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Stephen W. Carnes, Lawrence A. Powalisz: Welcome to

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Stock   Wednesday, 08/25/10 04:21:33 PM
Re: None
Post # of 87 
Stephen W. Carnes, Lawrence A. Powalisz: Welcome to the Penny Stock Bar.

Posted by: scion
Date: Wednesday, August 25, 2010 4:15:56 PM
In reply to: None Post # of 506

SEC OBTAINS JUDGMENTS AGAINST STOCK DISTRIBUTORS STEPHEN CARNES, LAWRENCE POWALISZ AND THEIR COMPANIES

Litigation Release No. 21632 / August 25, 2010

Securities and Exchange Commission v. K&L International Enterprises, Inc., et al., Case No. 6:09-cv-1638-Orl-31KRS (M.D. Fla.)

SEC OBTAINS JUDGMENTS AGAINST STOCK DISTRIBUTORS STEPHEN CARNES, LAWRENCE POWALISZ AND THEIR COMPANIES

The Securities and Exchange Commission announced today that on May 17 and August 17, the Honorable Gregory A. Presnell of the United States District Court for the Middle District of Florida entered Final Judgments against Stephen W. Carnes, Lawrence A. Powalisz, and their companies K&L International Enterprises, Inc., Signature Leisure, Inc., and Signature Worldwide Advisors, LLC. The Commission's complaint alleged that the defendants engaged in a scheme to evade the registration provisions of the federal securities laws by selling billions of shares of stock issued by microcap companies to the investing public without adhering to the registration requirements of Section 5 of the Securities Act of 1933. The defendants consented to entry of the Final Judgments without admitting or denying the allegations in the complaint.

The Final Judgments permanently enjoin the defendants from violating Sections 5(a) and (c) of the Securities Act, bar them for three years from participating in an offering of penny stock under Section 20(g) of the Securities Act, and require them to pay in installments within one year disgorgement, prejudgment interest, and civil penalties. Carnes agreed to pay disgorgement of $818,261, plus prejudgment interest, of which $716,904 is payable jointly and severally with Worldwide Advisors, and a civil penalty of $100,000. Worldwide Advisors agreed to pay disgorgement of $716,904, plus prejudgment interest, jointly and severally with Carnes, plus a civil penalty of $50,000. Signature Leisure agreed to pay disgorgement of $900,162, plus prejudgment interest, and a civil penalty of $50,000. Powalisz agreed to pay disgorgement of $3,748,563, plus prejudgment interest, jointly and severally with K&L International, and a civil penalty of $150,000. K&L International agreed to pay disgorgement of $6,242,049, plus prejudgment interest, of which $3,748,563 is payable jointly and severally with Powalisz, and a civil penalty of $150,000.

The Commission's case against the two remaining defendants, Jared E. Hochstedler, and his company, Enzyme Environmental Solutions, Inc., is still pending.

For additional information, see Litigation Release Nos. 21231 (September 30, 2009)
http://www.sec.gov/litigation/litreleases/2009/lr21231.htm

and 21224 (September 28, 2009)
http://www.sec.gov/litigation/litreleases/2009/lr21224.htm

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