VAN NUYS, Calif., May 5 -- California Laser Co., a manufacturer of 3-D holographic video image projectors, confirmed that a temporary restraining order had been issued at the request of the Securities and Exchange Commission against the company, its president and majority shareholder Nicholas Geranio, and certain affiliates. The restraining order is effective through May 11, 1999.
Responding to the SEC's allegation of misappropriation of funds, Geranio said, I started this company using my personal credit cards. I received compensation from California Laser Company for rendering services to the company and used that compensation to buy a ring for my wife. There is no law that says I can't make a living from my business and support my family. The company has pledged that it will cooperate fully with the SEC and will work to have the restraining order lifted as soon as possible.