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U.S. Securities and Exchange Commission


Litigation Release No. 21002 / April 15, 2009

Securities and Exchange Commission v. Edward T. Stein et al., 09 Civ. 3125 (SDNY) (GEL)


The Securities and Exchange Commission announced today that the Honorable Gerard E. Lynch, United States District Judge, entered an order yesterday, April 14, 2009, appointing H. Thomas Moran, II as receiver for the assets of defendant Edward T. Stein and entities under his control, i.e., Edward T. Stein Associates, Ltd.("ETSA"); Gemini Fund I, L.P. ("Gemini"); Prima Capital Management LLC ("Prima"); Vibrant Capital Corp. ("Vibrant"); and Vibrant Capital Funding I LLC ("Vibrant Capital Funding"). Mr. Moran is president and chief executive officer of the Heritage Group, a provider of consulting and receivership services with a focus on life and viatical settlements. Among other things, the Court's order provides that, as receiver, Mr. Moran has the authority to take immediate custody and control of all assets of Mr. Stein, ETSA, Gemini, Prima, Vibrant, and Vibrant Capital Funding.

On April 1, 2009, the Commission filed this enforcement action charging Edward T. Stein with securities fraud. At that time, Judge Lynch entered an order freezing the assets of Mr. Stein and entities under his control and requiring accountings of those assets. The Judge's April 1 order also included a preliminary injunction barring Mr. Stein from committing further securities law violations. See Litigation Release No. 20983 (April 1, 2009).

The Commission's investigation into these matters is continuing.



Modified: 04/15/2009