U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21774 / December 13, 2010
COURT ENTERS JUDGMENTS OF PERMANENT INJUNCTION AND OTHER RELIEF AGAINST DEFENDANTS BARRIERMED, INC. AND BARRIERMED GLOVE CO. AND FINAL JUDGMENT AGAINST VICTOR J. RAGUCCI
Securities and Exchange Commission v. BarrierMed, Inc., BarrierMed Glove Co. and Victor J. Ragucci, Case No. 6:09-CV-102-Orl-28KRS (M.D. Fla.)
The Commission announced that on October 14 and November 2, 2010, the United States District Court for the Middle District of Florida entered a Final Judgment of Permanent Injunction and Other Relief against Defendants BarrierMed, Inc. and BarrierMed Glove Co., and a Final Judgment against Defendant Victor Ragucci, respectively. The Final Judgment against BarrierMed, Inc. and BarrierMed Glove, entered by default, enjoins the companies 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. The Court also dismissed, with prejudice, the Commission's claims for disgorgement and civil penalties against BarrierMed, Inc. and BarrierMed Glove, after the Commission indicated both companies were defunct. The Final Judgment against Ragucci, entered by consent, orders him to pay disgorgement of $430,000, representing profits he gained as a result of the conduct alleged in the Commission's Complaint, together with prejudgment interest of $31,791.62. In addition, the Final Judgment orders Ragucci to pay a civil penalty in the amount of $130,000. Previously, the Court entered a Judgment of Permanent Injunction and Other Relief, by consent, against Ragucci, prohibiting him from violating the registration and anti-fraud provisions of the federal securities laws.
The Commission commenced this action by filing its complaint on January 15, 2009, against Ragucci BarrierMed, Inc., and BarrierMed Glove. The complaint alleged that Ragucci and the companies fraudulently raised over $11 million from hundreds of investors nationwide by offering and selling unregistered securities through a series of private offerings.
For additional information, see Litigation Release No. 20854 (January 15, 2009), and Release No. 21503 (April 26, 2010).