U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21717 / October 29, 2010
DEFAULT JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANT MICHAEL MUZIO
Securities and Exchange Commission v. Michael Muzio, Civil Action No. 09-CV-80581-RYSKAMP (S.D. Fla.)
The Commission announced that on October 25, 2010, the Honorable Kenneth L. Ryskamp, United States District Court Judge for the Southern District of Florida, entered a default judgment of permanent injunction and other relief against Defendant Michael Muzio. Muzio defaulted by failing to appear, answer or otherwise plead in response to the Commission's complaint. The default judgment permanently enjoins Muzio from future violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. In addition, Muzio is barred from participating in the offering of any penny stock.
On June 24, 2009, the Commission filed its complaint against Muzio alleging that he masterminded a fraudulent pump-and-dump scheme to manipulate the public trading market for International Business Ventures Group, Inc., a Palm Beach Gardens, Florida-based company.
For more information on earlier actions in this case, see LR-21104 (June 24, 2009).