U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21294 / November 16, 2009
COURT ENTERS FINAL JUDGMENT AGAINST DEFENDANT DANTE M. PANELLA
Securities and Exchange Commission v. Global Development & Environmental Resources, Inc., et al., Civil Action No. 8:08-CV-993-T27MAP (M.D. Fla.).
The Commission announced that on June 24, 2009, the United States District Court for the Middle District of Florida entered a Final Judgment, by consent, against Defendant Dante M. Panella. The Final Judgment enjoins Panella from violations of Section 5 of the Securities Act of 1933, and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. In addition, the Final Judgment bars Panella from participating in an offering of a penny stock for a period of five years and orders him to pay disgorgement in the amount of $314,542, prejudgment interest of $13,032 and a civil penalty of $130,000.
The Commission commenced this action by filing its complaint on May 22, 2008. The complaint alleged Panella and other defendants participated in a fraudulent "pump and dump" scheme to evade the registration provisions of the federal securities laws then sell purportedly unrestricted Global shares during a fraudulent promotional campaign.