PROCEEDINGS
Court Grants Summary Judgment and Enters Final Judgments Against Defendants Raymond C. Dabney, Richard A. Dabney, Charles J. Smith, and Philip M. Young
The Securities and Exchange Commission announced today that the United States District Court for the District of Arizona granted the Commission's motion for summary judgment and entered final judgments, on Feb. 8, 2010, against the four remaining defendants in a civil injunctive action filed by the Commission in August 2008. The final judgments permanently enjoin Raymond C. Dabney of Vancouver, British Columbia, Richard A. Dabney of Rancho Palos Verdes, California, Charles J. Smith of Reno, Nevada, and Philip M. Young of Scottsdale, Arizona, from violations of the securities registration provisions of the federal securities laws, and also enjoin Richard Dabney from violations of the antifraud provisions. The four defendants were ordered to pay more than $1.4 million in disgorgement, interest, and civil penalties. The Commission's complaint alleged that the defendants engaged in an unregistered distribution of the securities of Alliance Transcription Services, Inc. (formerly Strategy X, Inc.) from April 2005 through September 2006 and that Alliance and its officers participated in a scheme to manipulate the price and trading volume of its stoc
