered an order requiring George R. Wulf
to pay disgorgement and prejudgment interest of $53,904.34 and a civil
penalty of $120,000 for his role in issuing fraudulent press releases
about Wulf International Ltd., a company for which Wulf is the founder,
former chairman, and former chief executive officer. The Commission's
complaint alleged that, between January 2001 and April 2002, Wulf
International, through Wulf, made fraudulent statements in press
releases concerning: (1) its receipt of financing commitments for low-
income housing projects in the Philippines and Pakistan; (2) its receipt
of approval from the Philippines government for the housing project in
that country; and (3) related earnings projections.

Previously, the court entered judgments permanently enjoining Wulf
International and Wulf from violating the antifraud provisions of the
securities laws. The previous judgment against Wulf also barred him
from acting or serving as an officer or director of any public company,
and from participating in an offering of penny stock. Wulf International
and Wulf consented to those judgments without admitting or denying any
of the allegations in the Commission's complaint. [SEC v. Wulf
International Ltd. and George R. Wulf, Civ. No. A03CA-565SS (USDC, WDTX]
(LR-18814)