U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19687 / May 4, 2006
Securities and Exchange Commission v. Delano N. Sta.Ana, Case No. 06-80202-CIV-MIDDLEBROOKS/JOHNSON (S.D.Fla.)
Default Final Judgment Setting Disgorgement and Civil Penalty Entered Against Delano Sta.Ana
The Securities and Exchange Commission announced that on April 28, 2006, the Honorable Donald M. Middlebrooks, United States District Judge for the Southern District of Florida, entered a default final judgment setting disgorgement and imposing civil penalty against Delano Sta.Ana. The default final judgment orders Sta.Ana to pay $70,000 in disgorgement and prejudgment interest and a civil penalty of $80,000, within thirty days.
This action arose on March 2, 2006, as a result of Sta.Ana's failure to pay all of the disgorgement, prejudgment interest and civil penalty he agreed to pay in the settled public administrative and cease-and-desist proceeding against him in In the Matter of Lawrence S. Powell and Delano N. Sta.Ana, Administrative Proceeding File No. 3-11794. The administrative proceeding, which was instituted on January 11, 2005, ordered Sta.Ana to pay disgorgement, prejudgment interest and a civil penalty in the amount of $150,000.00, in connection with his mutual fund market timing and late trading activities he engaged in while associated with Kaplan & Co.
For further information, see Litigation Release No. 19602 (March 8, 2006).