UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 16250 / August 11, 1999

Accounting and Auditing Release No. 1152 / August 11, 1999

SEC v. Q.T. Wiles, et al., Civ. No. 91-M-1393 (D. Colo.)

PERMANENT INJUNCTION, CIVIL PENALTY, AND BAR AGAINST PRACTICING BEFORE THE COMMISSION ORDERED AGAINST OWEN D. TARANTA, FORMER MINISCRIBE CFO

On August 11, 1999, the Commission announced the settled resolution of enforcement actions against Owen D. Taranta, the former CFO of MiniScribe Corporation. The Commission's complaint alleged that Taranta, along with other members of MiniScribe's senior management, participated in a wide-ranging financial fraud and coverup to hide the company's financial condition from its independent auditors and from investors. Without admitting or denying the Commission's allegations, Taranta consented to the entry of a permanent injunction prohibiting him from violating the antifraud provisions (Exchange Act Section 10(b) and Rule 10b-5), falsifying books and records of a public company (Exchange Act Rule 13b2-1) and from making false statements to a public company's auditors (Exchange Act Rule 13b2-2). Taranta was ordered to pay a $10,000 civil penalty, based on his demonstrated inability to pay additional amounts. SEC v. Q.T. Wiles, et al., Civ. No. 91-M-1393 (D. Colo.). On August 11, 1999, the Commission entered an Order by consent pursuant to Rule 102(e) of the Commission's Rules of Practice barring Taranta from practicing before the Commission as an accountant, with a right to reapply after five years. In the Matter of Owen D. Taranta, CPA, Admin. Proc. No. 3-9969 (August 11, 1999).