U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21738 / November 12, 2010
SEC v. Great American Technologies, Inc. and Vincent Setteducate a/k/a Vincent Sette, Civil Action No. 07-CV-10694 (S.D.N.Y.) (November 30, 2007)
SEC Obtains Final Judgment On Consent Against Defendant Great American Technologies, Inc.
The Securities and Exchange Commission announced today that on November 5, 2010, Judge Denise L. Cote entered a Final Judgment on consent against defendant Great American Technologies, Inc. ("GAT") in connection with its role in an alleged offering fraud. Previously, on April 8, 2010, the Court entered a Final Judgment of Default against defendant Vincent Setteducate a/k/a Sette, which ordered him to pay disgorgement in the amount of $2,319,160, $414,861.45 in pre-judgment interest therein, and a civil penalty in the amount of $2,319,160. The Court also entered a permanent injunction against Sette and barred him from serving as an officer or director of a public company.
The Commission's Complaint alleged that between approximately May 2002 and February 2007, GAT and Sette, the company's Vice President of Sales and Marketing, sold $2.3 million of unregistered common stock to over 100 investors. Throughout the course of this stock offering, GAT and Sette made numerous materially misleading statements, and failed to disclose material information, to investors to induce them to purchase shares of GAT. In consenting to the Final Judgment, GAT neither admits nor denies the allegations in the Complaint.
The Judgment against GAT enjoins it from violating the registration and antifraud provisions of the federal securities laws, Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 17(a) of the Securities Act and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
For more information on the Commission's case, see Litigation Release No. 20375.