U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19916 / November 15, 2006
SEC v. Focus Financial Associates, Inc., Civil Action No. 05-21527-CIV-Moore/Garber (S.D. FL)
Judgment of Permanent Injunction Entered Against Defendant Aiby Pierre-Louis
The Securities and Exchange Commission announced that on November 13, 2006, the Honorable K. Michael Moore, United States District Judge for the Southern District of Florida entered a judgment of permanent injunction against Aiby Pierre-Louis (Pierre-Louis) for his involvement in an affinity fraud that targeted members of the Haitian-American community in Miami through local radio programs and presentations to Haitian-American church congregations. Pierre-Louis consented to the entry of an injunction against future violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In addition, the Court reserved jurisdiction to determine upon the Commission's motion the amount of disgorgement, prejudgment interest, and civil penalty Pierre-Louis is liable to pay.
The Commission alleged in its Complaint that Pierre-Louis and others made materially false and misleading statements and failed to disclose material information in connection with the sale of twelve-month notes in violation of the federal securities laws.
For more information on earlier actions in this case, see Litigation Release No. 19258 (June 9, 2005), Litigation Release No. 19472 (November 18, 2005), Litigation Release 19707 (May 22, 2006), and Litigation Release No. 19753 (July 5, 2006).