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.
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)
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