U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17285 / December 20, 2001

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 November 6, 2001, the SEC filed with the United States District Court for the Southern District of Florida an Application for an Order to Show Cause why Relief Defendant Rainbow Bridge Investments, LLC ("Rainbow Bridge") should not be held in contempt for failure to comply with the Court's Orders. The application alleged that Rainbow Bridge failed to provide a sworn accounting or a written description of repatriated funds in accordance with Court Orders entered on October 25, 2001 and November 2, 2001.

In its Complaint filed on October 16, 2001, the SEC alleged that Defendants Vestron Financial Corporation, Salman Shariff, Vestron Investment Club, Crescent Capital Partners, LP and Crescent Capital 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. The Court's Orders required Rainbow Bridge to provide the Court and the SEC with a sworn accounting of all monies received from Defendants within five business days. The Orders also required Rainbow Bridge to repatriate any offshore monies received from Defendants and to provide the SEC and the Court with a written description of any repatriated funds.