Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Official citation and/or docket number and footnotes (if any) for this case available with purchase.

Learn more about what you receive with purchase of this case.

SECURITIES AND EXCHANGE COMMISSION v. MAY

United States District Court, S.D. California


September 29, 2005.

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
RICHARD A. MAY, Defendant.

The opinion of the court was delivered by: JAMES STIVEN, Magistrate Judge

FINAL JUDGMENT AS TO DEFENDANT RICHARD A. MAY

The Securities and Exchange Commission having filed a Complaint; Defendant Richard A. May having entered a general appearance, consented to the Court's jurisdiction over him, the subject matter of this action, and to the entry of the Order of Permanent Injunction without admitting or denying the allegations of the Complaint (Docket Nos. 32 & 33); and the Court having held a bench trial on September 2, 2005, and issued an Opinion and Order with regard thereto dated September 20, 2005 (Docket No. 39): I.

  IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is liable for disgorgement of $472,402.61, representing profits gained as a result of the conduct alleged in the Complaint. In addition to disgorgement, Defendant shall pay a civil penalty of $5,000.00 pursuant to Section 20(d) of the Securities Act [15 U.S.C. 77t(d)] and Section 21(d)(3) of the Exchange Act [15 U.S.C. 78u(d)(3)]. Defendant shall satisfy this obligation by paying $477,402.61 within ten business days to the Clerk of the Court, together with a cover letter identifying Richard A. May as a defendant in this action; setting forth the title and civil action number of this action and the name of this Court; and specifying that payment is made pursuant to this Final Judgment. Defendant shall simultaneously transmit photocopies of each such payment and letter to the Commission's counsel in this action. Defendant relinquishes all legal and equitable right, title, and interest in such payments, and no part of the funds shall be returned to Defendant.*fn1 The Clerk shall deposit the funds into an interest bearing account with the Court Registry Investment System ("CRIS") or any other type of interest bearing account that is utilized by the Court. These funds, together with any interest and income earned thereon (collectively, the "Fund"), shall be held in the interest bearing account until further order of the Court. In accordance with 28 U.S.C. § 1914 and the guidelines set by the Director of the Administrative Office of the United States Courts, the Clerk is directed, without further order of this Court, to deduct from the income earned on the money in the Fund a fee equal to ten percent of the income earned on the Fund. Such fee shall not exceed that authorized by the Judicial Conference of the United States. The Commission may propose a plan to distribute the Fund subject to the Court's approval. Defendant shall pay post-judgment interest on any delinquent amounts pursuant to 28 USC § 1961.

  II.

  IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, pursuant to Section 21(d)(2) of the Exchange Act [15 U.S.C. § 78u(d)(2)], Defendant is prohibited, for a period of 12 months following the date of entry of this Final Judgment, from acting as an officer or director of any issuer that has a class of securities registered pursuant to Section 12 of the Exchange Act [15 U.S.C. § 781] or that is required to file reports pursuant to Section 15(d) of the Exchange Act [15 U.S.C. § 78o(d)].

  III.

  IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is prohibited, for a period of 18 months following the date of entry of this Final Judgment, from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock. A penny stock is any equity security that has a price of less than five dollars, except as provided in Rule 3a51-1 under the Exchange Act [17 C.F.R. 240.3a51-1].

  IV.

  IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Order of Permanent Injunction (Docket No. 33) is incorporated herein with the same force and effect as if fully set forth herein, and that Defendant shall comply with all of the provisions stated therein. V.

  IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment.

20050929

© 1992-2005 VersusLaw Inc.



Buy This Entire Record For $7.95

Official citation and/or docket number and footnotes (if any) for this case available with purchase.

Learn more about what you receive with purchase of this case.