U.S. Securities and Exchange Commission
Litigation Release No. 22045 / July 15, 2011
SECURITIES AND EXCHANGE COMMISSION v. CHARLES C. SLOWEY, JR., et al., Civil Action No. 09 Civ. 4547 (LDW) (ETB) (E.D.N.Y.)
COURT ENTERS FINAL JUDGMENT AGAINST DEFENDANT GLENN R. HARRIS
The Securities and Exchange Commission announced that on July 12, 2011, the Honorable Leonard D. Wexler of the United States District Court for the Eastern District of New York entered a final judgment on consent against Defendant Glenn R. Harris, a former registered representative of Advanced Planning Securities, Inc., a former registered broker-dealer. The judgment (i) permanently enjoins Harris from violating Section 5 of the Securities Act of 1933 and (ii) finds Harris liable for disgorgement and prejudgment interest of $673,989, but waives payment of that amount and imposes no civil penalty based on Harris’s bankruptcy petition in the United States Bankruptcy Court for the Northern District of California, sworn bankruptcy schedules, and other documents. Harris consented to the entry of the judgment without admitting or denying any of the allegations of the Commission’s complaint.
The Commission’s complaint, filed on October 22, 2009, alleges that from 2004 through 2006, Harris violated the registration provisions of the securities laws by selling securities for which there was no registration statement in effect. Among other things, the complaint alleges that Harris sold securities to elderly, unsophisticated investors who could not have been expected to understand the risks associated with the investments.
In addition to the relief described above, Harris consented to the entry of an order in a separate Commission administrative proceeding barring him from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating agency, and from participating in any offering of a penny stock, with the right to apply for reentry after eighteen months.