SEC v. Page Airways, Inc., James P. Wilmot, Gerald G. Wilmot, Douglas W. Juston, Ross C. Chapin, James P. Lawler, T. Richard Olney (D.D.C. 1978)
Case Details
- Case Name
- SEC v. Page Airways, Inc., James P. Wilmot, Gerald G. Wilmot, Douglas W. Juston, Ross C. Chapin, James P. Lawler, T. Richard Olney (D.D.C. 1978)
- Countries
- Gabon, Malaysia, Ivory Coast, Morocco, Saudi Arabia, Uganda
- Foreign Official
- Asian and African government officials, including the President of the Republic of Gabon, the Chief Minister of Sabah, Malaysia, and the Ivory Coast Ambassador to the U.S..
- Date of Conduct
-
pre-1975 to 1978
- Nature of Business
- Page Airways, Inc. (“Page”), a New York corporation, sells and services aircraft. During the relevant time, Page’s common stock was registered with the SEC and traded in the over-the-counter market.
James Wilmot, Gerald Wilmot, Douglas Juston, Ross Chapin, James Lawler, and T. Richard Olney were all members of Page’s Board or were employed as executives by Page.
- Influence to be Obtained
- According to the SEC, from 1971 to 1978, Page and the defendants engaged in a scheme to make improper payments to foreign various government officials to sell Gulfstream II aircraft and other aircraft, products, and services throughout the world.
As part of the scheme, Page and the defendants allegedly paid funds directly to foreign officials or entities or agents they controlled to incentivize them to purchase Page’s aircrafts. The SEC’s complaint states that Page made the improper payments in the form of money or other things of value, including a Cadillac Eldorado convertible car given to the Chief of State of Uganda. To facilitate the scheme, Page and the defendants made false statements to the Export-Import Bank and in the company’s SEC filings and proxy materials.
- Enforcement
- In 1978, Page consented to the entry of a permanent injunction prohibiting future violations of the FCPA. The charges against all six of Page’s officers and directors were dismissed.
- Amount of the Value
- Approximately $2.5 million.
- Amount of Business Related to Payment
- $60 million of goods and services (a sum amounting to nearly one‑third of Page’s total sales between 1971 and 1976).
- Intermediary
- Agents, Foreign Subsidiaries.
- Citizenship of Parent Entity
- United States
- Reporting Requirements
- No
Defendants
Page Airways, Inc.
- Citation
- SEC v. Page Airways, Inc., et al., No. 78-cv-0645 (D.D.C. 1978).
- Other Statutory Provision
- Securities Fraud (Exchange Act Section 10(b)); False Filing Statements (Exchange Act Section 13(a)); False Proxy Statements (Exchange Act Section 14(a)); Aiding and Abetting (Securities Fraud; False Filing Statements; False Proxy Statements).
- Disposition
- Complaint and Consent Order
- Defendant Jurisdictional Basis
- Issuer
- Defendant's Citizenship
- United States
James P. Wilmot
- Citation
- SEC v. Page Airways, Inc., et al., No. 78-cv-0645 (D.D.C. 1978).
- Other Statutory Provision
- Securities Fraud (Exchange Act Section 10(b)); False Filing Statements (Exchange Act Section 13(a)); False Proxy Statements (Exchange Act Section 14(a)); Aiding and Abetting (Securities Fraud; False Filing Statements; False Proxy Statements).
- Disposition
- Complaint and Consent Order
- Defendant Jurisdictional Basis
- Agent of Issuer
Gerald G. Wilmot
- Citation
- SEC v. Page Airways, Inc., et al., No. 78-cv-0645 (D.D.C. 1978).
- Other Statutory Provision
- Securities Fraud (Exchange Act Section 10(b)); False Filing Statements (Exchange Act Section 13(a)); False Proxy Statements (Exchange Act Section 14(a)); Aiding and Abetting (Securities Fraud; False Filing Statements; False Proxy Statements).
- Disposition
- Charges Dismissed
- Defendant Jurisdictional Basis
- Agent of Issuer
Douglas W. Juston
- Citation
- SEC v. Page Airways, Inc., et al., No. 78 cv 0645 (D.D.C. 1978).
- Other Statutory Provision
- Securities Fraud (Exchange Act Section 10(b)); False Filing Statements (Exchange Act Section 13(a)); False Proxy Statements (Exchange Act Section 14(a)); Aiding and Abetting (Securities Fraud; False Filing Statements; False Proxy Statements).
- Disposition
- Charges Dismissed
- Defendant Jurisdictional Basis
- Agent of Issuer
Ross C. Chapin
- Citation
- SEC v. Page Airways, Inc., et al., No. 78-cv-0645 (D.D.C. 1978).
- Other Statutory Provision
- Securities Fraud (Exchange Act Section 10(b)); False Filing Statements (Exchange Act Section 13(a)); False Proxy Statements (Exchange Act Section 14(a)); Aiding and Abetting (Securities Fraud; False Filing Statements; False Proxy Statements).
- Disposition
- Charges Dismissed
- Defendant Jurisdictional Basis
- Agent of Issuer
James P. Lawler
- Citation
- SEC v. Page Airways, Inc., et al., No. 78-cv-0645 (D.D.C. 1978).
- Other Statutory Provision
- Securities Fraud (Exchange Act Section 10(b)); False Filing Statements (Exchange Act Section 13(a)); Aiding and Abetting (Securities Fraud; False Filing Statements).
- Disposition
- Charges Dismissed
- Defendant Jurisdictional Basis
- Agent of Issuer
T. Richard Olney
- Citation
- SEC v. Page Airways, Inc., et al., No. 78-cv-0645 (D.D.C. 1978).
- Other Statutory Provision
- Securities Fraud (Exchange Act Section 10(b)); False Filing Statements (Exchange Act Section 13(a)); Aiding and Abetting (Securities Fraud; False Filing Statements).
- Disposition
- Charges Dismissed
- Defendant Jurisdictional Basis
- Agent of Issuer
