U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 21647 / September 14, 2010

FINAL JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANT ROSS E. BARALL

Securities and Exchange Commission v. Wall Street Communications, Inc., et al., Civil Action No. 8:09-CV-1046-JSM-TGW (M.D. Fla.)

The Commission announced that on August 23, 2010, the United States District Court for the Middle District of Florida entered a final judgment of permanent injunction and other relief against Defendant Ross E. Barall. The final judgment enjoins Barall from violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. In addition to injunctive relief, the final judgment bars Barall from participating in the offering of any penny stock and orders him to pay disgorgement in the amount of 9,580.00, plus prejudgment interest of $356.09 and imposes a civil penalty of $60,000. Barall consented to entry of the final judgment without admitting or denying any of the allegations in the complaint.

The Court also approved the stipulation of dismissal as to the claims against Defendant Howard A. Scala due to his death and because there is no estate open on his behalf, and approved the Commission's notice of voluntary dismissal as to the claims for disgorgement and civil penalty against Defendant Wall Street Communications, Inc. Previously, on September 8, 2009, the Court entered an order of permanent injunction and other relief against Wall Street by default.

The Commission began this action by filing its complaint on June 5, 2009, against Wall Street, Scala, Barall, and another defendant, charging them with securities fraud in connection with a series of stock manipulation schemes and a fraudulent, unregistered distribution of stock.

For additional information, see Litigation Release No. 21070 (June 5, 2009), and Release 21299 (November 16, 2009).

 
http://www.sec.gov/litigation/litreleases/2010/lr21647.htm

Last modified: 9/14/2010