The Securities and Exchange Commission

[thepennyking]

Court Enters Default Judgment Against Man Who, the SEC Says, Conducted an Internet Investment Scam from Canada
The U.S. Securities and Exchange Commission has announced that on February 18, the United States District Court for the Western District of Oklahoma entered a default judgment against Garry W. Stroud ordering him to pay disgorgement and prejudgment interest in the amount of $1,044,879, a $956, 379 civil penalty and enjoining him from further securities law violations. The SEC alleged in its complaint in the action that Stroud "fleeced over 2,200 investors worldwide of approximately $1 million" by using multiple Web sites and spam e-mail to solicit investors in "pure shams" like Morgenthau Gold Bond Certificates, foreign gold-mining projects and prime bank trading programs. He purportedly targeted investors who recently had been defrauded in another investment scam known as E-Biz Ventures which was the subject of a separate SEC enforcement action in January 2001.

http://www.sec.gov/litigation/litreleases/lr17988.htm