U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21574 / June 25, 2010
FINAL JUDGMENTS OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANTS BRUCE B. BLATMAN AND NORTH AMERICAN CLEARING, INC.
Securities and Exchange Commission v. North American Clearing, Inc., et al. Civil Action No. 06-08-cv-829-Orl-35KRS (M.D. Fla.)
The Securities and Exchange Commission announced that on November 13, 2009, the United States District Court for the Middle District of Florida entered Final Judgments of Permanent Injunction and Other Relief against Defendants North American Clearing, Inc. and Bruce B. Blatman. The Final Judgments, entered by consent, enjoin North American and Blatman from violating and/or aiding and abetting violations of Sections 17(a) of the Securities Act of 1933, Sections 10(b), 15(c)(3) and Rules 10b-5 and 15c3-3 of the Securities Exchange Act of 1934. The Final Judgment against Blatman also orders him to pay a civil penalty in the amount of $25,000.
The Commission commenced this action by filing its complaint on May 27, 2008, against North American Clearing, Inc., its founder and director Richard L. Goble, its president Blatman and its former financial and operations principal Timothy Ward. The Commission’s complaint alleged the defendants engaged in illegal activities, including the misuse of customer funds to hide North American Clearing's financial problems and to pay for its daily business operations in violation of the antifraud and other provisions of the securities laws.
For additional information, see Litigation Release No. 20602 (May 28, 2008), Release No. 20769 (October 6, 2008).