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SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No._____)*
APPROVED FINANCIAL CORP.
(Name of Issuer)
Common Stock, par Value $.01 per share
(Title of Class of Securities)
038327102
(CUSIP Number)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
NAMES OF REPORTING PERSONS.
1 I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Leon Perlin
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
2 (a) [_]
(b) [X]
SEC USE ONLY
3
CITIZENSHIP OR PLACE OF ORGANIZATION
4
UNITED STATES
SOLE VOTING POWER
5
NUMBER OF
335256
SHARES
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 594000
EACH SOLE DISPOSITIVE POWER
7
REPORTING
335256
PERSON
SHARED DISPOSITIVE POWER
WITH 8
594000
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
929,256
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
10 (SEE INSTRUCTIONS)
[_]
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
17.0%
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
12
IN
Item 1
(a) Name of Issuer: Approved Financial Corp.
(b) Address of Issuer's Principal Executive Offices:
1716 Corporate Landing Parkway
Virginia Beach, VA 23454
Item 2
(a) Name of Person Filing:
Leon Perlin
(b) Address of Principal Business Office or, if none, Residence:
3360 South Ocean Boulevard
Apartment 5H2
Palm Beach, Florida 33480
(c) Citizenship: United States
(d) Title of Class of Securities: Common Stock, Par value $.01 Per Share
(e) CUSIP Number: 038327102
Item 3. If this statement is filed pursuant to (S)(S)240.13d-1(b) or
240.13d-2(b) or (c), check whether the person filing is a:
(a) [_] Broker or dealer registered under section 15 of the Act
(15 U.S.C. 78o).
(b) [_] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [_] Insurance company as defined in section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) [_] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [_] An investment adviser in accordance with
(S)240.13d-1(b)(1)(ii)(E);
(f) [_] An employee benefit plan or endowment fund in accordance with
(S)240.13d-1(b)(1)(ii)(F);
(g) [_] A parent holding company or control person in accordance with
(S)240.13d-1(b)(1)(ii)(G);
(h) [_] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [_] A church plan that is excluded from the definition of an
investment company under section 3(c)(14) of the Investment
Company Act of 1940 (15 U.S.C. 80a-3);
Item 4.
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned: 929,256
(b) Percent of class: 17.0%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote: 335,256
(ii) Shared power to vote or to direct the vote: 594,000
(iii) Sole power to dispose or to direct the disposition of: 335,256
(iv) Shared power to dispose or to direct the disposition of: 594,000
Instruction. For computations regarding securities which represent a right
to acquire an underlying security see (S)240.13d-3(d)(1).
Item 5. Ownership of Five Percent or Less of a Class.
N/A
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
N/A
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
N/A
Item 8. Identification and Classification of Members of the Group.
N/A
Item 9. Notice of Dissolution of a Group
N/A
Item 10. Certification
Certification shall be pursuant to Rule 14d-1(c).
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are
held in the ordinary course of business and were not acquired and
are not held for the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
2/15/00
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Date
/s/ Leon Perlin
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Signature
