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U.S. Securities and Exchange Commission

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 19646 / April 7, 2006

SEC v. James Vincent O'Brien, et al., Case No. 1:02-CV-2117 (N.D. Ga.)

Securites and Exchange Commission Seeks Contempt Against Founder of Atlanta, Georgia Day-Trading Firm

On April 3, 2006, the Commission filed an application with the U.S. District Court for the Northern District of Georgia seeking an order requiring James Vincent O'Brien to show cause why he should not be held in contempt for failure to comply with the Court's October 6, 2004 Judgment. That Judgment directed O'Brien and his day-trading firm, Trades Access Centers, to disgorge $1.6 million, which represented the commissions that Traders Access Centers received while operating as an unregistered broker-dealers in violation of Section 15 of the Securities Exchange Act of 1934. The Judgment found O'Brien jointly and severally liable for this disgorgement award as the control person for Traders Access. According to the Commission's contempt application, O'Brien and Traders Access have not paid the disgorgement or provided any explanation for their failure to pay the disgorgement.

 

http://www.sec.gov/litigation/litreleases/2006/lr19646.htm


Modified: 04/07/2006