U.S. Securities and Exchange Commission Litigation Release No. 18161 / May 28, 2003
SEC Obtains Permanent Injunction Against Roberto E. Veitia, Corporate Relations Group, Inc., Gulf/Atlantic Publishing, Inc. and Stratcomm Media Ltd. for Violations Of The Antifraud, Antitouting and Registration Provisions of the Federal Securities Laws, Along With Order To Disgorge Over $44 Million And To Pay Civil Penalties Totaling $1.7 Million
An Orlando, Florida area resident and companies he controlled, which published promotions of publicly traded companies without adequately disclosing either that the promotions were paid for by the companies or that the defendants were selling the securities of those companies while heralding them to the public, were ordered by a United States District Court to disgorge over $44 million of unlawfully realized income and trading profits, including interest. All four defendants also were enjoined from further violating the provisions of the federal securities laws the Court found they violated and the individual defendant was ordered to pay a civil penalty of $1.4 million. The Court ordered the three corporate defendants to pay a civil penalty of $100,000 each.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.