U.S. Securities and Exchange Commission

Litigation Release No. 21375 / January 12, 2010

Court Enters Default Final Judgments of Disgorgement and Other Relief Against Relief Defendants Mundo Trade, Inc., and First Fiduciary Business Trust

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 January 6, 2010, the Honorable Anne C. Conway of the United States District Court for the Middle District of Florida entered Default Final Judgments of Disgorgement and Other Relief Against Relief Defendants Mundo Trade, Inc. and First Fiduciary Business Trust. The default final judgment against Mundo Trade orders it to pay disgorgement of $403,018 and prejudgment interest of $40,252. The default final judgment against First Fiduciary orders it to pay disgorgement of $392,383 and prejudgment interest of $39,190.

The Commission commenced this action on December 5, 2007, by filing an emergency action against Defendants Robert Lane, Wealth Pools International, Inc., and Recruit For Wealth alleging they defrauded investors through a fraudulent pyramid scheme. The Commission also named as relief defendants Mundo Trade, First Fiduciary and other members of Robert Lane's family and other related entities who received investor proceeds raised in the fraudulent and unregistered offering.

For further information, see LR-20393 (Dec. 11, 2007), LR-21269 (Oct. 30, 2009) and LR-21270 (Oct. 30, 2009).

 
http://www.sec.gov/litigation/litreleases/2010/lr21375.htm

Last modified: 1/12/2010