U.S. Securities and Exchange Commission
LITIGATION RELEASE NO. 21723 / November 3, 2010
JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANT GARY A. REYS
Securities and Exchange Commission v. Gary A. Reys, Civil Action No. 09-cv-1262 RSM (W.D. Wa.)
The Commission announced that on October 26, 2010, the Honorable Ricardo S. Martinez, United States District Court Judge for the Western District of Washington, entered judgment of permanent injunction and other relief against Defendant Gary A. Reys. The final judgment enjoins Reys, the former CEO of Seattle-area stem cell research company CellCyte Genetics Corp., from violating Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 and rules 10b-5, 12b-20, 13a-11, and 13a-13 promulgated thereunder. In addition to the injunctive relief, the final judgment orders Reys to pay $50,000 in civil penalties and bars him from serving as an officer or director of a public company for five years. Reys consented to the entry of the judgment without admitting or denying the allegations in the complaint.
On September 8, 2009, the Commission filed its complaint against Reys alleging that he violated the anti-fraud and reporting provisions of the federal securities laws by, among other things, causing the company to issue false and misleading statements concerning its purported stem cell technology.
For more information on earlier actions in this case, see LR-21200 (September 8, 2009)