U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 22091 / September 14, 2011
FINAL JUDGMENT OF DISGORGMENT, PREJUDGMENT INTEREST AND CIVIL PENALTY ENTERED AGAINST DEFENDANT DONALD R. MCKELVEY
Securities and Exchange Commission v. Wall Street Communications, Inc., et al., Civil Action No. 8:09-CV-1046-JSM-TGW (M.D. Fla.)
The Commission announced that on July 26, 2011, the United States District Court for the Middle District of Florida entered a final judgment of disgorgement, prejudgment interest and civil penalty against Defendant Donald R. McKelvey. The final judgment orders McKelvey to pay disgorgement in the amount of $266,780, prejudgment interest in the amount of $127,711.82, and imposes a civil penalty of $50,000. Previously, on January 6, 2011 the Court entered a judgment of permanent injunction and other relief against McKelvey.
The Commission began this action by filing its complaint on June 5, 2009, against Wall Street Communications, Inc., Howard Scala, Ross Barall, and McKelvey, charging them with securities fraud in connection with a series of stock manipulation schemes and a fraudulent, unregistered distribution of stock.