Booters - The Penny Stock Bar

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Defendants David Della Sciucca Jr. and Dwight Flatt are also barred from participating in any penny stock offering, the U.S. Securities and Exchange Commission said, regarding a U.S. District Court for Southern Florida ruling. The duo will also be facing disgorgement and civil penalties after the commission makes a motion to the court.

SEC nails Magnum d'Or for $8.7 million

South Florida Business Journal by Kevin Gale, Editor in Chief Date: Tuesday, February 28, 2012, 1:25pm EST
http://www.bizjournals.com/southflorida/news/2012/02/28/sec-nails-magnum-dor-for-87-million.html

Magnum d’Or Resources has been ordered to disgorge $7.73 million in profits, $233,543 in interest and pay a $725,000 civil penalty, the SEC has announced.

Defendants David Della Sciucca Jr. and Dwight Flatt are also barred from participating in any penny stock offering, the U.S. Securities and Exchange Commission said, regarding a U.S. District Court for Southern Florida ruling. The duo will also be facing disgorgement and civil penalties after the commission makes a motion to the court.

The April complaint alleged Fort Lauderdale-based Magnum d’Or issued stock pursuant to false Form S-8 registration statements, and used bogus consultants to funnel more than $7 million in illicit stock proceeds back into the company, the SEC said. The complaint also alleges that, in facilitating this kickback scheme, Magnum d’Or garnered the assistance of Flatt, Sciucca and others, who liquidated the stock, kept a portion of the sales proceeds and then returned the remaining sales proceeds to Magnum d’Or under the guise of loan agreements.

The complaint further alleges that Magnum d’Or made false and misleading statements in its Form S-8 registration statements and in various press releases during the relevant time period.

Former CEO and President Joseph J. Glusic, of Henderson, Nev., and Shannon Allen, a Miami resident, previously consented to the entry of judgments against them.

Magnum d'Or is also facing a class action shareholder suit in U.S. District Court.

On Jan. 20, the clerk of the court issued a notice of default against the company and Michel Boux, saying they had failed to appear or answer to the complaint.

The complaint (downloadable as a PDF) alleges an array of false statements and omissions.
http://assets.bizjournals.com/southflorida/pdf/magnum%20d'or%20resources%20complaint.pdf

http://www.bizjournals.com/southflorida/news/2012/02/28/sec-nails-magnum-dor-for-87-million.html