Litigation Release No. 22282A / March 12, 2012
JURY FINDS DEFENDANT ALBERTO PEREZ LIABLE AND DEFENDANT SEBASTIAN DE LA MAZA NOT LIABLE FOR INSIDER TRADING IN VIOLATION OF THE SECURITIES AND EXCHANGE ACT OF 1934.
SEC v. Kevan D. Acord, et al., Civil Action No. 09-21977-CIV-MCALILEY
The Commission announced that on June 13, 2011, after a two-week trial against Defendants Alberto Perez and Sebastian De La Maza, a jury found Perez liable for insider trading of Neff Corporation securities before an April 7, 2005 announcement of Neff’s acquisition by Odyssey Investment Partners in violation of Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 (“Exchange Act”). The jury found Defendant Sebastian De La Maza not liable for the same charge. Following the verdict against Perez, Magistrate Judge Chris M. McAliley ordered Perez to pay disgorgement of $399,395, prejudgment interest of $162,570.78, and a civil penalty of $50,000, for a total of $611,965.78.
The Commission also announced that on December 22 and December 23, 2010, the United States District Court for the Southern District of Florida entered a Final Judgment of Permanent Injunction by consent, against Defendants Kevan D. Acord, Jose G. Perez and Philip C. Growney enjoining those Defendants from violations of Section 10(b) and Rule 10b-5 of the Exchange Act. The Court ordered the Defendants to pay disgorgement, prejudgment interest and a civil penalty. The Court ordered Acord to pay a total of $176,533.95 which includes disgorgement of $154,292.48, pre-judgment interest of $6,801.85 and a civil penalty of $15,439.62 pursuant to Section 21A of the Exchange Act. The Court ordered Growney to pay a total of $26,479.98 which includes disgorgement of $12,954.45, pre-judgment interest of $571.08 and a civil penalty of $12,954.45 pursuant to Section 21A of the Exchange Act. The Court ordered Jose Perez to pay disgorgement, pre-judgment interest and a civil penalty pursuant to Section 21 A of the Exchange Act with the amount to be determined upon the Commission’s motion.
The Commission commenced this action by filing its Complaint on July 15, 2009, against six individuals for insider trading in the securities of Neff Corporation before an April 7, 2005, announcement of its acquisition.
For more information on earlier actions in this case, see Litigation Release No. 21132 (Jul. 15, 2009).