Seafarer Exploration Corp (SFRX)

[hedge_fun]

Kyle Kennedy settled fraud claims by the SEC......but

couldn't pay the fine?

This is SFRX's CEO?

SEC INSTITUTES SETTLES ADMINISTRATIVE PROCEEDINGS AGAINST KYLE KENNEDY FOR HIS ROLE IN INVESTMENT RECOVERY NETWORK, INC.'S OFFERING FRAUD


On February 25, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings against Kyle G. Kennedy. The proceedings charge Kennedy with aiding and abetting and causing a violation of the section that prohibits broker-dealers from permitting an individual barred by the Commission from association with any broker or dealer to become and remain associated with same. Kennedy consented to the entry of a cease-and-desist order and a three-month suspension without admitting or denying the Commission's allegations.

The Commission's Order finds that Kennedy was a registered representative associated with Old Dominion Securities, Inc., a broker-dealer registered with the Commission, from June 2000 to November 2001. The Order further finds that Robert A. Magnan, an individual barred by the Commission on April 5, 1995, from association with any broker or dealer, hired Old Dominion in June 2000 to sell stock in a private
placement offering conducted by Investment Recovery Network, Inc., a Tampa, Florida, company controlled by Magnan.

The Order further finds that from June 2000 to December 2000, Kennedy operated Old Dominion's Tampa office from Investment Recovery's
headquarters and met with Magnan daily to discuss the Investment
Recovery offering. Further, Magnan paid all of Old Dominion's expenses related to the Investment Recovery offering, including rent and
secretarial services, and referred potential investors to Kennedy.
According to the Commission's Order, Magnan also conducted a one- to three-hour sales presentation to potential investors, effectively making the sale of Investment Recovery stock to these investors.

The Order finds that Old Dominion, aided and abetted and caused by
Kennedy, unlawfully permitted Magnan to become associated with the firm in violation of the Commission's Order barring Magnan from association with a broker-dealer. Based upon this conduct, the Commission ordered Kennedy to cease and desist from causing any violation and any future violations of Section 15(b)(6)(B)(ii) of the Securities Exchange Act of 1934. In addition, Kennedy was suspended from association with any broker or dealer for a period of three months and ordered to pay
disgorgement of $57,412.00, but payment of such amount was waived, and the Commission did not impose a penalty against Kennedy based upon the sworn representations in his Statement of Financial Condition dated Oct. 4, 2002, and other documents submitted to the Commission. (Rel. 34-47403; File No. 3-11045)

https://www.sec.gov/news/digest/dig022603.txt

The reason I ask is because I have info (a document) that suggest Kyle lied to a lender of SFRX about having a salvage permit for Canaveral just prior to that "critical time" last year.