U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21381 / January 19, 2010
Securities and Exchange Commission v. Andres L. Pimstein, The Bottom Line of South Florida, Inc. and Summit Trading LLC, Case No. 08-23024-CIV-GRAHAM (S.D. Fla.)
Commission Voluntarily Dismisses All Monetary Claims for Disgorgement, Prejudgment Interest and Civil Penalties Against Andres L. Pimstein, The Bottom Line of South Florida, Inc. and Summit Trading LLC
The Securities and Exchange Commission announced that on January 15, 2010, at its request, the Honorable Donald L. Graham, United States District Court Judge for the Southern District of Florida, dismissed with prejudice, the Commission's claims for disgorgement, prejudgment interest and civil penalties against Andres L. Pimstein, The Bottom Line of South Florida, Inc. and Summit Trading LLC (collectively, Defendants). In a related criminal proceeding, the criminal court ordered Pimstein to pay restitution of $24,957,323.00 to defrauded victims and sentenced him to 17 years in prison. In addition, the State of Florida has dissolved Bottom Line and Summit.
Previously, on December 9, 2008, the Court entered judgments of permanent injunction and other relief against Defendants, by their consent, that permanently enjoined them from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder for their alleged $30 million Ponzi scheme.
For further information, see LR-20794 (October 30, 2008)