The SEC announced a final judgment was obtained against Joseph A. Noel of Martinez, California. The commission's complaint alleged that Noel defrauded investors by issuing false and misleading press releases portraying his purported marketing and infomercial company YesDTC Holdings, Inc. as a successful venture in order to drive the stock price up. Noel then sold millions of shares into the public market at the inflated price, and reaped more than $300,000 in illicit profits. To conceal his sales, Noel sold the shares through a company he created in his teenage daughter's name without disclosing as required that he was actually selling the shares.
The final judgment against Noel, entered by consent, permanently enjoins him from committing future violations of sections of the Securities Act of 1933 and the Securities Exchange Act of 1934. In addition, the final judgment orders Noel to pay back $315,000, along with prejudgment interest of $45,000, and bars Noel from serving as an officer or director of a public company and from participating in any penny stock offerings.
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