U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20439 / January 25, 2008
Securities and Exchange Commission v. Patrick Kirkland, et al., Civil Action No. 06-CV-183-ORL-28 KRS Antoon (M.D. Fla.)
Final Judgment Entered Against Corporate Defendants, Dismissing Disgorgement, Prejudgment Interest and Civil Penalties and Dismissing Disgorgement and Prejudgment Interest Against All Relief Defendants
The Securities and Exchange Commission announced that on January 17, 2008, the United States District Court for the Middle District of Florida entered a Final Judgment of Permanent Injunction against Defendants Tropical Village, Inc., Clarity Development Corporation and Senior Adult Living Corporation. Through its Court-appointed Receiver, Tropical, Clarity and Senior Adult consented to the entry of an injunction against future violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The Final Judgment also provides for the dismissal of disgorgement, prejudgment interest and civil penalties against Defendants Tropical, Clarity and Senior Adult and dismissal of disgorgement and prejudgment interest against Relief Defendants Sunset Bay Club, Inc., Summerhill Ventures, Inc., Pelican Bay Club, Inc. and Isleworth Adult Community, Inc. All of the corporate Defendants and Relief Defendants are in receivership.
For more information on earlier actions in this case, see Litigation Release No. 19570 (February 17, 2006); Litigation Release No. 20351 (October 30, 2007); Litigation Release No. 20352 (October 30, 2007).