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U.S. Securities and Exchange Commission


Litigation Release No. 20421 / January 3, 2008

Securities and Exchange Commission v. One Wall Street, Inc., Donte C. Jarvis, Alan Brown, Willis "Bill" White III, and Cecil Baptiste, a/k/a John Latorri, 06 Civ. 4217 (NGG) (ARL) (E.D.N.Y.)

Court Orders Alan Brown to Disgorge Ill-Gotten Gains and Pay Civil Penalty in Fraud against Senior Citizens

On January 3, 2008, the United States District Court for the Eastern District of New York entered a final judgment against defendant Alan Brown, of Wheatley Heights, New York, in an action filed in 2006 by the Securities and Exchange Commission. The Honorable Nicholas Garaufis ordered that Brown disgorge his ill-gotten gains of $95,965, together with prejudgment interest of $12,107.18. The Court also imposed a third-tier civil penalty of $60,000 on Brown, based on Brown's conduct in targeting multiple investors, including senior citizens, at least one of whom lost a significant part of his life savings.

Previously, on May 22, 2007, the Court entered a partial consent judgment against Brown. The partial consent judgment permanently enjoined Brown from further violations of the antifraud and registration provisions of the federal securities laws, and reserved judgment on any monetary obligations. With the entry of the January 3 judgment, the Commission's action against Brown is now complete.

The Commission's complaint alleged that Brown made numerous oral and written false and misleading statements to investors, primarily senior citizens, who were induced to purchase One Wall Street, Inc. common stock. The defendants, including Brown, raised at least $1.6 million from at least 64 investors.

The litigation is continuing against the remaining defendants and the relief defendant.

For further information, see Litigation Release No. 19809 (Aug. 21, 2006), Litigation Release No. 19823 (Sept. 6, 2006), and Litigation Release 20123 (May 22, 2007).



Modified: 01/03/2008