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I'm stuck with my shares. No Buy

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PhillyPA65   Saturday, 01/28/12 09:28:47 PM
Re: wzebra33 post# 39757
Post # of 39795 
I'm stuck with my shares. No Buy / No Sell at Scottrade.

January 19, 2012


http://www.osc.gov.on.ca/documents/en/Proceedings-SET/set_20120119_boocki-defreitas.pdf (OSC Order)

http://www.osc.gov.on.ca/en/Proceedings_set_20120119_boocki-defreitas.htm (OSC Order)

http://www.osc.gov.on.ca/en/Proceedings_enr_20120120_boocki-defreitas.htm (OSC Notice)


27. On September 29, 2009, the Securities and Exchange Commission of the United States (“SEC”) initiated an action in the United States District Court for the Southern District of New York (“NY District Court”) naming DeFreitas, Boock, Wong and two others as defendants (the “SEC action”) which alleged breaches of U.S. federal securities laws. The conduct underlying the alleged breaches also forms the basis of the Statement of Allegations issued by Staff in this proceeding.

28. DeFreitas cooperated with the SEC, providing them with sworn testimony and documents. On March 26, 2010, the NY District Court entered a default judgment against DeFreitas and Boock. A motion by the SEC for summary judgment against Wong was granted on August 25, 2011 and a reconsideration of the summary judgment was dismissed on November 9, 2011. A proceeding to determine the amount of the disgorgement to be required of Wong, Boock and DeFreitas is pending (the “SEC disgorgement proceedings”). ***The SEC is seeking a disgorgement order in excess of $2.4 million dollars against DeFreitas.***


29. DeFreitas agrees to the following terms of settlement and to the Order attached hereto:

a. the Settlement Agreement is approved;

b. DeFreitas will cooperate with Staff in its investigation including testifying as a witness for Staff in any proceedings commenced by Staff or the Commission;

i. DeFreitas shall pay an administrative penalty in the amount of $70,000 for his failure to comply with Ontario securities law; and

j. DeFreitas shall disgorge to the Commission an amount obtained as a result of his non-compliance with Ontario securities law in the amount of $70,000;

k. In regard to the payments ordered above, DeFreitas agrees to make a payment of $100,000 when the Commission approves this Settlement Agreement. DeFreitas further agrees to pay at least $4,000 during each successive six (6) month period following the date of approval of the Settlement Agreement until the entire amount ordered above in paragraphs (i) and (j) is paid in full;

30. Any amounts paid to the Commission under the disgorgement and administrative penalty orders in this matter shall be allocated to or for the benefit of third parties other than DeFreitas, including investors who lost money as a result of investing in the Issuers, in accordance with subsection 3.4(2)(b) of the Act.

Sell Into The Pump - Don't Get Stuck In The Dump
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