Securities and Exchange Commission v. E-Monee.com, Inc. et al., Civil Action No. 0:13-cv-60637-WJZ (S.D. Fla)
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22651 / March 19, 2013
Securities and Exchange Commission v. E-Monee.com, Inc. et al., Civil Action No. 0:13-cv-60637-WJZ (S.D. Fla)
The Securities and Exchange Commission today filed fraud charges against E-Monee.com, Inc. (“E-Monee”), its president, Estuardo Benavides (“Benavides”), and one of its directors and a licensed Florida attorney, Robert B. Cook (“Cook”), for offering shares in E-Monee to investors under the false pretense that the company owned Mexican bonds worth billions of dollars.
The SEC’s complaint, filed in the United States District Court for the Southern District of Florida, charges E-Monee.com, Inc., Estuardo Benavides, 59, of Margate, Florida, and Robert C. Cook, 70, of Tequesta, Florida for fraudulently offering shares in E-Monee from at least January 2010 through May 2011, while claiming, among other things, the company owned Mexican bonds purportedly worth approximately $5 billion, and that E-Monee’s shares would substantially increase in value. The complaint alleges that the Mexican bonds the company owned, in reality, were essentially worthless and there was no valid basis for the claims by Benavides and Cook that E-Monee’s shares would substantially increase in value.
The SEC’s complaint charges E-Monee, Benavides and Cook with violations of Section 17(a)(1) and 17(a)(3) of the Securities Act of 1933. The SEC is seeking permanent injunctions and civil money penalties against all three defendants. The SEC will also seek penny stock bars against Benavides and Cook.
The SEC acknowledges the substantial assistance of the U.S. Secret Service in this investigation.
Court Enters Final Judgment of Permanent Injunction and Other Relief Against E-Monee.Com, Inc. and Estuardo Benavides
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22894 / December 20, 2013 Securities and Exchange Commission v. E-Monee.com, Inc. et al., Civil Action No. 0:13-cv-60637-WJZ (S.D. Fla)
Court Enters Final Judgment of Permanent Injunction and Other Relief Against E-Monee.Com, Inc. and Estuardo Benavides
The Commission announced that on November 27, 2013, the Honorable William J. Zloch of the United States District Court for the Southern District of Florida entered a Final Judgment of Permanent Injunction and Other Relief Against Defendants E-Monee.com, Inc. and Estuardo Benavides. The final judgment enjoins E-Monee and Benavides from violating Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933. In addition to injunctive relief, the final judgment orders Benavides to pay a civil penalty of $110,000 and bars him from participating in an offering of a penny stock. E-Monee and Benavides consented to the entry of the final judgment without admitting or denying any of the allegations in the Commission's complaint. As part of the settlement, the Commission also dismissed its civil penalty claim against E-Monee, which is no longer operating.
The Commission's complaint, filed on March 19, 2013, alleged that E-Monee, its president Benavides, and one of its directors Robert B. Cook, fraudulently offered shares in E-Monee, while claiming the company owned Mexican bonds purportedly worth approximately $5 billion, and that E-Monee's shares would substantially increase in value. The complaint alleged that the Mexican bonds were essentially worthless and there was no valid basis for the claims by Benavides and Cook that E-Monee's shares would substantially increase in value. The Commission remains in active litigation against Cook.
For further information, see LR-22651/March 19, 2013.
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