U.S. Securities and Exchange Commission
Litigation Release No. 21269 / October 30, 2009
Court Enters Final Judgments and Other Relief as to Relief Defendants Richard Lane and T-N-T Education Company, Inc.
Securities and Exchange Commission v. Robert E. Lane, et al., Civil Action No. 6:07-cv-1920-Orl-22KRS (M.D. Fla.)
The Commission announced that on October 9, 2009, the Honorable Anne C. Conway of the United States District Court for the Middle District of Florida entered Final Judgments and Other Relief against Relief Defendants Richard Lane and T-N-T Education Company, Inc. The final judgments hold Richard Lane and T-N-T Education jointly and severally liable for disgorgement and prejudgment interest totaling $5,726,729. Based on Richard Lane and T-N-T Education’s financial condition, the Court waived part of the disgorgement amount and all the pre-judgment interest. Relief Defendants Richard Lane and T-N-T Education consented to the entry of the final judgments without admitting or denying any of the allegations in the complaint.
The Commission commenced this action on December 5, 2007, by filing an emergency action against Robert Lane, Wealth Pools, and Recruit For Wealth, alleging they defrauded investors through a fraudulent pyramid scheme primarily targeting the Hispanic community.
For further information, see LR-20393 (Dec. 11, 2007).