Plasticon International, Inc. (fka PLNIQ)

[scion]

01/27/2011 50 UNCONTESTED MOTION for Permanent Injunction by Securities And Exchange Commission (Attachments: # 1 Consent of James Turek, # 2 Proposed Order)(Gegenheimer, Nancy) Modified text on 1/28/2011 (STB). (Entered: 01/27/2011)

Doc 50 PDF file
http://viewer.zoho.com/docs/hdPbzi

Doc 50-1 PDF file
http://viewer.zoho.com/docs/odQFM

Doc 51-2 PDF file
http://viewer.zoho.com/docs/fdQcjg

Document Number: 50 6 pages 29 kb

Attachment Description
1 Consent of James Turek 7 pages 244 kb
2 Proposed Order 6 pages 28 kb


Extract - Doc 50 PDF file

6. That Defendant is liable for disgorgement of $2,600,000, together with prejudgment interest thereon in the amount of $557,836.41, for a total amount of $3,157,836.41. Based on the sworn representations in the Statement of Financial Condition of James N. Turek dated September 22, 2008 and updated August17, 2010, and other documents and information submitted to the Commission, the Court is not ordering Defendant to pay a civil penalty, and payment of $3,157,836.41 disgorgement and pre-judgment interest is waived. That the Order provide that the determination not to impose a civil penalty and to waive payment of disgorgement and prejudgment interest is contingent upon the accuracy and completeness of Defendant’s Statement of Financial Condition and that if at any time following the entry of the final judgment the Commission obtains information indicating that Defendant’s representations to the Commission concerning his assets, income, liabilities, or net worth were fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time such representations were made, the Commission may, at its sole discretion and without prior notice to Defendant, petition the Court for an order requiring Defendant to pay the unpaid portion of the disgorgement, pre-judgment and post-judgment interest thereon, and the maximum civil penalty allowable under the law. In connection with any such petition, the only issue shall be whether the financial information provided by Defendant was fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time such representations were made. In its petition, the Commission may move this Court to consider all available remedies, including, but not limited to, ordering Defendant to pay with funds or other assets, directing the forfeiture of any assets, or sanctions for contempt of the final judgment. The Commission may also request additional discovery. Defendant may not, by way of defense to such petition: (1) challenge the validity of the Consent or this Final Judgment; (2) contest the allegations in the Complaint filed by the Commission; (3) assert that payment of disgorgement, pre-judgment and post judgment interest or a civil penalty should not be ordered; (4) contest the amount of disgorgement and pre-judgment and post judgment interest; (5) contest the imposition of the maximum civil penalty allowable under the law; or (6) assert any defense to liability or remedy, including, but not limited to, any statute of limitations defense.

Entry of the proposed order for permanent injunction, resolves all the issues in this case. There being no reason for delay, the SEC respectfully requests pursuant to Fed. R.Civ.P. 54(b) that a final judgment be entered.

Dated: January 27, 2011
Respectfully submitted,
s/Nancy J. Gegenheimer
Nancy J. Gegenheimer
U.S. Securities and Exchange

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Case: 5:08-cv-00395-JBC-REW Doc #: 50 Filed: 01/27/11